论证券投资者保护基金法律制度

发布时间：2018-02-14 00:43

本文关键词： 证券投资者保护基金制度缺陷完善措施　出处：《宁波大学》2013年硕士论文　论文类型：学位论文

【摘要】：由于证券投资者保护基金具有两方面的制度特质，一是能够为证券投资者提供资金补偿，有助于增强投资者长期投资于资本市场的信心，二是可以对证券公司的经营状况进行持续的监控，预防和控制证券公司发生大规模的破产风险，因而受到世界各国，特别是发达国家监管当局的关注与重视。自美国1970年颁布《证券投资者保护法》以来，包括德国、日本、英国在内的世界多个国家和地区纷纷建立起自己的保护基金法律制度。欧盟还在1997年制定通过了《投资者赔偿基金指令》，以此来统一欧盟框架下的证券投资者保护的标准，强化对中小证券投资者的保护力度。立足于更好地保护中小投资者，维护其投资证券市场的信心，推进证券市场的健康规范发展，我国在2005年正式颁布了《证券投资者保护基金管理办法》，该部规范性文件的出台标志着我国正式建立起证券投资者保护基金法律制度。然而建立和完善证券投资者保护基金法律制度是一项庞杂的系统工程。如何让保护基金在风云变幻的资本市场上顺利运作，充分发挥其应有的作用，是我国证券投资者保护基金法律制度面临的巨大挑战。从目前我国的实际情况来看，证券投资者保护基金的具体制度设计和政策安排尚不明晰，缺陷问题也是层出不穷。本文的第一部分，是对证券投资者保护基金法律制度的概述，梳理了证券投资者保护基金法律制度的内涵，并对保护基金的功能定位进行了阐述，为下文进一步展开具体制度做出了前期铺垫。文章第二部分的写作主题是证券投资者保护基金的国际立法经验，着力对证券投资者保护基金制度中的重点问题进行研究。通过规范体系、外部监管与内部治理、筹资方式、偿付机制的阐述，，总结国际立法的经验，并搭建证券投资者保护基金法律制度框架。文章的第三部分为我国证券投资者保护基金的制度缺陷，拟对我国现行制度的运作情况进行分析和检讨。详细指出规范体系、监管模式与治理结构、筹资方式、偿付机制四大领域在实践中的缺陷。文章的第四部分在前文论述的基础上，结合域外优秀经验、失败教训和改革动向，对上文中提到的制度缺陷逐一提出优化建议。
[Abstract]:Because the securities investor protection fund has two aspects of institutional characteristics, one is that it can provide fund compensation to the securities investor, which helps to enhance the investor's confidence in investing in the capital market for a long time. Second, it is possible to continuously monitor the operation status of securities companies, prevent and control large-scale bankruptcy risks of securities companies, and thus be subjected to various countries in the world. Especially the concern and attention of the regulatory authorities in developed countries. Since the promulgation of the Securities Investor Protection Act in the United States in 1970, including Germany and Japan, Many countries and regions in the world, including the United Kingdom, have established their own legal systems for the protection of funds. The European Union also adopted the "Investor compensation Fund Directive" on 1997, in order to unify the standards for the protection of securities investors under the framework of the European Union. To strengthen the protection of small and medium-sized securities investors, to better protect small and medium-sized investors, to maintain their confidence in investing in the securities market, and to promote the healthy and standardized development of the securities market, In 2005, China formally promulgated the measures for the Management of Securities Investor Protection funds. The introduction of the Ministry's normative documents marks the formal establishment of the legal system of the Securities Investor Protection Fund in China. However, establishing and perfecting the legal system of the securities investor protection fund is a complicated and systematic project. How to make the protection fund run smoothly in the volatile capital market and give full play to its due role, It is a great challenge to the legal system of the securities investor protection fund in our country. From the actual situation of our country at present, the concrete system design and the policy arrangement of the securities investor protection fund are not clear, the defect question also appears endlessly. The first part of this paper is an overview of the legal system of the protection fund of securities investors, combing the connotation of the legal system of the protection fund of securities investors, and expounding the function orientation of the protection fund. For the following further development of the specific system to make the early stage of the foreshadowing. The second part of the article is about the international legislative experience of the securities investor protection fund, focusing on the key issues in the securities investor protection fund system. Through the normative system, external supervision and internal governance, the way to raise funds. The expounding of repayment mechanism, summing up the experience of international legislation, and setting up the legal system frame of securities investor protection fund. The third part of the article is about the defects of the securities investor protection fund system in our country. It intends to analyze and review the operation of the current system in China, and point out in detail the normative system, the regulatory model and the governance structure, the way of raising funds. Four major areas of reimbursement mechanism in practice defects. On the basis of the previous discussion, the 4th part of the article, combining with the excellent experiences, the failure lessons and the reform trend, puts forward some suggestions for the optimization of the system defects mentioned above one by one.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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