金融衍生品交易终止净额结算的法律规制

发布时间：2018-06-22 01:22

本文选题：终止净额结算 + 抵销权　；参考：《西南政法大学》2014年硕士论文

【摘要】：金融衍生品作为企业风险管理的手段，自身的高风险、高杠杆性使得金融衍生品在发挥风险管理作用的同时，往往也被认为是产生系统性金融风险的重要原因之一。我国只是将终止净额结算作为一种市场行为，其在法律效力上存在不确定性。本文详细分析了终止净额结算与破产抵销的功能比较，包括终止权与挑拣履行权，单一协议条款与挑拣履行权，净额结算与破产抵销权的关系。这些分析与研究，无疑是本文的重要价值所在。本文主要分为五个部分试图从法学的逻辑对我国引入终止净额结算存在的困境及情形进行演绎分析。第一部分，虚拟性是研究金融衍生品独特而重要的属性，按照标的物未来价值之变化进行买卖，在获取高收益的同时将面临巨额风险之挑战，该部分主要就金融衍生品的特点作个别之分析。第二部分，围绕终止净额结算制度的法理基础进行分析，终止净额结算方式本身是市场创新的产物，对传统的法系理论带来了很大的冲击。民法是关于在罗马法的基础上发展起来的，具有简单商品经济的特征，而金融衍生交易具有快速交易的特点、交易量大、虚拟经济。因此，有必要从民商法的角度和经济学的角度对其进行理解。第三部分，终止净额在法律没有定义一个统一的概念，和抵销的功能又较为相似。但净额结算本质上并不是抵销，抵销是主协议提前终止并得出终止结算净额后使用。所以需要研究解决如何使终止净额结算在我国不受破产程序的制约。第四部分，侧重阐述域外终止净额结算制度的立法实践，我国大部分企业只是以金融性交易活动为附属业务，涉足金融衍生工具交易活动的范围较浅，，缺乏对金融衍生工具的各种属性的认知，一旦参与其中，熟悉该游戏规则投行就会抢占先机。金融市场成熟国家以往的经验教训为终止净额结算制度在我国进行本土化的型构提供可资参酌的共识，这无疑极具时代价值。第五部分，提出建立我国终止净额结算制度的法律构想。我国当前的法律体系一方面缺乏描绘金融衍生工具交易终止净额结算执行情景的明确规定，另一方面与我国其他强制性法律规定相互冲突阻碍了其发展。在我国构建金融衍生品交易终止净额结算的法律制度，既是尊重我国金融市场发展的现实需要，亦是对国际金融市场的积极回应。
[Abstract]:As a means of enterprise risk management, financial derivatives are of high risk and high leverage, which make financial derivatives play a role in risk management, and are often considered as one of the important reasons for the systemic financial risk. China only regards the termination of net settlement as a kind of market behavior, and its legal effect is uncertain. This paper makes a detailed analysis of the functional comparison between termination netting and bankruptcy set-off, including the relationship between termination right and option performance right, single agreement clause and selective performance right, net settlement and bankruptcy set-off right. These analysis and research are undoubtedly the important value of this paper. This paper is divided into five parts, which attempt to deduce the dilemma and situation of China's introduction of termination netting from the logic of law. The first part is to study the unique and important attributes of financial derivatives, according to the changes in the future value of the subject matter trading, in order to obtain high returns at the same time will face the challenge of huge risks. This part mainly makes individual analysis on the characteristics of financial derivatives. The second part analyzes the legal basis of the termination of netting system. The termination of netting is the product of market innovation, which brings a great impact to the traditional legal system theory. The civil law is developed on the basis of Roman law, which has the characteristics of simple commodity economy, while financial derivative transaction has the characteristics of fast trading, large volume of trading, and virtual economy. Therefore, it is necessary to understand it from the angle of civil and commercial law and economics. The third part, the net termination in the law does not define a unified concept, and the function of offset is more similar. But the net settlement is not offset in essence, the offsetting is the use of the main agreement to terminate the net settlement in advance and arrive at the net settlement. Therefore, we need to study how to make termination netting not subject to bankruptcy proceedings in our country. The fourth part focuses on the legislative practice of the extraterritorial termination of the netting system. Most enterprises in our country only take financial trading activities as their subsidiary business, and the scope of their involvement in financial derivatives trading activities is relatively shallow. Lack of understanding of the various attributes of financial derivatives, once involved, familiar with the rules of the game investment banks will seize the lead. The past experiences and lessons of the mature countries in financial markets provide a common understanding of the localization of the netting system in our country, which is undoubtedly of great value to the times. In the fifth part, the author puts forward the legal conception of setting up the net settlement system in our country. On the one hand, the current legal system of our country lacks a clear stipulation to describe the situation of the financial derivatives transaction terminating the net settlement, on the other hand, the conflict with other compulsory laws and regulations of our country hinders its development. To construct a legal system of financial derivatives transactions to terminate netting in China is not only to respect the actual needs of the development of our financial market, but also to respond positively to the international financial market.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.28

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