我国证券市场基础设施发展模式研究

发布时间：2018-03-15 11:17

本文选题：证券市场基础设施　切入点：资产存管　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文分以下几个部分：一是客户资金存管模式研究。本文分析了客户资金存管模式的基本特征，并对我国客户资金存管模式存在问题进行具体分析，同时分析了境外证券市场客户资金存管模式的成功经验，，最后为我国客户资金存管模式的改进提出意见。内容包括：（1）我国证券市场目前实行的是客户资金第三方存管模式，证券中介机构仍然对客户资金负有存管义务和职责，并引入商业银行监督机制，这是基于保障客户资金安全与维护市场效率权衡下的选择。（2）境外主要证券市场的客户资金存管模式主要有证券中介机构存管、第三方存管和混合存管三类。证券中介机构存管模式是客户资金存管模式发展方向，客户资金存管模式是在资金安全与市场效率间寻求平衡。（3）我国现行客户资金第三方存管模式存在证券中介机构发展受到制约、融资融券展业务发展受影响、增加证券市场系统风险等问题，对证券市场长期稳定发展也存在诸多不利影响。二是证券存管模式研究。本文分析了证券存管模式的基本特征，并对我国证券存管模式存在问题进行具体分析，同时分析了境外证券市场证券存管模式的成功经验，最后为我国证券存管模式的改进提出意见。内容包括：（1）目前我国的证券持有体系以证券直接持有为主，间接持有为辅。我国证券市场实行的证券存管模式是全国集中统一证券存管结算体制，负责统一办理证券存管结算业务的中央证券存管机构CSD是中国登记结算公司。（2）我国现行证券存管制度存在缺乏相应的法律基础、证券存管模式的非单一性、证券存管主体之间权利与义务不对等、证券存管与证券登记尚未明确区分等问题。（3）境外证券市场证券存管模式特点有证券间接持有模式是主流发展方向、模式选择是在安全与效率间寻求均衡、证券无纸化和业务国际化等。三是证券结算模式研究。本章对境外证券市场证券结算模式进行了比较研究，并对我国证券结算模式的特征以及存在的问题进行了具体分析。主要内容包括：（1）我国证券市场的证券登记结算采取全国集中统一运营的模式，由证券结算机构同时充当中央对手方来进行证券和资金的结算。（2）境外证券市场采取证券结算与证券登记功能明确区分、中央交收对手方、银货对付(DVP)制度、证券结算担保制度、结算参与人管理制度、证券非移动化和无纸化、融资融券制度等相关制度和风险控制措施。（3）尽管我国证券市场已针对证券结算风险，制订一些风险控制措施和制度，但通过与国际标准进行对比分析后发现，我国证券结算模式尚不完善，证券结算风险管理和控制能力相对较弱。四是我国资产存管与结算模式选择，这是本文重点，主要内容有：（1）借鉴国外经验，进行制度创新，设立独立的证券金融公司，确立客户资金信托化的第三方存管模式。（2）为从根本上解决我国目前证券存管体系存在的突出问题，在保障客户资产安全和提高市场运行效率的前提下，对现有证券持有体制进行改革。（3）进一步完善制度与风险控制措施是我国证券结算模式改革的工作重点，核心内容是实行银货对付证券结算制度，并进一步建立证券结算风险管理制度与控制措施。
[Abstract]:This paper consists of the following parts: one is the research mode of Linepack customer funds. This paper analyzes the basic characteristics of CFDM, analyze the existing problems and the depository model of our customer funds, and analyzes the successful experience of the overseas securities market customer funds depository model, finally put forward opinions for improvement in China CFDM. The contents include: (1) the implementation of China's securities market is the third party custody of customer funds, securities intermediaries still of client funds have obligation and responsibility of Depository and introduce commercial bank supervision mechanism, which is to protect the safety of customer funds and maintenance of market efficiency trade-off selection based on the (2) major overseas stock market the CFDM securities intermediary depository, third party depository and mixed depository. Three security intermediary depository mode is off Household funds depository model development direction, CFDM is balance in financial security and market efficiency. (3) the current third party custody of customer funds are restricted by the development of the securities intermediary institutions management mode, margin financing business development development affected by the increase of securities market system risk and other issues, there are also many adverse effects on the long-term stable development of stock market.
Two is the securities depository model research. This paper analyzes the basic characteristics of the securities depository model, and analyze the existing problems in China Securities Depository model, and analyzes the successful experience of overseas securities market securities depository model, finally to China Securities Depository model improvement comments. Contents include: (1) China's securities holding system in securities held directly and indirectly held by China's securities market. The securities depository model is a national centralized securities depository and settlement system, is responsible for conducting securities depository and settlement business of the central securities depository institution is CSD Chinese registration and Clearing Corp (2) there. China's current securities depository system lacks the corresponding legal basis, not only a single securities depository model, securities depository between rights and obligations are not equal, the securities depository securities registration and distinguish between Shang Weiming And so on. (3) the mode of stock keeping in foreign securities market is characterized by the indirect development of securities. The mode choice is to seek equilibrium between security and efficiency, securities paperless and business internationalization.
The three is the study of securities settlement mode. This chapter of the overseas securities market securities settlement patterns were compared, analyzed and characteristics of China's securities clearing mode and existing problems. The main contents include: (1) China securities market securities registration and settlement take national centralized management mode, the securities at the same time as the central counterparty clearing institutions of securities and funds settlement. (2) take the overseas securities market securities settlement with the securities registration function of a clear distinction between the central clearing counterparty, silver goods (DVP) against the securities settlement system, guarantee system, management system of securities clearing participant, non mobile and non paper the related system, margin system and risk control measures. (3) although China's securities market for securities settlement risk, formulate some risk control measures and systems, but compared with the international standard After comparison and analysis, it is found that the securities settlement model in China is not perfect, and the risk management and control ability of securities settlement is relatively weak.
The four is China's assets depository and settlement model selection, which is the focus of this article, the main contents are as follows: (1) the experience abroad, the system innovation, the establishment of an independent securities finance company, establish customer trust funds of the third party depository model. (2) in order to fundamentally solve China's current security deposit the outstanding problems existing in the management system, guarantee the safety of client assets and improve market efficiency, to reform the existing securities holding system. (3) to further improve the system and measures of risk control is the focal points of the reform of securities settlement mode of our country, the core content is the implementation of the silver cargo to deal with the securities settlement system, and further the establishment of the securities settlement risk management system and control measures.

【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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