无纸化证券监管若干法律问题研究

发布时间：2018-06-04 20:35

本文选题：无纸化证券 + 投资者　；参考：《华中师范大学》2013年硕士论文

【摘要】：目前我国证券市场交易基本实现了无纸化发行、登记、存管和结算,成为无纸化程度较高的国家之一。尽管我国证券市场改革搭上了无纸化班车,但相对国外较完善的证券监管体制来说,中国的无纸化证券监管仍然存在严重不足,比如当证券市场无纸化的进程与建立在纸质凭证观念上的证券法之间不同步时,证券市场和证券投资者对于相应风险的担忧,证券市场监管的阻碍重重,要求证券监管制度必须对无纸化证券市场作出回应。本文旨在通过对我国无纸化证券市场监管的若干法律问题进行探讨,提出相应的修改建议,以期完善我国无纸化证券的特有监管制度。本文主要从四个方面对无纸化证券监管问题进行分析：第一部分,主要对无纸化证券进行理论分析,从无纸化证券的崛起与发展的基础上界定无纸化证券的内涵。第二部分,主要是无纸化证券持有制度,一种互助监管的模式。通过介绍无纸化证券持有模式的演变历程,阐述证券持有对互助监管的法律关系的重构,即证券发行人、投资者与中介机构问互相监督的法律关系。从而重点研究我国无纸化证券互助监管的现状并提出完善性建议。第三部分,主要是无纸化证券的登记与存管制度,即第三方监管。通过三集中制对第三方监管的法律关系的梳理,提出我国无纸化证券第三方监管尚存的缺陷及改进思路。第四部分,回归至无纸化证券的政府监管,即无纸化证券的“裁判员”。在确立我国独特的政府监管模式的前提下,透析我国无纸化证券政府监管的缺陷,并提出完善我国无纸化证券政府监管的法律路径。本文的创新之处在于：首先,将比较分析法与实证分析与规范分析法贯穿全文,可以对我国无纸化证券监管存在的主要问题有个更加清晰透彻的认识,从而在吸取国外先进的监管经验的基础上结合我国独特的证券市场特色,为无纸化证券的研究拓展出一个全新的、更富有社会意义的监管制度。其次,采取独特的分析思路,从互助监管、第三方监管、政府监管三种监管角度出发研究我国无纸化证券的监管问题。看似无关联的三方监管却因投资者的深入其中,使得互助监管、第三方监管、政府监管存在千丝万缕的联系,共同构成我国无纸化证券监管的特有体系。
[Abstract]:At present, China's securities market has basically realized paperless issuance, registration, deposit management and settlement, and has become one of the countries with high paperless degree. Although the reform of China's securities market has taken a paperless bus, there are still serious deficiencies in China's paperless securities supervision compared with the relatively perfect foreign securities regulatory system. For example, when the paperless process of the securities market does not synchronize with the securities law based on the concept of paper certificates, the securities market and securities investors are worried about the corresponding risks, and there are many obstacles to the regulation of the securities market. The securities regulatory system must respond to the paperless securities market. The purpose of this paper is to probe into some legal problems in the supervision of paperless securities market in our country, and to put forward some corresponding modification suggestions in order to perfect the special supervision system of paperless securities in our country. This paper mainly analyzes the supervision of paperless securities from four aspects: The first part mainly analyzes the theory of paperless securities and defines the connotation of paperless securities on the basis of the rise and development of paperless securities. The second part, mainly is the paperless securities holding system, a mutual supervision model. By introducing the evolution of the holding mode of paperless securities, this paper expounds the reconstruction of the legal relationship between securities holding and mutual supervision, that is, the legal relationship between securities issuers, investors and intermediaries. Therefore, the paper focuses on the current situation of paperless securities mutual supervision and puts forward suggestions for perfection. The third part is mainly about the registration and management system of paperless securities, that is, third-party supervision. By combing the legal relationship between the third party supervision and the three centralization system, this paper puts forward the defects and improvement ideas of the third party supervision of paperless securities in China. The fourth part, return to the government supervision of paperless securities, that is, "umpire" of paperless securities. On the premise of establishing the unique government supervision mode of our country, this paper analyzes the defects of government supervision of paperless securities in our country, and puts forward the legal path to perfect the government supervision of paperless securities in our country. The innovation of this paper lies in: first, the comparative analysis, empirical analysis and normative analysis can be used to understand the main problems of paperless securities regulation in China. On the basis of absorbing foreign advanced regulatory experience and combining with the unique characteristics of China's securities market, we can develop a new and more socially meaningful regulatory system for the study of paperless securities. Secondly, from the perspective of mutual supervision, third party supervision and government supervision, the paper studies the supervision of paperless securities in China. However, the seemingly unrelated tripartite supervision is caused by the deepening of investors, which makes mutual supervision, third party supervision and government supervision inextricably linked, which together constitute the unique system of paperless securities regulation in our country.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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