无纸化证券投资者的权利归属及其保护机制研究

发布时间：2018-04-13 07:28

本文选题：无纸化证券 + 证券账户　；参考：《上海交通大学》2013年硕士论文

【摘要】：我国证券市场起步较晚，几乎未经历证券非移动化的阶段，直接在20世纪90年代初期，沪深证券交易所基本实现证券的无纸化发行和流通。但因为转变过快，大部分的市场参与主体如投资者、证券公司并不清楚无纸化证券与传统纸质证券有何区别。2005年新修订的《中华人民共和国证券法》中关于无纸化证券只有少数原则性规定，2006年生效的《证券登记结算管理办法》中对证券账户、证券存管的规定是为了完善登记结算制度。但关于无纸化证券的基本问题，如无纸化证券的权利属性、无纸化证券的交易生效要件、市场参与主体之间的法律关系、投资者保护等，现有法律和部门规章对此并无明确规定。本文通过对德国、日本、美国的相关立法以及罗马统一私法协会制定的《关于中介化证券的实体法公约》的比较研究，结合我国目前证券市场的透明持有结构，构建以投资人证券账户为出发点的，以权利本身（股权、债权）为客体的“准物权”权利体系，，用“准物权”理论解释证券无纸化后的权利归属问题，并引入优先权、善意取得、损失分担等制度来保护投资者，最后建议通过专门立法为无纸化证券交易流通提供确定性。
[Abstract]:The stock market of our country started relatively late, hardly experienced the stage of securities immobility. In the early 1990s, the Shanghai and Shenzhen Stock Exchange basically realized the paperless issuance and circulation of securities.But because the transition is too fast, most of the market participants, such as investors,Securities companies are not aware of the difference between paperless securities and traditional paper securities. In the 2005 revised Securities Law of the people's Republic of China, there are only a few principled provisions on paperless securities, which came into effect in 2006.For securities accounts,The regulation of securities management is to improve the registration and settlement system.But about the basic problems of paperless securities, such as the property of the rights of paperless securities, the effective requirements of the transaction of paperless securities, the legal relationship between the participants in the market, the protection of investors, etc.Existing laws and departmental regulations do not specify this.Based on the comparative study of the relevant legislation of Germany, Japan and the United States and the substantive Law Convention on intermediated Securities formulated by the Roman Institute for the Unification of Private Law, this paper combines the transparent holding structure of China's securities market.Based on the investor's securities account and the object of rights itself (equity, creditor's rights), this paper constructs a "quasi-real right" system to explain the ownership of securities after paperless, and introduces the priority of the system, using the theory of "quasi-real right" to explain the ownership of securities after paperless.The system of bona fide acquisition and loss sharing is proposed to protect investors. Finally, it is suggested that special legislation should be adopted to provide certainty for the circulation of paperless securities.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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