我国证券市场国际板监管问题研究

发布时间：2018-01-10 21:22

本文关键词：我国证券市场国际板监管问题研究　出处：《西南政法大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场国际化进程的逐步加快，证券市场的国际化进程也随之进行，我国证券市场国际板的出现也就成为必然。证券市场国际板毕竟属于新事物，，会对我们国家的金融安全和经济稳定造成一定的影响，同时也给证券监管部门带来一系列挑战。鉴于此，本文从证券市场国际板的基本理论出发，在借鉴成熟市场国家的经验基础上，对我国证券市场国际板监管的相关问题进行了探讨。本文分为引言和正文两个部分，其中正文部分分为五章。第一章对证券市场国际板进行了简要介绍。由于对证券市场国际板并没有一个权威的定义，因此本文在分析几种常见定义之后，得出了本文对证券市场国际板的定义。证券市场国际板的产生是具有一定的必然性的，本文从国家层面、企业层面和投资者层面三个层面对证券市场国际板的产生深层次原因进行了分析。最后总结了我国开设证券市场国际板将对我国资本市场及金融安全方面带来的影响。第二章是证券市场国际板监管概述。在介绍证券市场国际板监管的概念和法律特点的基础上，对证券市场国际板监管的必要性进行了分析。认为市场缺陷、委托代理关系的异化以及信息严重不对称是对证券市场国际板进行监管的理论基础。同时，证券市场国际板监管体现一定的价值，具体表现为保护投资者利益和控制企业融资成本，二者贯穿于整个监管活动的始终。第三章是证券市场国际板将给我国证券监管带来的挑战。由于证券市场国际板不同于国内板块，必然会给我国现行的证券监管带来一系列挑战。这些挑战主要体现在对证券发行人监管立法提出了更高要求、对现行证券发行审核制的挑战、信息披露监管的不适应、现行退市制度不完善以及监管法律冲突等几个方面。以上这些都是我国证券监管部门在我国证券市场国际板监管实践中必须面对的难题。第四章是对美国和香港地区的有关证券市场国际板监管立法的介绍。分析了美国和我国香港地区对外国或海外发行人境内发行和交易证券的相关监管具体制度。应当说美国和香港的模式是比较有典型意义的，二者都对有关证券市场国际板监管问题进行了详细的规定。其中美国模式是以信息披露为中心，而香港模式则强调投资者利益的保护，制度设计更为灵活。第五章是在借鉴美国和香港地区相关监管制度的基础上，结合我国证券市场国际板的现实需求，对我国证券市场国际板监管的重要制度进行立法建议。这些具体的监管制度可以概括分为上市监管、退市监管、持续信息披露监管和监管法律冲突协调四个方面。文章最后分别对以上四个方面的相关制度进行立法建议。
[Abstract]:With the process of internationalization of China's capital market gradually accelerate the process of internationalization of securities market also appeared, the international board of China's securities market has become inevitable. The international board of the securities market is a new thing, which may affect the financial safety and economic stability in our country, but also brought a series of challenges to the securities regulatory authorities. In view of this, this article from the basic theory of the international board of the securities market, learn the experience from mature market countries, according to the discussion on the international board of China's securities market regulation.
This article is divided into two parts: introduction and text, of which the body part is divided into five chapters.
The first chapter gives a brief introduction of the international board of the securities market. As there is no authoritative definition of the international board of the securities market, therefore based on the analysis of several common definitions, the definition of the international board of the securities market. The securities market is the result of the international board is inevitable, this paper from the national level the enterprise level and the level of investors, the three aspects of the international board of the securities market have deep-seated reasons are analyzed. Finally summed up the impact of China's creation of the international board of the securities market will bring to China's capital market and financial security.
The second chapter is an overview of the supervision of the international board of the securities market. Based on introducing the concept and legal characteristics of the international board of the securities market supervision on the necessity of the international board of the securities market supervision are analyzed. That the market defect, the principal-agent relationship and the alienation of the serious information asymmetry is the theoretical basis for supervision of the international board of the securities market. At the same time, the international board of the securities market regulation embodies a certain value, the specific performance of the protection of the interests of investors and control the cost of financing, the two throughout the regulatory activity.
The third chapter is the international board of the securities market to China's securities regulatory challenges. Because of the international board of the securities market is different from the domestic sector, will bring a series of challenges to the current securities regulatory. These challenges are mainly reflected in put forward higher requirements on the supervision of legislation on the issuance of securities, securities issuance system the challenge to the supervision of information disclosure, some of the current delisting system is not perfect and supervision legal conflict and so on. These problems are the securities regulatory authorities in China must face in China's securities market supervision board international practice.
The fourth chapter is on the United States and the Hongkong region on the international board of the securities market regulation are introduced. The analysis of the United States and the Hongkong region of China's foreign or overseas issuers related to supervision within the territory of the issuing and trading of securities shall be specific system. Said the United States and Hongkong model are more typical, two were with the relevant provisions of the international board of the securities market supervision. The American model is centered on information disclosure, the Hongkong model emphasizes the protection of the interests of investors, the system design is more flexible.
The fifth chapter is on the basis of the United States and Hongkong relevant regulatory system, combined with the practical needs of China's international board of the securities market, an important system of legislative proposals on the international board of China's securities market regulation. These specific regulatory systems can be divided into the regulation of listing, delisting supervision, information disclosure supervision and legal supervision continued conflict and coordination between the four aspects. The article makes some legislative proposals finally respectively on the above four aspects of the related system.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;D996.2;F832.51

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