上海与香港证券市场法律监管的比较研究

发布时间：2018-01-20 04:53

本文关键词： 证券市场监管模式法规比较香港上海　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：香港作为亚太地区的金融中心，其证券市场拥有一百多年的历史，在世界资本市场上有着举足轻重的作用。香港证券市场凭借其先进的监管理念和模式、明确的监管目标、健全的法律监管体系和强健有力的制裁手段得以健康有序的发展。而上海证券市场方面，随着我国改革开放的不断深化和金融市场的逐步开放，在过去的三十多年中也取得了较大进步，其规模目前已不亚于香港证券市场。但由于上海证券市场起步较晚，国际化程度不高，目前仍然存在着诸多问题。特别是随着《全国人大常委会2014年立法工作计划》的公布，《证券法》的修改已经被提上了议程，此时，对于上海和香港证券市场进行法律监管制度研究也就有了更具时效性的理论和现实意义。本文在梳理历史和现状的基础上，对两地证券市场进行法经济学研究，提出对上海证券市场监管方面的政策建议和改进措施。本文共分五章，导论部分分析了问题提出的背景，研究视角和研究意义。第一章主要通过上海与香港证券市场规模和成熟度的对比，指出两地证券市场的差异主要在于证券监管能力方面，因而上海证券市场需要学习香港证券市场的先进管理理念。第二章详细地从立法机关、法律法规体系、法律责任等视角对香港和上海证券市场监管的法律规范进行了比较，并在此基础上总结了沪港证券市场监管的法律规范的特点。第三章重点分析了沪港证券监管模式的不同，，将自行管理模式和集中管理模式进行对比，提出应该要取长补短，谋求平衡的机制。第四章具体阐述了沪港证券市场监管的主要内容，从证券发行、上市、交易、退市各个维度分析了两地的证券监管状况。最后根据上文的分析，总结上海证券市场可以从四方面学习香港证券市场的有效监管经验，一是加强证券立法，完善配套制度；二是严格民事赔偿责任，重视投资者保护；三是明确监管权限划分，加强监管主体监督；四是推进自律监管，减少行政干预。
[Abstract]:As a financial center in the Asia-Pacific region, Hong Kong's securities market has a history of more than 100 years and plays an important role in the world capital market. Clear regulatory objectives, a sound legal regulatory system and robust and effective sanctions can develop in a healthy and orderly manner. With the deepening of China's reform and opening up and the gradual opening of the financial market, great progress has been made in the past 30 years. At present, its scale is no less than that of Hong Kong stock market. However, due to the late start of Shanghai stock market, the degree of internationalization is not high. At present, there are still many problems, especially with the promulgation of the legislative work plan of the NPC standing Committee on 2014, the revision of the Securities Law has been put on the agenda at this time. For Shanghai and Hong Kong stock market legal supervision system research also has a more timely theoretical and practical significance. This paper on the basis of combing the history and the current situation of the two stock markets to carry out legal and economic research. Put forward the policy suggestions and improvement measures on the supervision of Shanghai securities market. This paper is divided into five chapters. The introduction analyzes the background, perspective and significance of the research. The first chapter points out that the difference of securities market between Shanghai and Hong Kong mainly lies in the ability of securities supervision by comparing the scale and maturity of securities market in Shanghai and Hong Kong. Therefore, the Shanghai Securities Market needs to learn the advanced management concept of Hong Kong Securities Market. The second chapter compares the legal norms of securities market supervision in Hong Kong and Shanghai from the perspectives of legislative organs, laws and regulations system, legal liability and so on. On this basis, it summarizes the characteristics of the legal regulation of securities market in Shanghai and Hong Kong. The third chapter focuses on the analysis of the different modes of securities supervision in Shanghai and Hong Kong, compares the self-management model with the centralized management model, and puts forward the mechanism that we should learn from each other and seek for balance. Chapter 4th elaborates the main contents of securities market supervision in Shanghai and Hong Kong, and analyzes the situation of securities supervision in the two places from the aspects of securities issuance, listing, trading and delisting. Finally, according to the above analysis, the Shanghai securities market can learn from four aspects of the effective supervision of the Hong Kong stock market experience, first, strengthen securities legislation, improve the supporting system; Second, strict civil liability for compensation, attach importance to the protection of investors; Thirdly, the division of supervision authority should be made clear, and supervision should be strengthened. Fourth, promote self-regulation and reduce administrative intervention.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;D922.287

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