融资融券交易信用账户中财产的法律制度研究

发布时间：2018-05-21 13:47

本文选题：融资融券交易 + 信用账户中财产　；参考：《中国政法大学》2011年硕士论文

【摘要】：融资融券交易是国外证券市场上一项成熟的交易机制,它凭借着自身灵活的杠杆效应放大市场的交易量,促使股价回归正常值,开辟多元的投资渠道,繁荣活跃证券市场,这对我国相对狭小的证券市场之发展意义非比寻常。2008年中国证监会宣布融资融券试点工作开始,但是鉴于当时证券市场的行情转好,该交易暂时被搁置,直到2010年才正式推出。目前,融资融券交易下信用账户中财产的相关法律制度,由于证监会颁布的规章存在疑点,理论界、实务界都有不同的看法,这使法律操作存在困难,出现纠纷后难于确定双方的权利义务,为融资融券交易造成障碍。鉴于此,本文针对该问题展开研究,探讨信用账户中财产作为担保物或信托财产、抑或引入让与担保制度对其规制的不足之处,并试从商法角度和实务操作层面分析融资融券交易制度的运行状态,从而探讨信用账户中财产的制度建设,以期将融资融券交易机制整体纳入《证券法》来解决信用账户中财产法律性质不清等问题,为实务操作提供便利。本文主要采用比较的研究方法,重点借鉴美国保证金交易制度中的相关经验,并从历史和利益分析的角度,探究制度的本质特征和功能,最终为融资融券交易信用账户中财产的法律性质界定和立法提出合理建议。本文结构上分为四章内容,第一章主要介绍融资融券交易机制,为探讨融资融券信用账户中财产的法律性质提供理论基础。第二章主要对各国有关融资融券信用账户中财产的法律制度作比较分析,为我国融资融券制度建设提供借鉴。第三章主要分析我国融资融券交易法律制度对信用账户中财产规定的不合理之处,并从担保、信托和让与担保三种制度层面,分别探讨信用账户中财产的法律制度构建。第四章主要探讨将融资融券交易机制纳入《证券法》,来构建信用账户中财产法律制度,并提出相关立法建议。论文结论为:融资融券交易法律制度应当整体纳入《证券法》,从而为信用账户中财产的法律制度提供依据,而不以其他民法制度解释信用账户中的财产,以期增强融资融券交易机制的灵活程度,充分发挥其功能。
[Abstract]:Margin trading is a mature trading mechanism in foreign securities market. It enlarging the market volume by its flexible leverage effect, prompting the stock price to return to normal value, opening multiple investment channels and flourishing the securities market, which is not unusual for China's relatively small market in.2008. The PRC announced the start of the pilot project of margin financing, but in view of the better stock market at that time, the transaction was temporarily put on hold until 2010. At present, the legal system of property in the credit account under the margin trading is doubtful because of the rules and regulations issued by the SFC, the theorists and the practical circles have different views. This makes it difficult to operate the law, and it is difficult to determine the rights and obligations of both parties after the dispute. In view of this, this paper studies the problem and discusses the defects of the property as collateral or trust property in the credit account, or the introduction of the system of transfer guarantee. At the practical level, the operating state of the margin trading system is analyzed, and the system construction of the property in the credit account is discussed so as to bring the margin trading mechanism into the securities law to solve the problems of the unclear legal nature of the property in the credit account and facilitate the practical operation.
This paper mainly uses a comparative study method, focusing on the relevant experience in the American margin trading system, and explores the essential features and functions of the system from the perspective of history and interest analysis, and finally puts forward reasonable suggestions for the definition of the legal nature of the property in the margin trading credit account and the establishment of the law.
The structure of this article is divided into four chapters. The first chapter mainly introduces the margin trading mechanism, which provides a theoretical basis for exploring the legal nature of the property in the margin credit account. The second chapter makes a comparative analysis on the legal system of the property in the margin credit accounts of various countries, and provides a reference for the construction of the margin lending system in China. The three chapter mainly analyzes the unreasonableness of the legal system of margin trading on the property provisions in the credit account, and discusses the construction of the legal system of the property in the credit account from the three institutional aspects of the guarantee, trust and transfer guarantee. The fourth chapter mainly discusses the introduction of the margin trading mechanism into the securities law to construct the credit account. The conclusion is that the legal system of margin trading should be integrated into the securities law in order to provide the basis for the legal system of the property in the credit account, and not to explain the property in the credit account with other civil law systems, in order to enhance the flexibility of the margin trading mechanism. Give full play to its functions.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;F832.51

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