合格境内机构投资者监管法律制度研究

发布时间：2018-09-10 20:28

【摘要】：合格境内机构投资者制度是在资本市场不完全开放的国家和地区，权利机构有管制地允许境内投资者投资于海外证券市场的机制。它是资本市场逐步对外开放的过渡性政策，在探索资本开放、缓解外汇储备包袱和人民币升值压力、拓宽境内投资者渠道、培育成熟机构投资者、完善金融监管制度等多方面具有积极意义。另一方面，合格境内机构投资者制度因其境外投资的特性，投资者将同时承担境内与境外双重风险。如何防范风险从而让合格境内机构投资者制度发挥其应有的积极作用，是个值得探索的问题。基于这个想法，本文主要是探讨完善合格境内机构投资者监管法律制度的路径，以期保障该制度的价值得以实现。论文主要分为四个部分：第一部分主要是对合格境内机构投资者监管法律制度的基本问题进行概述。包括合格境内机构投资者制度的概念、在中国“出台”的背景和发展过程、特征以及合格境内机构投资者监管法律制度的定义和特征，为之后对该监管法律制度的具体分析打下理论基础。第二部分主要是考察新兴市场国家韩国、台湾地区、智利的合格境内机构投资者监管法制实践，总结出有助于我国进一步发展合格境内机构投资者制度及完善其监管法律制度的经验启示。第三部分是本文的重点。主要论述了我国合格境内机构投资者监管法律制度在监管立法、分业监管模式、信息披露制度、双托管制度以及跨境监管合作等方面的不足。揭示了只有构建合格境内机构投资者监管法律制度框架，，完善具体法律规定，才能顺利推进资本市场对外开放，有效保障国内投资者的利益。第四部分是针对第三部分提出的我国合格境内机构投资者监管法律制度存在的问题提出建议。主要是从选择与当前阶段相适宜的金融价值理念、完善监管立法、建立牵头人监管制度、完善信息披露制度和双托管人制度以及加强国际监管合作这五个方面提出一些粗浅的建议。
[Abstract]:Qualified domestic institutional investor system is a mechanism that allows domestic investors to invest in overseas securities markets in countries and regions where the capital market is not completely open. It is a transitional policy for the gradual opening of the capital market to the outside world. It is exploring the opening of capital, easing the burden of foreign exchange reserves and the pressure of RMB appreciation, widening the channels for domestic investors, and nurturing mature institutional investors. Perfecting the financial supervision system and so on has the positive significance in many aspects. On the other hand, due to the characteristics of overseas investment, the QFII system will bear both domestic and overseas risks. How to prevent the risk and let the qualified domestic institutional investor system play its due positive role is a problem worth exploring. Based on this idea, this paper mainly discusses the way to perfect the regulatory legal system of qualified domestic institutional investors in order to ensure the realization of the value of the system. The thesis is divided into four parts: the first part is an overview of the legal system of qualified domestic institutional investors supervision. Including the concept of qualified domestic institutional investor system, the background and development process of "introduction" in China, and the definition and characteristics of qualified domestic institutional investor supervision legal system. Lay a theoretical foundation for the specific analysis of the regulatory legal system. The second part mainly examines the legal practice of qualified domestic institutional investor supervision in emerging market countries such as South Korea, Taiwan and Chile. This paper summarizes the experience and enlightenment of our country's further development of qualified domestic institutional investor system and improvement of its supervision legal system. The third part is the focus of this paper. This paper mainly discusses the deficiencies of the supervision legal system of qualified domestic institutional investors in the aspects of supervision legislation, supervision mode of separation, information disclosure system, double trusteeship system and cross-border supervision and cooperation. It is revealed that only by constructing the legal framework of qualified domestic institutional investors' supervision system and perfecting the specific legal provisions, can the capital market be smoothly opened to the outside world and the interests of domestic investors be effectively protected. The fourth part is to put forward some suggestions on the problems existing in the legal system of qualified domestic institutional investors supervision in the third part. Mainly from the selection of the appropriate financial value concept at the current stage, the improvement of regulatory legislation, the establishment of a lead supervision system, Some suggestions on perfecting information disclosure system and double custodian system and strengthening international supervision and cooperation are put forward.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.28

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