本文選題：證券投資者保護(hù)基金制度 + 歐盟投資者賠償計(jì)劃　； 參考：《中國政法大學(xué)》2011年碩士論文

【摘要】：一國金融市場(chǎng)的發(fā)展離不開投資者的推力作用,要組成一條健康的資金聯(lián)系紐帶,規(guī)�；氖袌�(chǎng)、健康的融資者、穩(wěn)定的投資者,三者缺一不可。但比較而言,融資需求更具韌性,因?yàn)檫@種需求會(huì)隨著市場(chǎng)的進(jìn)一步規(guī)�；掷m(xù)、穩(wěn)定存在,而另一面的投資者特別是中小投資者相對(duì)卻是脆弱的,信息獲得和資金利用的不利地位導(dǎo)致其經(jīng)常對(duì)不同投資品種(股票、債券等)的投資價(jià)值與風(fēng)險(xiǎn)進(jìn)行權(quán)衡比較,使得資金供給方向和總量隨之經(jīng)常變動(dòng)。因此,任何一個(gè)金融市場(chǎng)的培育,都離不開保護(hù)投資者利益,樹立投資者信心這一重要環(huán)節(jié)。 作為依相關(guān)法律規(guī)定籌集形成,而由保護(hù)機(jī)構(gòu)運(yùn)用,以在證券公司面臨危機(jī)風(fēng)險(xiǎn)時(shí)保護(hù)投資者利益的的資產(chǎn)及其收益,證券投資者保護(hù)基金制度從最早在美、加建立,至今不過四、五十年時(shí)間,卻在世界各地被廣泛接受和運(yùn)用,在保護(hù)投資者信心,維護(hù)金融市場(chǎng)穩(wěn)定的作用上功不可沒。中國于2005年建立了自有的保護(hù)基金制度,并從五年多的實(shí)踐中獲得了豐富的一手經(jīng)驗(yàn),同時(shí)也暴露出一些存在的問題和潛在隱患。另一方面,早于中國十年左右,歐盟在部分成員國“先行成果”的基礎(chǔ)上頒布了《投資者賠償計(jì)劃指令》,在轄內(nèi)強(qiáng)行推廣了保護(hù)基金制度,目前已屆“中期檢驗(yàn)”之期,加之2008年次貸風(fēng)波后所遇之危機(jī),使得保護(hù)措施制度的革新已勢(shì)在必行。 本文以我國投資者保護(hù)基金制度該如何發(fā)展運(yùn)作為中心,結(jié)合歐盟相關(guān)制度的經(jīng)驗(yàn)教訓(xùn)和改革新動(dòng)向,分析我國保護(hù)基金現(xiàn)存的問題和完善方向,并提出相應(yīng)的優(yōu)化建議。除引言和結(jié)論部分,本文正文共分為一下四個(gè)部分。 第一部分為證券投資者保護(hù)基金制度的概述部分,從簡(jiǎn)要介紹保護(hù)基金制度的產(chǎn)生背景入手,理清該制度的法律概念、管理模式及其它基礎(chǔ)知識(shí)點(diǎn),并簡(jiǎn)述該制度在歐洲和中國的發(fā)展情況,目的在于搭建一個(gè)宏觀的制度框架,為后文對(duì)中歐相關(guān)制度的詳細(xì)介紹和比較、分析設(shè)置一個(gè)理論基礎(chǔ)。 第二部分的寫作主題為歐盟投資者賠償計(jì)劃的相關(guān)內(nèi)容,本文針對(duì)歐盟法律體系的特殊性,選取有代表性的成員國制度,詳細(xì)介紹其對(duì)于歐盟指令轉(zhuǎn)化后各自制度的異同和精華之處,同時(shí),對(duì)金融危機(jī)后歐盟相應(yīng)制度的改革情況結(jié)合典型案例進(jìn)行重點(diǎn)分析,并歸納出改革要點(diǎn)。 第三部分對(duì)我國保護(hù)基金制度的運(yùn)作情況進(jìn)行分析與檢討。該部分從保護(hù)基金的組織模式和治理模式、基金的資金運(yùn)作和基金的賠償機(jī)制三大領(lǐng)域,對(duì)保護(hù)基金的監(jiān)管主體、基金公司的組成與職權(quán)、基金的籌資與增資、賠償對(duì)象的識(shí)別及補(bǔ)償程序等多種角度指出各個(gè)領(lǐng)域存在的主要問題。 第四部分在前文論述的基礎(chǔ)上,結(jié)合歐盟的優(yōu)秀經(jīng)驗(yàn)、失敗教訓(xùn)和改革的新動(dòng)向,對(duì)上文中截取的我國基金制度現(xiàn)存的問題提出針對(duì)性的優(yōu)化建議。首先要完善保護(hù)基金制度的外部框架,提高法律規(guī)制級(jí)別并細(xì)化規(guī)章條例,同時(shí)使政府部門的各自的監(jiān)管職責(zé)科學(xué)化、明確化;其次,作為保護(hù)基金的直接管理者,證券投資者保護(hù)基金公司的治理模式也應(yīng)相應(yīng)改進(jìn),優(yōu)化董事會(huì)成員組成并落實(shí)獨(dú)立董事制度;再次,應(yīng)保障保護(hù)基金資金鏈的流暢和充實(shí),明確證券公司會(huì)費(fèi)的繳納標(biāo)準(zhǔn),并采用合理的籌資和增資渠道,設(shè)定資金量最低額度標(biāo)準(zhǔn),確保資金的穩(wěn)定;最后,還應(yīng)完善賠償體系的部分職能,合理運(yùn)用“限制”和“擴(kuò)張”等手段,從補(bǔ)償對(duì)象、補(bǔ)償程序和補(bǔ)償標(biāo)準(zhǔn)三個(gè)方面,結(jié)合具體情況合理運(yùn)用補(bǔ)償基金,最大限度保護(hù)中小投資者的利益。
[Abstract]:The development of a country's financial market is inseparable from the thrust of the investor. A healthy capital link, a large market, a healthy financier, a stable investor, and the three are indispensable. But, in comparison, the demand for financing is more resilient, because this demand will continue and remain stable with the further scale of the market. On the other hand, the investors, especially the small and medium investors, are relatively fragile. The adverse status of information acquisition and capital utilization leads to the trade-off between the investment value and risk of different types of investment (stock, bond, etc.), which makes the direction and total amount of funds fluctuate with them. Therefore, any financial market is cultured. Education is inseparable from protecting investors' interests and establishing investor confidence.
As an asset and its benefits to protect the interests of the investors when the securities companies face the risk of crisis, the securities investor protection fund system has been established from the earliest in the United States, but it has been widely accepted and used in all parts of the world for the protection of investment in four and fifty years. In 2005, China established its own protection fund system and gained rich experience from more than five years of practice. At the same time, it also exposed some existing problems and potential risks. On the other hand, about ten years earlier in China, the European Union was "a part of the country". On the basis of this, the investor's compensation plan directive was promulgated, and the protection fund system was promoted within the jurisdiction. At present, the period of "mid-term inspection" and the crisis after the 2008 subprime storm made it imperative to reform the system of protection measures.
This paper, based on the development and transportation of the investor protection fund system in China, combines the experience and lessons of the EU related system and the new trend of reform, analyzes the existing problems and the perfect direction of the protection fund of our country, and puts forward the corresponding optimization suggestions. In addition to the introduction and the conclusion part, the text is divided into four parts.
The first part is an overview of the securities investor protection fund system, starting with the brief introduction of the background of the protection fund system, clarifying the legal concept, management model and other basic knowledge points of the system, and briefly introducing the development of the system in Europe and China. The purpose is to build a macro institutional framework for the latter. Detailed introduction and comparison of relevant systems in China and Europe, and analysis of the establishment of a theoretical basis.
The second part of the writing theme is the relevant content of the EU investor compensation plan. In this paper, in view of the particularity of the EU legal system, a representative member state system is selected to introduce the similarities and differences and the essence of their respective systems after the transformation of EU directive. Meanwhile, the reform of the EU corresponding system after the golden thawing crisis is combined with the code of reform. Key cases are analyzed and the main points for reform are summarized.
The third part analyzes and reviews the operation of the protection fund system in China. This part is from the three fields of the organization mode and management mode of the protection fund, the fund operation and the compensation mechanism of the fund, the main body of the supervision of the protection fund, the composition and right of the fund company, the fund raising and raising of the fund, the recognition of the compensation object. And compensation procedures, and so on, pointing out the main problems in various fields.
The fourth part, on the basis of the previous discussion, combines the excellent experience of the European Union, the lessons of failure and the new trend of reform, and puts forward some pertinent suggestions on the existing problems of the Chinese fund system intercepted in the previous article. First, we should improve the external framework of the protection fund system, improve the regulation level of the law and refine the regulations and regulations, and make the government at the same time The respective regulatory responsibilities of the Department are scientific and clear. Secondly, as the direct manager of the protection fund, the governance mode of the securities investor protection fund should be improved accordingly, the members of the board of directors should be optimized and the independent director system should be implemented. We should pay the standard and adopt reasonable financing and increasing channels to set the minimum amount of funds to ensure the stability of the funds. Finally, we should improve the function of the compensation system and rationally use the means of "limitation" and "expansion", from the three aspects of the compensation object, the compensation procedure and the compensation standard, and the reasonable use of compensation in combination with the specific circumstances. The fund will protect the interests of small and medium investors to the maximum extent.
【學(xué)位授予單位】：中國政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：D922.28;D95;F832.51

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 王廣娜;我國股指期貨交易中個(gè)人投資者法律保護(hù)[D];天津大學(xué);2012年

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本文編號(hào)：2068934