投资人适当性制度研究

发布时间：2018-01-10 06:06

本文关键词：投资人适当性制度研究　出处：《吉林大学》2013年硕士论文　论文类型：学位论文

【摘要】：金融市场作为重要的经济发展领域，对于经济的发展起着不容忽视的巨大作用，投资人作为金融市场的主要参与主体，其与经纪商的不平衡地位导致了对于金融产品认知的偏缺，以致在进行投资的行为中，会产生误差与偏差，从而造成自身的经济损失，产生对金融产品的信任缺失，从而增大金融产品的投资风险性。投资人的保护程度强弱对于市场的稳定与发展起着关键的作用，投资人适当性制度作为证券市场保护投资人权益的利器，通过制约经纪商的销售行为，从而保护着投资人的利益，维护着金融市场的有序发展。投资人适当性制度起始于二十世纪的美国，经过不断的完善从而走向成熟，欧盟和日本借鉴美国该项制度的规定，结合自身的具体市场情况，发展了适合本土的适当性制度，在保护投资人利益方面起到了重要的作用，我国的投资人适当性制度起步较晚，并在证券市场的各领域呈现不均衡的发展状态，制度的效力层级较低，需要整合到一部更高层级的法律文件中，以使制度的施行更加有力。同时，制度的法律设计方面也存在着缺失，以风险揭示和市场准入作为主要内容，这样的制度设计并不科学，而买卖自负内容的规定更是加重了投资人的义务，而不能更好的对经纪商的行为进行有效规范，，反而为其提供了变相的保护，这样的制度将不会适应金融经济发展的需要。本文的第一章是对于投资人适当性制度本身的内涵进行陈述，对于适当性制度所涉及到的代理理论、特殊情节理论和招牌理论等理论基础进行研究，特别是对家长主义所体现的法理予以探讨。第二章主要对于投资人适当性制度进行比较法研究，分别以美国、欧盟、日本的发展作为基础对于投资人适当性制度的起源、发展进行归纳讨论，通过美国自律组织之适当性制度规定、美国证券法上的10b-5规则以及相应的司法实例，体现了适当性制度的起源由最初的道德性规范到行业自律规则再到具体的法律原则逐步完善发展的过程；欧盟地区适当性制度的研究主要在其制度设计的创新方面，如投资客户的分类，投资客户相互之间的转化以及投资人适当性制度的评估机制；日本适当性制度的研究则主要是对其比较成熟的法律发展状况。通过对上述三个国家和地区的适当性制度进行比较法研究，分析制度设计的利弊，以期对我国适当性制度的发展提供有利的借鉴。本文的第三章回归我国的投资人适当性制度，对于现状以及存在的几点问题进行剖析，提出对于完善我国投资人适当性制度的构想。投资人适当性制度已经在我国开始发展，并将会成为证券市场发展的重要制度，虽然我国至今并未将其纳入明文的法律规定之中，但结合美国、欧盟、日本的制度发展以及我国的具体国情，投资人适当性制度的法律形成势在必行。而作为这一项应用型的制度，如何将该制度的设计更加合理化，让其更具有可操作性也是值得我们研究与学习的，本文旨在对于该制度的法律问题进行探究，以期对于我国投资人适当性制度的法律形成提供合理的前瞻性研究。
[Abstract]:The financial market as an important area of economic development, the economic development plays a huge role can not be ignored, investors as the main participants of the financial market, and the unbalanced status brokers lead to partial lack of financial products for cognition, resulting in investment behavior, will produce error and deviation, resulting in their own the resulting economic losses, lack of confidence in the financial products, investment risk and increase financial products. Investors protection degree plays a key role for the stability and development of the market, investors' suitability system as a tool to protect the interests of investors, securities market, by constraining broker sales behavior, so as to protect the interests of investors and maintain the orderly development of the financial market.
The investor suitability system starting in the United States in twentieth Century, through continuous improvement and maturity, the European Union and Japan from the provisions of the United States of the system, combined with the specific situation of the market itself, the development of appropriate system for local, to an important role in protecting the interests of investors. In China, investors appropriate the system started late, and in various fields in the securities market development status is not balanced, the level of effectiveness system is low, it needs to be integrated into a higher level of legal documents, so that the system will have more power. At the same time, the legal system design also exist deficiencies, to reveal the risks and market access as the main content, the design of such a system is not scientific, and the content is more self trading rules aggravated investor's obligations, but not better to conduct effective regulation of brokers Fan, instead of providing a disguised protection, will not adapt to the needs of the development of the financial economy.
The first chapter of this article is the statement on the connotation of appropriate institutional investors themselves, for the appropriate institutional theory of agency involved, the special study on the plot theory and the sign theory, especially embodied in legal paternalism. The second chapter mainly discusses the appropriate institutional investors to carry out comparison study the United States, European Union, Japan's development as the origin for investors appropriate institutional basis, summarized the development discussion, through the United States regulatory organization of appropriate institutional regulations, the United States Securities Act on the 10b-5 rule and the corresponding judicial case, reflects the process of the origin of the system by the appropriate initial moral norm to self-discipline rules to specific legal principles of gradual development and improvement of the EU; the appropriate system mainly in the innovation of its system design, The classification of customers such as investment, investment evaluation mechanism of mutual transformation between the customer and investor eligibility system of Japan; appropriate system is mainly on the relatively mature legal development. Through the appropriate system of the three countries and regions were compared with research, analysis of advantages and disadvantages of the design of the system, provide a favorable reference to the development of China's appropriate system. The third chapter of our country regression of appropriate institutional investors, for some current situation and existing problems are analyzed, put forward the conception for perfecting the investor suitability system.
Appropriate institutional investors have started to develop in our country, and will become an important system for the development of the securities market, although China has not be included in the explicit legal provisions, but the combination of the United States, European Union, Japan and the development of the system of China's specific national conditions, investors' suitability system legal form as imperative. This is an application system, how to design the system more reasonable, make it more maneuverable is worth us study, this paper aims at the legal problems of the system were explored, in order to provide prospective study of reasonable for Chinese investors appropriate legal form.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.28

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