证券投资集合资金信托受托人注意义务之研究

发布时间：2018-11-21 15:07

【摘要】：本论文以证券投资集合资金信托为研究对象,围绕受托人注意义务,针对投资管理中的规则适用问题及其重要法律意义进行了专门的论述。本文综合运用法理探讨、经济分析、比较研究、案例实证分析等方法,依照引言、正文和结语的逻辑结构,分为六部分展开探讨。导论部分简要阐述了证券投资集合资金信托的特性与现状,介绍了本文的研究方法与研究意义,并提出问题——信托公司在管理证券投资集合资金信托时,应当尽到怎样的注意义务才算是勤勉尽职? 第一章是基础性的研究,主要介绍我国征券投资集合资金信托受托人的法律规制。分析了证券投资集合资金信托中的法律关系,以及我国当前对受托人的规范内容,并进行简要评价。第二章,注意义务作为信赖义务的主要内容,源于英美信托法制。因此,讨论受托人的注意义务,离不开考察美国商事信托法制中受托人注意义务判断标准的演变：从法定列表制到谨慎人规则,再到谨慎投资人规则,其中难免曲折反复的历程。其中重点介绍了投资组合理论背景下,美国《信托法第三次重述》、《统一谨慎投资人法案》中对谨慎投资人规则实质内涵的界定。此外,理论的曲折演变也反映了法律与市场之间的滚动关系,立法的保守与开放,与经济的萧条与蓬勃息息相关,几乎成正相关。第三章,结合规则原理、各国法例、案例等,旨在提出构建我国受托人注意义务标准的思路或思维方式,分别从四个方面展开讨论：第一,组合投资规则,应要求受托人多样化地配置资产,并适当限制投资比例；第二,审慎推介规则,既要求信托计划销售时根据投资者的具体状况提示风险选择产品,引导投资,也要求受托人能充分掌握市场信息,完善决策流程；第三,资金保值规则,要求信托受托人在资产管理中首先确保本余的安全性,再追求充分的回报；第四,讨论当此类信托投资于衍生品时注意义务的体现,提出在投资目的、流程等规范化的前提下,经投资者同意应允许信托投资场内交易的衍生品。第四章,阐述受托人违反注意义务时的责任及其例外——商业判断法则。简要介绍归责原则之后,笔者大胆提出将公司法的成熟制度移植至信托领域,具体至证券投资集合资金信托。本章试图构建两个部门法之间的对话,从起初公司法对信托法理论的借鉴吸收,到二者互动,再到公司法对信托法的反哺,层层递进,为商业判断法则在商事信托中的运用组织了严密的逻辑架构。文章的最后是结语部分,对前述内容进行分析、探讨,概括总结本文主要内容,并提出希冀,期待该义务的确立能促进证券投资集合资金信托的治理,保护投资者的利益。
[Abstract]:This paper takes the securities investment pooled fund trust as the research object, focuses on the trustee's duty of care, and discusses the application of the rules in the investment management and its important legal significance. This paper is divided into six parts according to the logical structure of the introduction, the text and the conclusion, using the methods of jurisprudence, economic analysis, comparative study, case analysis and so on. In the introduction part, the characteristics and present situation of the securities investment pooled fund trust are briefly expounded, the research methods and significance of this paper are introduced, and the problems are raised when the trust company manages the securities investment pooled fund trust. What is the duty of care to be diligent? The first chapter is the basic research, mainly introduces the legal regulation of the trustee of the collective-fund trust of the bond collection investment in our country. This paper analyzes the legal relationship in the securities investment pooled fund trust, and the contents of the current regulation of the trustee in our country, and makes a brief evaluation. The second chapter, the duty of attention as the main content of trust obligations, originated from the British and American trust law. Therefore, to discuss the duty of care of trustees, we can not do without investigating the evolution of the judgment standard of trustee's duty of care in American commercial trust law: from statutory list system to prudent person rule, and then to prudent investor rule. One of the inevitable twists and turns of the process. Under the background of portfolio theory, the third restatement of the Trust Law in the United States and the definition of the essence of prudent investor rules in the uniform prudent Investor Act are introduced. In addition, the tortuous evolution of the theory also reflects the rolling relationship between the law and the market, the conservatism and openness of the legislation are closely related to the depression and prosperity of the economy, and are almost positively related. The third chapter, combined with the principle of rules, national laws, cases and so on, aims to put forward the idea or mode of thinking of constructing the standard of the duty of care of trustees in China. It is discussed from four aspects: first, the rules of portfolio investment. The trustee shall be required to allocate assets in a diversified manner and to limit the proportion of investments appropriately; Secondly, the rules of prudent recommendation not only require the trust plan to select the product according to the investor's specific condition, but also require the trustee to grasp the market information and perfect the decision-making process. Thirdly, the capital preservation rules require the trustee to ensure the security of the capital balance first and then pursue the full return in the asset management. Fourthly, the paper discusses the embodiment of the duty of attention when such trust invests in derivatives, and puts forward that under the premise of the standardization of investment purpose and flow, the derivatives which should be allowed to be traded on the exchange by investors should be allowed. Chapter four expounds the fiduciary's duty of care and its exception-commercial judgment. After briefly introducing the principle of imputation, the author boldly proposes to transplant the mature system of company law into the field of trust, specifically to the securities investment pooled fund trust. This chapter attempts to construct a dialogue between the two branches of law, from the first company law to the theory of trust, to the interaction between the two, and then to the company law to trust law, layer by layer, step by step. It organizes the strict logical structure for the application of the commercial judgment law in the commercial trust. The last part of the article is the conclusion, which analyzes and discusses the above contents, summarizes the main contents of this paper, and puts forward the hope that the establishment of this obligation will promote the governance of securities investment pooled fund trust and protect the interests of investors.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D912.28

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