无纸化时代下证券权利原始取得制度研究

发布时间：2018-05-21 11:04

本文选题：无纸化证券 + 直接发行取得　；参考：《河北大学》2012年硕士论文

【摘要】：计算机和网络技术在证券发行和交易中的应用，彻底改变了证券的存在形式、持有模式和交易方式等等。基于此，证券权利取得的方式也随之发生变化。无纸化证券不再表现为纸质凭证，而仅仅将权利以电子簿记信息的形式记录于特定账簿。在传统的发行证券实物券市场上，根据法律的规定，证券发行人需要印刷记载发行人信息的纸质凭证，把它出售并交付给投资者，投资者就成功取得其证券权利。进入无纸化时代后，由于权利载体形式发生了变化，传统的证券实物券发行很快就被无纸化的发行所替代，在信息技术的推动下，网络时代下的证券网上直接发行取得成为投资者取得证券权利主要的方式。在证券集中化交易下，交易的双方一般都无法知晓对方的身份，善意第三人的任何一个交易对手都有可能不是真正的权利人。因此，无纸化下的证券善意取得制度也成为取得证券权利的一种方式。证券无纸化暴露出了建立在传统“纸质”证券基础上的证券权利的取得理论和制度的不足，给我国证券市场的稳定发展带来的影响也日益突出。本文拟从法律视角研究无纸化背景下证券的内涵以及证券权利的法律界定，进而从发行取得以及善意取得两个方面来阐述投资者原始取得证券权利的相关法律制度。通过对无纸化背景下证券和证券权利的法律界定，得出表彰证券权利载体的变化，并未影响证券的本质的结论。证券在本质上仍然代表一定的财产性权利，即投资者的证券权利的总和。通过对间接发行取得弊端的阐述，揭示出我国构建直接发行取得的必要性，进而从发行机构、发行结算、发行信息披露探索构建我国的直接发行取得制度。通过对中介持有实体法公约中有关间接持有模式下的善意取得制度规定以及与与中国现有直接持有制度本质上相通的日本有关无纸化证券的善意取得制度的分别论述，从而为我国构建此制度提供借鉴。通过对证券市场相关主体之间的关系的梳理，，对无纸化下证券权利取得的确认制度进行归纳。
[Abstract]:The application of computer and network technology in securities issuance and trading has completely changed the existence mode, holding mode and trading mode of securities. Based on this, the way to obtain securities rights also changes. Paperless securities are no longer expressed as paper documents, but only in the form of electronic bookkeeping information in specific books. In the traditional market of issuing physical securities, according to the regulation of law, the securities issuer needs to print the paper voucher to record the information of the issuer, sell it and deliver it to the investor, then the investor can obtain the right of securities successfully. After entering the paperless era, because of the change of the form of the carrier of rights, the traditional issuance of physical securities was replaced by the paperless issuance very soon, which was promoted by the information technology. The direct issuance of securities on-line has become the main way for investors to obtain securities rights in the internet era. In centralized securities trading, the two sides of the transaction are generally unable to know the identity of each other, and any counterparty of a bona fide third party may not be a true obligee. Therefore, paperless securities acquisition system in good faith has become a way to obtain securities rights. The paperless securities exposed the deficiency of the theory and system of obtaining the securities rights based on the traditional "paper" securities, and the influence on the stable development of the securities market in our country has become increasingly prominent. This paper intends to study the connotation of securities and the legal definition of securities rights in the context of paperless from the perspective of law, and then elaborate the relevant legal system of investors' original acquisition of securities rights from the aspects of issuance acquisition and bona fide acquisition. Through the legal definition of securities and securities rights under the background of paperless, it is concluded that the change of carrier of commending securities rights does not affect the essence of securities. In essence, securities still represent certain property rights, that is, the sum of investors' securities rights. By expounding the drawbacks of indirect issue acquisition, this paper reveals the necessity of constructing direct issue acquisition in our country, and then explores the construction of our country's direct issue acquisition system from issuing organization, issuing settlement and issuing information disclosure. This paper discusses the provisions of bona fide acquisition system under indirect holding model in the Convention on substantive Law of intermediary holding and the bona fide acquisition system of paperless securities in Japan, which is essentially similar to the existing direct holding system in China. In order to provide reference for our country to build this system. By combing the relationship between the relevant subjects in the securities market, the paper sums up the recognition system of securities rights under paperless conditions.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;D923;F832.51

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