股票与股指期货跨市场监管法律制度研究

发布时间：2017-12-28 17:32

本文关键词：股票与股指期货跨市场监管法律制度研究　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：金融是现代经济发展的核心元素。金融市场的不断发展和不断创新,诞生了股指期货这一产物。在金融全球化的影响下,股指期货已经成为了影响力最大的金融衍生产品,其发展速度也是首屈一指。股指期货有着很多功能,例如套期保值、价格发现等,它可以发挥出优化资源配置的作用,从而有利于整个金融市场趋于稳定,但同时其亦是一把双刃剑,如果运用不好,就会产生相反的作用,更进一步,甚至可能引发股灾,届时整个金融证券市场将面临"地震"般的打击,动荡不稳定,因此就要求我们进行必要的监管。我国股票市场出现以来,金融市场突飞猛进,相应的风险随之而来,此时,股指期货作为一种金融衍生品,就可以规避掉股票市场的部分风险,但是股指期货市场也并非风平浪静,其本身的监管仍是值得考究的,而关于股票与股指期货市场的跨市场监管更是理论界与实务界讨论的热点。股指期货的价格发现和风险管理的功能,为股票与股指期货之间的跨市场交易提供了可能。鉴于信息的不对称以及法律的不完备等因素的存在,有必要加强股票与股指期货市场之间的跨市场监管,主旨是要建立健全股票与股指期货跨市场监管法律制度,在具体监管方面要做到立法监管、行政监管和自律监管这三者的协调与统一,还要求要注重内部监管与外部监管的协调统一。股票市场与股指期货市场在我国出现的时间相比较短,属于一个新兴的市场,年轻有活力,但在其内部也充斥着不少违法违规行为,诸如市场操纵、过度投机、内幕交易等,因此有必要借鉴美国、英国、日本等地区先进的股票与股指期货跨市场监管的模式和经验,建立健全股票与股指期货跨市场监管的法律制度,通过制定《期货交易法》,建立健全跨市场反操纵法律制度、跨市场信息披露制度和以"熔断机制"为代表的跨市场稳定制度,同时落实保护投资者合法权益的措施,及时规避和化解风险,保障金融证券市场的稳定。具体要做到,首先要制定相关法律,引入功能监管,从法律层面确定我国股票与股指期货跨市场监管的模式,确定各自的权力范围,把责任落到实处;其次就是通过学习国外先进经验,比较分析来提出完善我国跨市场反操纵制度、完善跨市场信息披露制度、完善熔断机制的具体策略,使得我国的市场在规避风险方面的能力得到长足的提升;最后,就是随着我国金融市场的持续发展,散户这一金融市场主体的情况必将进一步得到解决,相应的机构投资者的比例也会进一步的增加,如我国"新三板"的推出,其中对于投资者的资质提出了更高的要求,为我国金融市场的健康发展注入了新的血液,但是监管问题仍是值得关注与预防的。发挥这些投资者的优势,完善其自身内部的风险控制制度,可以有效地预防和规避风险的发生,大大降低风险发生所带来的的不利影响,从而使我国股票与股指期货市场长期稳定的发展。
[Abstract]:Finance is the core element of the development of modern economy. With the continuous development and innovation of the financial market, the product of stock index futures has been born. Under the influence of financial globalization, stock index futures have become the most influential financial derivatives, and their development speed is also the first one. Stock index futures has many functions, such as hedging, price discovery, it can play a role in optimizing the allocation of resources, which is conducive to the whole financial market tends to be stable, but it is also a double-edged sword, if used well, it will have the opposite effect, further more, or may cause the crash, then the stock market will face the "earthquake" strikes, instability, so we need to make the necessary supervision. Since China's stock market, the financial market by leaps and bounds, the corresponding risk that, at this time, the stock index futures as a financial derivative, you can avoid some of the risk of the stock market, but the stock index futures market is not its own regulation is still in smooth water, worthy of study, and cross market supervision on stock and stock index futures market is a hot discussion in theory and practice. The price discovery of stock index futures and the function of risk management provide the possibility for cross market trading between stock and stock index futures. In view of the incomplete factors such as information asymmetry and legal existence, it is necessary to strengthen the cross market supervision between the stock and the stock index futures market. The purpose is to establish and perfect the stock index futures and cross market supervision legal system, to achieve coordination and unification of legislation supervision, administrative supervision and self-regulation of the three parties in specific regulation also, coordination requirements should focus on the internal supervision and external supervision. The stock market and stock index futures market in our country the time is relatively short, which belongs to an emerging market, young and energetic, but inside is filled with a lot of illegal acts, such as market manipulation, excessive speculation, insider trading, it is necessary to learn from the United States, Britain, Japan and other advanced stock area the stock index futures and cross market supervision mode and experience of establishing and perfecting the legal system of stock index futures and cross market supervision, through the establishment of "futures trading law", establish and perfect the anti manipulation legal system of cross market and cross market information disclosure system and the "circuit breakers" as the representative of the cross market stable system, while the implementation of the protection of the legitimate the rights and interests of the investors, to avoid and resolve risks, safeguard the financial stability of the securities market. To be specific, the first to formulate relevant laws, the introduction of functional supervision, determine the stock and stock index futures in China cross market supervision mode from the legal level, to determine the scope of authority, implement the responsibilities; the second is through learning foreign advanced experience, put forward to a comparative analysis of cross market anti manipulation system, perfect cross market information the disclosure of specific strategy system and improve the circuit breakers in China, making China's market in terms of risk averse the ability to improve by leaps and bounds; finally, it is with the continuous development of China's financial market, the financial market scattered households the situation will be resolved, the proportion of institutional investors will also further the increase, such as the introduction of China's "new three", which puts forward higher requirements for the qualification of investors, has injected new blood for the healthy development of the financial market in China Liquid, but the regulatory issue is still a matter of concern and prevention. Giving full play to these investors' advantages and improving their own internal risk control system can effectively prevent and avoid risks and greatly reduce the adverse effects brought by risks, so that China's stock and stock index futures market will develop steadily for a long time.
【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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