股灾救市资金退出法律机制研究

发布时间：2018-03-01 14:26

本文关键词： 股灾救市资金退出证金公司　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：2015年的"615股灾"使投资者损失惨重,股市长期低迷,至今尚未恢复到4000点。政府积极采取措施救市,共使用救市资金2.3万亿元人民币,目前股市正在稳步恢复中,救市资金鲜有退出,但救市资金不能长期停留在股市,退出是其必然要求。因此,研究我国当下股灾救市资金退出法律机制,为庞大的"615股灾"救市资金退出提供便利。目前我国尚无对股灾救市资金退出法律机制的学理研究。可从救市资金的性质和特征入手,循序渐进,探索救市资金退出和救市资金退出法律机制的内涵和特征。股灾救市资金属于政府性资金,其退出主体广泛、退出方式多选择直接出售证券,而股灾救市资金退出法律机制则具有长期性、多样性、公开性、权利义务一致性的特征。股灾救市资金是政府干预性质的资金,长期不退出会对证券市场产生负面影响,负外部性理论和国家干预理论决定了救市资金退出的必然性。同时,救市资金不退出,会导致股票市场丧失自我调节功能,具体表现为破坏平等交易、破坏公平竞争、扼杀市场活力,还易导致被救助对象产生懒汉意识,引发道德风险。虽然目前我国尚未建立全面的股灾救市资金退出法律机制,但已有救市资金退出相关内容,如少量的规范性文件,已有的救市资金退出方式。股灾救市资金退出法律机制尚未上升到法律层面,仅有证监会的相关公告,如证金公司承担"615股灾"救市主体,银监会对其提供流动性支持,证金公司将部分股票转让给汇金公司等。上交所、深交所也配合证监会公告出台相关自律规则,如降低交易费用等。以2015年"615股灾"退出为例,研究我国现有的股灾救市资金退出法律机制,可以发现法律规范欠缺、信息披露不充分、退出方式单一等问题。信息披露制度是证券市场的核心内容,不仅上市公司需要遵循,救市资金主体在证券交易中同样需要遵守,正因为政府在信息公开内容上披露不全面,导致市场不实消息遍布,影响股市稳定。我国股灾救市资金退出法律机制的构建,可参考域外成功的救市资金退出经验,并结合我国"615股灾"的实际情况。美国、日本、韩国、我国台湾和香港地区股灾救市经验丰富,有多次救市资金退出经历,如香港的盈富基金、美国的TARP计划退出,都是域外成功退市典范。我国股灾救市资金退出法律机制可从法律体系、信息披露、退出方式和法律责任四个方面构建。在《证券法》修改之际,加入股灾救市资金退出原则性条款,证监会等相关机构出台详细的救市资金退出计划,证金公司、汇金公司、证金资管和汇金资管等需要完善信息披露,确保信息的公开透明。退出方式的选择上除了集合竞价交易和大宗交易两个二级市场交易外,还可以拓宽其他退出方式,如场外交易市场、ETF指数基金上市交易、留存证金公司融券业务券池、转让给社保基金、委托给专业投资机构运作等,五种退出方式可以并行。法律责任追究中,单独立法成本偏高,可借鉴已有的证券欺诈相关法律规范,对于承接救市资金的主体,证金公司、汇金公司等救市主体需要与承接机构签订股票管理协议,确保半年内不套现离场,以此维护证券市场的稳定。
[Abstract]:In 2015 the "615 crash" investors suffered heavy losses, long-term downturn in the stock market, has not yet been restored to 4000. The government has taken measures to rescue the market, the use of bailout funds 2 trillion and 300 billion yuan, the current stock market is steadily recovering, but rarely exit the bailout, bailout funds can not stay for a long time in the stock market, it is necessary for the exit. Therefore, our current research funds to rescue the market crash of exit legal mechanism, to provide convenience for the huge "615 crash" bailout funds exit. At present there is no research on science of crash bailout funds withdrawal mechanism. It can start from the nature and characteristics of bailout money step by step, to explore the intension and characteristics of bailout money and bailout funds exit the legal system of exit mechanism. The crash rescue funds belonging to the government funds, the main exit exit way more widely, choose direct sale of securities, and the stock market crash rescue funds exit method The law mechanism is long-term, diversity, openness, characteristics of the rights and obligations of consistency. The stock market crash rescue fund government intervention is the nature of money withdrawal is not for a long time will have a negative impact on the securities market, the negative externality theory and the theory of state intervention in the necessity of bailout money back out. At the same time, not a bailout exit, the stock market will lead to the loss of self regulating function, specific performance for the destruction of equal transactions to undermine fair competition, stifle the vitality of the market, but also easily lead to help object produce lazy consciousness, lead to moral hazard. Although China has not yet established a comprehensive disaster rescue fund withdrawal mechanism, but the existing bailout funds exit related content, such as a small amount of normative documents, the existing bailout funds exit. Crash rescue fund exit legal mechanism has not yet risen to the legal level, the relevant notice only the Commission, such as Gold card company bear the "615 crash rescue body, the CBRC to provide liquidity support to the gold card, the company will be part of the transfer of shares to the Huijin Company. The Shanghai Stock Exchange, the Shenzhen stock exchange with the CSRC issued the relevant self regulatory rules, such as reducing transaction costs. In 2015 615 shares from the disaster cases research on China's stock market crash, the existing bailout fund withdrawal mechanism, we can find that the lack of standardized, information disclosure is not sufficient, the single exit way. The problems in the information disclosure system is the core content of the securities market, listed companies not only need to follow the rescue, the main funds in securities trading also need to comply with, because of the government information disclosure the content of disclosure is not comprehensive, resulting in false news throughout the market, the impact of the stock market stable. Construction of China's stock market crash rescue fund withdrawal mechanism, reference to foreign successful rescue funds exit experience, combined with the The actual situation of China's "615 crash". The United States, Japan, South Korea, China's Taiwan and Hongkong regions have repeatedly experienced crash rescue, rescue funds exit experience, such as the Hongkong tracker fund, the United States TARP plans to exit, are foreign successful delisting model. China stock market crash rescue funds withdrawal from legal mechanism the legal system of information disclosure, from the four aspects and legal responsibility. In the construction of the securities law amended, added exit principles of bailout money stock market crash, the Commission and other relevant institutions issued with a bailout plan to exit, gold card company, Huijin Company, gold card information management and information management needs Huijin to improve the disclosure of information, ensure the openness and transparency of information. The selection of the exit ways in addition to the auction trading and commodity trading two two secondary market transactions, but also can broaden the other exit ways, such as OTC market, ETF index Gold traded, retained gold card company trading business pool of securities, transfer to the social security fund investment institutions entrusted to the professional operation, five exits in parallel. The legal responsibility, separate legislation cost is high, can draw on existing securities fraud related laws and regulations, to undertake the main rescue fund, gold card company. Huijin bailout subject need to sign stock management agreement with the organization, to ensure that within half a year not to cash out, in order to maintain the stability of the stock market.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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