证券公司直接投资监管法律制度的完善

发布时间：2017-12-31 05:38

本文关键词：证券公司直接投资监管法律制度的完善　出处：《中共中央党校》2015年硕士论文　论文类型：学位论文

【摘要】：证券公司直接投资业务是一项新兴的业务。自2007年9月中国证监会批准中信证券、中金公司两家券商率先开展直接投资业务试点以来,迄今已有8年时间。但相应的监管法律还比较少,主要有《证券公司直接投资业务试点指引》(2009年5月中国证监会发布)、《证券公司直接投资业务监管指引》(2011年7月中国证监会发布)、《证券公司直接投资业务规范》(2012年11月2日中国证券业协会发布,2014年1月3日协会对此进行了修订)。目前,证券公司直接投资业务存在诸多问题,例如利益输送问题突出、道德风险加剧等。这些问题的根源在于监管法律制度不完善。一方面,现阶段的监管法律以部门规章和行业自律规范为主,立法层次和立法水平还有待提高;另一方面,现有监管法律的内容有待进一步完善和合理化。证券公司直接投资业务是风险与收益并存的,其风险主要体现在两方面:一方面,金融市场的风险。在我国,直接投资业务由证券公司设立的直投子公司开展。证券公司与直投子公司间实现风险隔离。但直投子公司的独立性不能得到保证,再加上金融控股公司的介入,利益输送等问题日益凸显。这背后隐藏的风险将会对金融市场的安全与稳定造成重大影响。另一方面,市场参与者的风险。直接投资是股权投资,投资失败会血本无归。这会给金融控股公司、证券公司、直投子公司以及直投基金的投资人带来投资风险。基于维护金融市场安全以及保护市场参与者权益的需要,有必要对直接投资进行更为严格的监管。但现有监管法律制度不完善。为此,探讨如何完善直接投资监管法律制度是十分有必要的。本文以证券公司直接投资业务存在的问题和挑战为基础,对直接投资业务监管法律进行剖析,并结合国际上相关国家的监管经验提出了完善我国证券公司直接投资监管法律制度的若干建议。论文内容主要分为七个部分:第一部分,导言。简要介绍选题缘由和意义、国内外研究状况及写作思路和方法等。第二部分,金融监管及直接投资监管的理论基础。主要介绍文章写作的理论支撑和基础。第三部分,证券公司直接投资业务概述。具体包括直接投资业务的概念界定、业务范围、资金来源、开展模式。第四部分,我国证券公司直接投资业务监管法律制度现状。具体包括我国证券公司直接投资业务的监管法律规范;我国证券公司直接投资业务存在的问题及根源分析;证券公司直接投资业务监管法律制度存在问题。第五部分,相关国家法律制度的分析借鉴。具体是对美国、英国、日本三个国家的相关监管法律制度进行分析借鉴。第六部分,完善我国证券公司直接投资监管法律制度的若干建议。主要包括完善市场准入制度和市场退出制度,完善证券公司直接投资的监管法律制度,完善防控利益输送的法律制度以及执法上的建议。第七部分,结语。对全文进行了归纳总结。
[Abstract]:The direct investment business of securities companies is a new business. Since September 2007, the China Securities Regulatory Commission approved Citic Securities, China International Capital Corporation two securities companies to launch the pilot direct investment business. So far, it has been eight years. But the corresponding regulatory laws are relatively few, mainly the "Securities companies Direct Investment Business pilot guidelines" (issued by the China Securities Regulatory Commission in May 2009). "guidelines on the Supervision of Direct Investment Business of Securities companies" (issued by China Securities Regulatory Commission on July 2011, and "Standard of Direct Investment Business of Securities companies") (issued by China Securities Industry Association on November 2nd 2012). In January 3rd 2014, the Association revised this issue. At present, there are many problems in the direct investment business of securities companies, such as the prominent problem of interest transmission. The root of these problems lies in the imperfection of the supervision legal system. On the one hand, at present, the supervision law is based on the department regulations and the industry self-discipline standard, and the legislative level and the legislative level still need to be improved; On the other hand, the content of the existing regulatory law needs to be further improved and rationalized. The direct investment business of securities companies is the coexistence of risk and income, and its risk is mainly reflected in two aspects: on the one hand. Risk in financial market. In our country, direct investment business is carried out by the direct investment subsidiary set up by the securities company. The securities company and the direct investment subsidiary company realize the risk isolation. But the independence of the direct investment subsidiary can not be guaranteed. Coupled with the involvement of financial holding companies, the transmission of benefits and other issues become increasingly prominent. The hidden risks behind this will have a significant impact on the security and stability of financial markets. On the other hand. The risk of market participants. Direct investment is equity investment, investment failure will be lost. This will give financial holding companies, securities companies. Direct Investment subsidiaries and Direct Investment Fund investors bring investment risk. Based on the need to maintain the security of financial markets and protect the rights and interests of market participants. There is a need for more stringent regulation of direct investment. However, the existing regulatory legal system is not perfect. It is necessary to discuss how to perfect the legal system of direct investment supervision. Based on the problems and challenges existing in the direct investment business of securities companies, this paper analyzes the law of supervision of direct investment business. And combined with the international regulatory experience of relevant countries put forward a number of suggestions to improve the legal system of direct investment supervision of securities companies in China. The content of this paper is divided into seven parts: the first part. Introduction. A brief introduction to the reason and significance of the topic, domestic and foreign research situation and writing ideas and methods. Part two. The theoretical basis of financial supervision and direct investment supervision. Mainly introduces the theoretical support and basis of the article writing. The third part, the securities companies direct investment business overview. Specifically includes the definition of the concept of direct investment business. The scope of business, the source of funds, the mode of development. Part 4th, the current situation of the legal system of the supervision of the direct investment business of the securities companies in China, including the legal norms of the supervision of the direct investment business of the securities companies in China; The problems and root causes of the direct investment business of securities companies in China; Security companies direct investment business regulatory legal system problems. 5th part, the analysis of the relevant national legal system reference. Specifically to the United States, the United Kingdom. Japan three countries related regulatory legal system for reference. 6th part. Some suggestions on perfecting the legal system of direct investment supervision of securities companies in China mainly include perfecting the system of market access and the system of market withdrawal, and perfecting the legal system of supervision of direct investment of securities companies. Improve the legal system of prevention and control of the transfer of benefits and suggestions on law enforcement. Part 7th, conclusion.
【学位授予单位】：中共中央党校
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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