融资融券交易制度法律研究

发布时间：2018-05-12 02:05

本文选题：融资融券交易 + 主体　；参考：《西南政法大学》2009年硕士论文

【摘要】： 融资融券交易制度是一种成熟的证券交易制度,是证券市场一种重要的交易方式,已被世界各国与地区的证券市场所广泛采用,我国大陆也于2006年启动融资融券交易试点阶段工作。融资融券交易制度是一种新兴事物,尚有许多法律问题需要明确,且需要与其他现有的法律制度有机结合。因此,以法学角度研究与探讨融资融券交易制度具有十分重要的意义。本文以民商法基本理论为基础,结合近年来国内外相关著述,以比较分析、推理分析等方法对融资融券交易制度基本理论进行阐述和分析,以求梳理和明确融资融券交易制度的体系,为现阶段的法律法规的完善提供意见。除引言与结语外,本文正文部分三万余字,共分为六部分。第一部分为“融资融券交易概述”。本部分对融资融券交易的内涵、功能、标的进行概括,明确了融资融券交易的实质是一种借贷法律关系,但融资融券合同因具有出借人主导性与继续性的特征,而又区别于普通的借贷合同。第二部分为“融资融券借贷关系的主体”。本部分首先通过对美国、日本、台湾地区三种融资融券交易模式进行对比分析对出借人选定方式,吸取它们在出借人选定问题上的经验,由此明确了我国大陆试点期间选定证券公司作为出借人的原因,随后再进一步阐述了证券公司与投资者作为借贷关系的主体开展或参加融资融券交易的条件。第三部分为“交易指令的审查与执行”。本部分分析了投资者申请交易指令应当符合的条件、证券公司应当承担的及时审查义务以及交易指令执行中应当注意的问题。第四部分为“融资融券交易的债务偿还”。本部分首先通过分析融资融券的债务范围与期限来明确投资者应当偿还的债务总额,再分别阐述债务偿还的方式以及债务偿还与债的终止关系的有关问题。第五部分为“融资融券交易的担保”。本部分首先对融资融券担保的进行分类;再通过与其他担保制度的比较分析明确了融资融券担保并非典型意义上的担保,其实质应当为担保目的信托;最后依据信托法理论分析了信托的设立、信托财产的管理与处分的有关问题,并对分账管理、维持保证金、强行平仓制度进行了探讨。第六部分为“融资融券交易的权益处理”。本部分重点阐述了融资融券交易证券上权益的归属问题。针对融资与融券交易的明显差异并结合我国试点期间借贷标的范围的限制性规定,首先在不考虑将标的所得再行直接出借给第三人的条件下,分别分析融资与融券交易的权益处理,明确了融资交易中的股东共益权应当由融资投资者实际行使,而融券交易中应当由融券投资者对证券公司进行权益补偿;再进一步探讨了在考虑第三人的条件下的权益归属问题。由于融资融券交易制度是我国大陆证券市场的新兴制度,本文在系统性、比较研究、数据收集等方面尚存在纰漏。还望老师和同学批评指正!
[Abstract]:The margin trading system is a mature securities trading system. It is an important trading mode in the securities market. It has been widely adopted by the securities market of all countries and regions. The mainland of China also started the pilot phase of margin trading in 2006. The margin trading system is a newly emerging thing, and there are many legal questions. The questions need to be clear and need to be combined with other existing legal systems. Therefore, it is of great significance to study and discuss the system of margin trading with the perspective of law.
Based on the basic theory of civil and commercial law, this paper expounds and analyzes the basic theories of margin trading system with comparative analysis, reasoning analysis and other methods in recent years, in order to clarify and clarify the system of margin trading system, and provide suggestions for the perfection of laws and regulations at the present stage.
In addition to the introduction and conclusion, the text of the body of more than 30000 words, is divided into six parts.
The first part is "a summary of margin trading". This part summarizes the connotation, function and standard of margin trading. It is clear that the essence of the margin trading is a kind of loan legal relationship, but the financing contract has the characteristics of the lenders leading and continuing, and is different from the common loan contract.
The second part is "the main body of the margin lending and lending relationship". This part first compares and analyzes the selected ways of the borrower through the comparison and analysis of three margin trading modes in the United States, Japan and Taiwan, and draws their experiences on the selected problems of the lenders. Thus, the selected securities companies are selected as lenders during the pilot period in China. Then, it further expounds the conditions for securities companies and investors to take part in margin trading as the main body of loan relationship.
The third part is "the examination and implementation of the transaction instructions". This part analyzes the conditions for the investors to apply for the transaction instructions, the timely examination obligations of the securities companies and the problems that should be paid attention to in the implementation of the transaction instructions.
The fourth part is "debt repayment of financing margin trading". This part first analyzes the total amount of debt that investors should repay by analyzing the scope and duration of debt financing, and then explains the ways of debt repayment and the related questions of the relationship between debt repayment and the termination of debt.
The fifth part is "guarantee of margin trading". First, this part classifies the guarantee of margin financing. By comparing with other guarantee system, it is clear that the financing margin guarantee is not a typical guarantee, the real quality should be the trust of the guarantee purpose; finally, the trust establishment is analyzed on the basis of the trust law theory, and the trust is established. The management and disposition of property are discussed, and account management, maintenance of margin and forced liquidation system are also discussed.
The sixth part is "the rights and interests handling of the margin trading". This part focuses on the ownership of the equity in the margin trading securities. In view of the obvious differences in the financing and the margin trading and the restrictive provisions of the scope of the loan mark during the pilot period of our country, the first is to lend the income of the subject to third people directly. Under the condition of analyzing the rights and interests of the financing and the margin trading, it is clear that the shareholders' common interests in the financing transaction should be exercised by the financing investors, and the margin investors should compensate the securities companies by the margin investors, and further discuss the rights and interests of the third persons.
Since the margin trading system is a new system in China's mainland securities market, there are still flaws in the systematic, comparative research, data collection and other aspects.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：D912.28;F832.51

【引证文献】