证券登记结算制度研究

发布时间：2018-05-29 13:53

本文选题：证券持有模式 + 中央对手方　；参考：《华东政法大学》2013年硕士论文

【摘要】：证券结算系统是证券市场运行的后台，结算系统是否能高效、安全运行直接影响到证券市场的发展，，影响到整个金融系统的健康运作。充分利用后发优势，我国证券结算获得了快速发展，证券结算的硬件设施甚至已处于世界领先地位，然而与之相对应的证券结算制度建设却相对滞后。本文仅选取其中最重要的3个问题进行研究，以期能为我国证券结算制度的完善提供帮助。本文总共分为5个部分：第一部分为证券登记结算制度简介，旨在为本文提供一个背景性知识，通过对证券登记、托管、存管以及证券结算法律关系等内容的介绍，为本文开展论述提供基础。第二部分为证券持有模式，分析了证券直接持有和间接持有模式的特点以及不同国家证券持有模式的制度建设，以期为我国建立“以直接持有为主，间接持有为辅”的结算模式提供参考建议。此外，通过对比分析美国、德国、英国证券投资者财产权保护的不同立法模式，以期为完善我国证券投资者权利保护提供参考。第三部分为中央对手方制度，分析中央对手方对提高证券结算效率以及保障交易安全的重要作用，并通过借鉴美国、欧盟、香港的中央对手方制度建设的经验，以期能为我国建成一个高效、安全的中央结算机构提供帮助。第四部分为证券结算及其风险，分析我国证券市场面临的风险及其原因，介绍发达证券市场在风险控制制度建设取得的成就，以期能我国证券结算风险控制制度的完善提供有益的经验。第五部分为完善我国证券结算制度，主要包括完善证券结算参与人制度、中央对手方制度、DVP制度以及其他风险控制制度。其中通过健全证券结算参与人市场准入制度和证券结算参与人持续监管制度来完善我国证券结算参与人制度。通过加强立法以及完善中登公司内部控制制度和外部监管来健全中央对手方制度。通过比较DVP的三种模式的优缺点，并结合我国证券市场发展状况，主张在我国采取DVP3模式。
[Abstract]:Securities settlement system is the background of the operation of securities market. Whether the settlement system can be efficient and safe operation directly affects the development of the securities market and the healthy operation of the entire financial system. Making full use of the advantage of latecomer, the securities settlement of our country has obtained the rapid development, the hardware facilities of the securities settlement have even been in the leading position in the world, but the construction of the corresponding securities settlement system is relatively lagging behind. In this paper, only the most important of the three issues are selected for study, in order to provide help for the improvement of securities settlement system in China. This article is divided into five parts: The first part is a brief introduction of securities registration and settlement system, which aims to provide a background knowledge for this paper. Through the introduction of the contents of securities registration, trusteeship, depository management and securities settlement legal relationship, it provides the basis for the discussion of this paper. The second part is the securities holding mode, analyzes the characteristics of the securities direct and indirect holding mode and the system construction of the securities holding mode in different countries, in order to establish "direct holding mainly for our country." Indirect holding is complementary to "the settlement model to provide reference suggestions." In addition, through the comparative analysis of the different legislative models of the protection of the property rights of securities investors in the United States, Germany and Britain, the author hopes to provide a reference for perfecting the protection of the rights of securities investors in China. The third part is the central counterparty system, which analyzes the important role of the central counterparty in improving the efficiency of securities settlement and ensuring the security of transactions, and draws lessons from the experience of the construction of the central counterparty system in the United States, the European Union and Hong Kong. With a view to building an efficient and secure central clearing agency to provide assistance. The fourth part is the securities settlement and its risk, analyzes the risk faced by our securities market and its reasons, introduces the achievements of the developed securities market in the construction of risk control system. In order to improve the securities settlement risk control system in China to provide useful experience. The fifth part is to perfect the securities settlement system of our country, including perfecting the securities settlement participant system, the central counterparty system and the DVP system, as well as other risk control systems. Among them, we can perfect the securities settlement participant system by perfecting the market access system of securities settlement participants and the continuous supervision system of securities settlement participants. Strengthen the legislation and improve the internal control system and external supervision to improve the central counterparty system. By comparing the advantages and disadvantages of the three models of DVP and combining the development of China's securities market, the author proposes to adopt the DVP3 model in China.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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