我国证券市场投资者适当性制度研究

发布时间：2018-01-08 08:10

本文关键词：我国证券市场投资者适当性制度研究　出处：《西南政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：投资者适当性制度肇始于美国，现已发展为投资者保护制度的重要基石之一，在域外成熟的证券资本市场也是规范投资者和证券公司之间权利和义务关系必不可少的内容。随着我国多层次资本市场体系的构建，我国立法和证券监管机构已经在有关法规、行政规章和自律性规范中对投资者适当性制度进行了初步规定，但比较粗糙和简陋，尚未触及到投资者适当性制度的核心。有鉴于此，本文立足于我国证券市场的实际，在系统梳理和分析域外成熟资本市场经验的基础上，审视和反思我国的投资者适当性制度的缺陷和不足并提出完善我国证券市场投资者适当性制度的路径构想。本文分五个部分：第一部分是投资者适当性制度的理论概述。此部分界定了投资者适当性制度的概念，在定义的基础上提炼出投资者适当性制度的内涵。此外，介绍了投资者适当性制度在我国的源起和发展，具体涉及基金领域、银行业领域、信托领域、创业板市场领域以及股指期货市场领域的投资者适当性。第二部分是投资者适当性制度的理论基础。阐释了投资者适当性制度的经济学基础、伦理学基础、社会学基础以及法理学基础。第三部分是投资者适当性制度的主要内容。此部分结合中国实践，以比较法视角，介绍说明了国外投资者适当性制度里较有特色的内容，，包括投资者适当性制度的适用范围、考虑因素、适当性义务的履行、内部管控机制以及适当性义务的免除情形。第四部分是对我国投资者适当性制度的审视和反思。此部分在审视了我国投资者适当性制度现状之后从立法和司法上反思了当前我国投资者保护制度尚存的欠缺和不足之处。第五部分是完善我国投资者适当性制度的路径构想。具体内容涵盖提升投资者适当性原则的法律效力层级、引入投资者分类制度、引入投资者适当性免除义务、明确违反投资者适当性义务的民事责任、优化我国的证券市场监督、完善投资者适当性制度的争议解决机制及相关的配套机制。
[Abstract]:The system of investor appropriateness originated from the United States and has developed into one of the important cornerstones of investor protection system. The mature securities capital market is also necessary to regulate the relationship between investors and securities companies. With the construction of multi-level capital market system in China. China's legislation and securities regulatory bodies in the relevant laws and regulations, administrative regulations and self-regulation of the system of suitability of investors have been preliminary provisions, but relatively rough and simple. In view of this, this paper based on the reality of our country's securities market, on the basis of systematically combing and analyzing the experience of foreign mature capital market. This paper examines and reflects on the defects and shortcomings of the investors' appropriateness system in our country and puts forward the path of perfecting the investors' suitability system in China's securities market. This paper is divided into five parts: The first part is an overview of the theory of investor appropriateness system. This part defines the concept of investor appropriateness system and extracts the connotation of investor appropriateness system on the basis of the definition. This paper introduces the origin and development of investor suitability system in China, including fund field, banking field, trust field, gem market and stock index futures market. The second part is the theoretical basis of investor appropriateness system, which explains the economic basis, ethical basis, sociological basis and jurisprudence foundation of investor appropriateness system. The third part is the main content of the investor appropriateness system. This part combines with the Chinese practice and introduces the characteristic contents of the foreign investor appropriateness system from the perspective of comparative law. It includes the scope of application of the system of investor appropriateness, the factors of consideration, the fulfillment of the obligation of appropriateness, the mechanism of internal control and the exemption of the obligation of appropriateness. Part 4th is an examination and reflection on the system of investor appropriateness in our country. After examining the present situation of the system of investor propriety in our country, this part reflects on the remaining defects of the current investor protection system in our country from the legislative and judicial aspects. Shortcomings and inadequacies. The 5th part is the path conception to perfect the system of investor appropriateness in our country. The concrete content covers the level of legal effect to promote the principle of investor appropriateness, and introduces the investor classification system. This paper introduces the exemption of investor appropriateness, clarifies the civil liability for violating investor propriety obligation, optimizes the supervision of China's securities market, and consummates the dispute resolution mechanism and related supporting mechanism of investor appropriateness 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】：2014
【分类号】：F832.51;D922.287

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