金融期货投资者适当性制度研究

发布时间：2018-04-04 17:18

本文选题：金融期货　切入点：投资者适当性　出处：《上海外国语大学》2017年硕士论文

【摘要】：投资者适当性制度起源于美国证券市场,1938年萌芽于美国全国证券交易商协会(NASD)的自律规范中,用来规范券商向投资者推荐有价证券的行为。随着全球资本市场金融创新的不断发展,投资者适当性制度在规范中介机构、保护投资者权益方面的重要作用越来越得到广泛的认同和重视,很多国家（地区）都建立了投资者适当性制度。在我国金融界,金融期货市场是最先出现投资者适当性制度的领域,适当性制度的产生和发展对我国投资者权益的保护发挥了十分重要的作用。金融期货投资者适当性制度,是基于金融期货的产品特征和风险特性,要求金融中介机构区分不同投资者对于产品的认知水平和风险承受能力的差别,选择适当的投资者审慎地参与金融期货交易的一整套制度安排。金融期货交易的专业性极强,金融中介机构比起一般投资者,往往有更广的信息获得渠道,懂更多的专业知识,并且有更强的经济实力,因此二者处于不平等的地位。中介机构甚至有可能为了盈利的最大化,而向投资者推荐与其不相适的产品,但是投资者由于对金融期货产品的认识有限,往往轻易接受中介机构推荐的决策。这就造成投资者与中介机构所承担的风险不对等。金融期货投资者适当性制度的宗旨就是要求中介机构履行将适当的产品销售给适当的投资者的义务,所以为了平衡投资者与中介机构之间的风险负担,在金融期货交易领域就亟需一部适当性制度来缓解这种市场主体之间的不平衡局面了。本文由五部分组成:第一部分简介国际衍生品市场上的发生的相关灾难性事件,意图表明金融衍生品市场上在缺乏对于投资者进行倾斜保护的政策时,投资者将面临极大的风险,不利于一国金融体系的发展,甚至还有可能影响社会稳定,因此金融期货投资者适当性制度的研究和完善具有深远意义。第二部分在于阐明金融期货投资者适当性制度的概念,明确本文的研究对象。通过将其与一些易混淆的概念进行比较,试图更准确的把握适当性制度的本质。第三部分首先对我国现有适当性制度进行介绍,并对其规则体系进行描述;其次,逐条研究现有条文,并归纳这些条文,从中得出蕴含在条文中的各项制度;最后,在列举这些制度的同时,根据实践中遇到的问题指出其不足。第四部分着重研究美国、欧盟、韩国、日本、我国香港、我国台湾等国家和地区的适当性制度。在研习各国（地区）适当性制度的基础上,归纳出适当性制度一些普遍的规则,明晰成熟市场中适当性制度的具体内涵。第五部分是在前文研究的基础上,结合我国具体实际问题,借鉴成熟市场的相关经验,对于我国金融期货市场的适当性制度提出了改进建议。
[Abstract]:The system of investor appropriateness originates from the American securities market. In 1938, it originated in the National Association of Securities Dealers (NASD) self-regulation, which is used to regulate the securities firms' behavior of recommending securities to investors.With the continuous development of financial innovation in the global capital market, the importance of investor suitability system in regulating intermediary organizations and protecting investors' rights and interests has been widely recognized and paid more and more attention.Many countries (regions) have established investor appropriateness system.In the financial circles of our country, the financial futures market is the first field of investor suitability system, and the emergence and development of appropriateness system plays a very important role in the protection of investors' rights and interests in our country.The financial futures investor suitability system is based on the product characteristics and risk characteristics of financial futures, which requires financial intermediaries to distinguish between different investors' cognitive level and risk tolerance.The selection of appropriate investors to participate prudently in financial futures trading a set of institutional arrangements.Financial futures trading is highly professional, financial intermediary institutions than ordinary investors, often have a wider access to information channels, know more professional knowledge, and have a stronger economic strength, so they are in an unequal position.In order to maximize profits, intermediaries may even recommend products to investors that are not suitable for them. However, due to their limited understanding of financial futures products, investors often accept the decisions recommended by intermediaries easily.This causes investors and intermediaries to bear the risk of inequality.The purpose of the financial futures investor suitability system is to require the intermediary to fulfill the obligation to sell the appropriate products to the appropriate investor, so in order to balance the risk burden between the investor and the intermediary,In the field of financial futures trading, there is an urgent need for an appropriate system to alleviate this imbalance between market players.This paper is composed of five parts: the first part introduces the related catastrophic events in the international derivatives market, which is intended to indicate that the financial derivatives market lacks preferential protection policies for investors.Investors will face great risks, which is not conducive to the development of a country's financial system, and may even affect social stability. Therefore, the research and improvement of the financial futures investors' suitability system is of far-reaching significance.The second part is to clarify the concept of financial futures investors appropriateness system and clarify the object of this paper.By comparing it with some confusing concepts, we try to grasp the essence of appropriateness system more accurately.The third part first introduces the existing system of appropriateness of our country and describes its system of rules. Secondly, it studies the existing articles article by article, summarizes these articles, and draws the systems contained in the articles.While enumerating these systems, it points out their shortcomings according to the problems encountered in practice.The fourth part focuses on the appropriate system of the United States, European Union, Korea, Japan, Hong Kong and Taiwan.On the basis of studying the system of appropriateness in various countries (regions), this paper sums up some general rules of the system of appropriateness, and clarifies the concrete connotation of the system of appropriateness in mature market.The fifth part is based on the previous study, combined with the specific practical problems in China, reference to the relevant experience of the mature market, the appropriate system of financial futures market in China proposed to improve the system.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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