证券市场投资者适当性原则及其制度化研究

发布时间：2018-01-14 10:46

本文关键词：证券市场投资者适当性原则及其制度化研究　出处：《南京大学》2014年硕士论文　论文类型：学位论文

【摘要】：在证券产品结构日益复杂、投资风险日益高涨的今天,证券投资对于投资者的专业能力要求越来越高。然而,无论是在信息收集能力上,还是在投资分析能力上,普通投资者与具备专业优势的证券商之间均有着悬殊的力量对比。在这样的情况下,越来越多的投资者选择依赖于证券商的推荐以进行证券投资的判断,证券商的推荐成为投资者作出证券投资决定的重要因素。但是,从当下屡见不鲜的投资者因投资证券商推荐的不适当证券产品而遭受损失的现象来看,仅依靠对证券商科以说明义务和风险披露义务,已经难以规避证券商的不适当推荐行为,投资者的合法权益也因此难以得到有效的保护。域外有着较为成熟证券市场的国家和地区已经纷纷在证券投资领域引入投资者适当性原则,并构建起具备可操作性的法律制度加以适用,通过对证券商科以适当性义务来为投资者提供更高等级的保护。从目前已有的相关规范文件来看,我国已经引入了投资者适当性原则,但与域外相比,我国在这一原则的制度化实践方面还存在着诸多缺陷。为此,有必要通过考察分析域外投资者适当性原则的制度化实践,为我国的投资者适当性规则的完善提出建议。本文第一部分从三个方面对投资者适当性原则的基本理论进行了阐述。首先在归纳域外相关表述的基础上对投资者适当性原则进行了定义。其次,从证券商在投资者从事证券投资过程中扮演的两种不同角色的角度,分析了投资者适当性原则适用的法律关系形态。最后,从美国以及我国法律体系两个维度,对投资者适当性原则的理论依据进行了探讨。文章的第二部分横向考察了有着成熟证券市场的美国、欧盟以及日本对于投资者适当性原则的制度化实践情况,从适用对象、适当性义务内容、证券商责任以及投资者救济等方面进行了比较分析,探究其中可供我国借鉴之处。文章的第三部分将视角从域外拉回到本土自身,从一般性规定和具体规定两个层面对我国现有的关于投资者适当性规则的规范进行了梳理,其中的具体规定又可细分为向投资者销售证券产品和以投资者买入证券产品为目的提供金融服务两方面,这也是与第一部分中分析投资者适当性原则适用的法律关系形态相契合的。在总结梳理情况的基础上,归纳出我国现行投资者适当性原则制度化实践的缺陷,主要包括规范方式、适用对象、内容安排以及投资者救济等方面。文章的第四部分紧接着前面的第三部分,针对目前我国投资者适当性原则在制度化实践方面存在的缺陷,结合域外经验提供的启示,为完善我国投资者适当性规则提供一些建议,包括明确我国投资者适当性规则的定位、完善投资者适当性规则的内容安排、明晰证券商违反投资者适当性规则的民事责任、构建全方位的投资者救济机制等。最后,文章就全文的行文思路进行了简要的总结。
[Abstract]:In the security product structure has become more complex, the investment risk rising today, securities investment for the professional ability of investors have become increasingly demanding. However, whether in the information collection capabilities, or the ability of investment analysis, between ordinary investors and professional advantages of the securities firms have a comparative strength in such a situation. Next, more and more investors choose to rely on the securities recommended for securities investment judgment, securities recommended investors to make become important factors for securities investment decision. However, from the moment we see not fresh from investors to invest in securities firms recommended inappropriate securities product loss phenomenon, only to rely on the securities business to illustrate the obligation and risk disclosure, inappropriate behavior has been difficult to avoid recommending securities firms, the legitimate rights and interests of investors and therefore difficult to get there The effect of protection. There are relatively mature foreign securities market countries and regions have been introduced in the field of securities investment of investors in principle, and construction of the legal system with operable to apply, through the protection of the securities business to appropriate obligations to provide investors with a higher level. At present the relevant norms documents, China has introduced investors in principle, but with extra compared to our country in the system of practice this principle still exist many defects. Therefore, it is necessary through the institutionalization of the practice of investigation and analysis of foreign investors in principle, put forward suggestions for Chinese investors in the rule the first part of this paper. The basic theory of investors in principle from three aspects. Firstly, based on analyzing the relevant statements on foreign investors The principles are defined. Secondly, from the securities business is engaged in two different roles in the process of investment in the perspective of investors, the legal relationship is analyzed the morphology of investors in principle. Finally, from the two dimensions of the United States and China's legal system, the theoretical basis of investors appropriate principle are discussed. The second part studies the a mature securities market of the United States, the European Union and Japan for investors in principle institutionalized practice, the applicable object, appropriate obligations, securities business responsibility and relief of investors are analyzed, on which are available for our reference. The third part of the article the view from the back to their native overseas, from the general provisions and the specific provisions of the two aspects of China's existing investors about rules for comb Daniel, specific provisions of which can be subdivided into the sale of securities to investors to buy securities products and products for the purpose of the two investors to provide financial services, and this is the first part of the analysis of the legal relationship between the form of investors in principle for fit. On the basis of combing the current practice, summed up the defects investors in China the principle of appropriate system, including specification, object, content arrangement and investor relief. The fourth part of the article, followed by the previous third parts, aiming at the defects of our country at present institutional investors in principle in practice are the combination of foreign experience to provide inspiration, to provide some suggestions for perfecting the investor suitability rules, including clear positioning of China Investor suitability rules, improve the arrangement of investors in the rule content, Ming We should clarify the civil liability of the securities companies violating the investor's appropriateness rules, and build an omnibearing investor relief mechanism. Finally, the article briefly summarizes the ideas of the full text.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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