我国融资融券交易担保模式的路径选择

发布时间：2018-05-13 03:12

本文选题：融资融券 + 担保模式　；参考：《华东政法大学》2012年硕士论文

【摘要】：融资融券制度，于17世纪起源于市场经济较早萌发的荷兰，历经几个世纪的不断完善，如今已成为金融市场上一种重要的交易方式。由于融资融券交易的核心是获得股价波动带来的利差，因此具有很强的投机性。为了消除市场风险，维护证券市场交易的有序和安全，融资融券担保制度成为各国的首要选择。我国融资融券交易刚刚起步，《证券公司融资融券业务试点管理办法》（下称《试点管理办法》）对融资融券交易的担保制度作了概述，之后，沪深两地交易所对此进行了更进一步的规定，但是，由于我国融资融券担保制度与现存其他法律制度存在相冲突之处，学界和实务界对此争论不休，因此，本文以此为切入点，试图探寻解决之道。本文由绪论、正文和结语三部分组成。绪论主要介绍本文研究的背景和意义、本文的研究文献综述以及研究的路径和方法，这一部分给全文以指导性说明。正文分四章：第一章为融资融券交易及担保机制概述。首先，对融资融券交易进行简要概述，对其进行界定并分析融资融券交易中的法律关系，在评价其效用和风险的基础上，引出本文的研究对象融资融券担保制度。其次，对融资融券担保机制的特征及其法律关系进行分析，我国融资融券的交易流程是一个相对封闭的体系，通过不同账户之间的串联保证了交易的安全和效率，担保制度在其中起着重要的作用，和其他法律关系一样，融资融券担保法律关系也包括主体、客体和内容等。第二章为我国融资融券担保机制的法律困境。首先，梳理我国相关法律、法规对融资融券担保制度的相关规定，由此得出结论：我国融资融券的担保模式为信托架构。但是如此设计却与我国现行法律相冲突，由此引出了本章第二节的内容。一方面，，我国融资融券的担保机制与我国信托法相冲突，违背了信托法理；另一方面，我国融资融券担保机制与我国传统民商法原理相冲突。正是因为存在诸多不合理之处，才有必要予以完善。第三章为域外融资融券担保机制的比较研究。笔者选取了融资融券担保制度较为完善的美国、日本以及我国台湾地区作为研究样本，通过对担保法律关系主体、融资融券保证金、融资融券保证金的管理等内容的比较分析，笔者认为，在融资融券担保法律性质上，美、日及我国台湾地区采取了实践模式的路径，在立法建立起一种融资融券担保的体系架构和操作模式的基础上，以实现融资融券的安全性和便捷性为指导，在司法审判和实务操作中加以认可。这种制度设计可以为我国争论不止的融资融券担保模式所借鉴，由此引出了第四章的内容。第四章为我国融资融券担保法律制度的完善。首先，通过对我国学界和实务界通行的信托说、让与担保说、质权说、账户质押说比较分析，笔者认为前述传统学说均无法满足我国融资融券担保的现实需求，由此引出了以解决现实问题为导向的功能主义思路。其次，分析我国融资融券担保制度以功能主义为导向的可行性，一方面，金融市场的效率要求使功能主义的引入具有合理性，另一方面，域外的成功经验使功能主义的引入具有可行性。最后，对我国融资融券担保制度的完善提出具体建议。结语是对全文的总结，笔者建议在引入功能主义的思路时，民商法的基本规则也应与时俱进，从而给金融市场法律制度的有序创新提供更大的空间。
[Abstract]:The financing margin system, which originated in Holland, which sprouled early in the market economy in seventeenth Century, has become an important trading mode in the financial market after several centuries of improvement. Because the core of the margin trading is to gain the margin caused by the fluctuation of the stock price, it has a strong speculation. In order to eliminate the market risk and maintain it, The security and security of securities market transactions become the primary choice of all countries.
The financing margin trading of our country has just started. < the pilot management method for the securities financing margin business > (hereinafter referred to as the pilot management method) is an overview of the guarantee system of the margin trading. After that, the Shanghai and Shenzhen Stock Exchange has made further regulations on this, but it is from the margin financing guarantee system and other existing legal systems in China. There is a conflict between the academic and the practical circles. Therefore, this article tries to find a solution to this problem.
This article is composed of three parts: introduction, text and conclusion. The introduction mainly introduces the background and significance of the study, the literature review and the way and method of the research. This part gives the guidance of the full text.
The text is divided into four chapters.
The first chapter is an overview of margin trading and guarantee mechanism. First, a brief overview of margin trading, the definition and analysis of the legal relationship in the margin trading, on the basis of evaluation of its utility and risk, is introduced. Secondly, the characteristics of the margin financing guarantee mechanism. And its legal relationship is analyzed. The transaction process of margin financing is a relatively closed system, which ensures the safety and efficiency of the transaction through the series of different accounts. The guarantee system plays an important role in it. Like other legal relations, the legal relations of margin financing guarantee include the subject, the object and the content.
The second chapter is the Legal Predicament of the margin financing guarantee mechanism in China. First, combing the relevant laws and regulations of our country and the relevant provisions of the margin financing guarantee system, the conclusion is that the guarantee mode of the margin financing is the trust structure. However, this design is in conflict with the current law of our country, which leads to the inside of the second section of this chapter. On the one hand, the guarantee mechanism of margin financing in our country is in conflict with the trust law of our country and violates the trust law; on the other hand, the guarantee mechanism of margin financing in our country conflicts with the principle of traditional civil and commercial law in our country. It is because there are many unreasonable places, it is necessary to improve it.
The third chapter is the comparative study of foreign financing margin guarantee mechanism. The author chooses the comparative analysis of the subject of the legal relationship, the margin margin of financing and the management of margin margin in the Taiwan region of the United States, Japan and the region of China as the research samples. On the basis of the legal nature of securities loan guarantee, the United States, Japan and the Taiwan region of China have adopted the path of practice mode. On the basis of the establishment of a system framework and operation mode of financing margin guarantee in legislation, the security and convenience of financing margin can be realized, which can be recognized in judicial trial and practical operation. The fourth chapter is the reference of our country's debates on margin financing.
The fourth chapter is the perfection of the legal system of margin financing guarantee in our country. First, the author thinks that the traditional theory can not meet the actual needs of the margin financing guarantee in our country by means of the theory of trust, the theory of pledge, the pledge of pledge and the account pledge. On the other hand, the efficiency requirement of financial market makes the introduction of functionalism reasonable, on the other hand, the extraterritorial successful experience makes the introduction of functionalism feasible. Finally, the guarantee system of margin financing in China is made. Put forward specific suggestions.
The conclusion is the summary of the full text. The author suggests that the basic rules of the civil and commercial law should keep pace with the times when introducing the thought of functionalism, thus providing greater space for the orderly innovation of the legal system of the financial market.

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832.51

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