本文選題：證券公司　切入點：破產(chǎn)　出處：《復(fù)旦大學》2009年碩士論文　論文類型：學位論文

【摘要】： 證券公司是證券市場的重要主體,發(fā)揮著保證證券市場順利運作的核心作用。作為證券市場最重要的中介機構(gòu),我國證券公司在十幾年的探索成長中,對證券市場的發(fā)展和繁榮發(fā)揮了十分重要的作用,但也積累了許多問題,由于證券市場的長期低迷,這些問題逐漸暴露出來,致使相當一批證券公司出現(xiàn)流動性風險,不得不退出市場。 證券公司退出市場有多種方式,包括破產(chǎn),資產(chǎn)重組,行政接管,托管以及并購等。其中,通過破產(chǎn)程序退出市場是證券公司退市的一個重要方式。建立證券公司破產(chǎn)法律制度對于促進證券市場的規(guī)范和穩(wěn)健發(fā)展都是有重要意義的。不符合“優(yōu)勝劣汰”這一市場基本法則的證券公司被逐出證券市場,有利于凈化市場環(huán)境維護一個公平、高效和透明的市場運行秩序,從而切實保護廣大投資者和債權(quán)人的合法權(quán)益。 證券公司破產(chǎn)時,與普通企業(yè)破產(chǎn)相比具有特殊性。這些特殊性集中體現(xiàn)在為實現(xiàn)證券投資者保護目的而進行的程序設(shè)計,即證券公司破產(chǎn)時以投資者權(quán)益保護為中心的保障機制和以證監(jiān)會監(jiān)管為中心的監(jiān)管機制。對于證券市場來說,投資者是整個市場的支柱,而投資者信心也影響著整個市場的走向。我國現(xiàn)行破產(chǎn)法律制度不能在證券公司破產(chǎn)時對投資者提供充分的保護。 美國是證券市場最發(fā)達的國家之一,其證券公司破產(chǎn)法律制度獨具特色。由破產(chǎn)法典的專門規(guī)定和1970年國會通過的《證券投資者保護法案》(SIPA)共同組成了美國證券公司破產(chǎn)法律制度。其特色在于:具有兩套并行的清算程序、兩種托管人、兩種特色的啟動程序。在SIPA程序下,證券投資者保護公司(SIPC)扮演了重要角色,通過特殊的啟動程序、保護令的發(fā)布、管理人的指定、保護資金的運用、客戶的轉(zhuǎn)移等規(guī)定,彌補了破產(chǎn)法在證券公司破產(chǎn)時對證券投資者保護不力之不足。該法案將證券投資者保護與清算程序有機結(jié)合,很好地解決了證券公司破產(chǎn)中投資者權(quán)益保護的問題,值得我國立法借鑒。 我國目前的《中華人民共和國企業(yè)破產(chǎn)法》第134條對于證券公司破產(chǎn)作了原則性的規(guī)定,但在程序和實體規(guī)定方面,尚不能提供對投資者的有效保護。因此,建立具有我國特色的證券公司破產(chǎn)法律制度迫在眉睫。在已有的實踐經(jīng)驗基礎(chǔ)上,借鑒美國的立法經(jīng)驗,制定具有可行性的相關(guān)制度,從而完善我國破產(chǎn)法律體系。
[Abstract]:As the most important intermediary of the securities market, the securities companies of our country have been exploring and growing for more than ten years. It has played a very important role in the development and prosperity of the securities market, but it has also accumulated many problems. As a result of the long-term downturn of the securities market, these problems have been gradually exposed, resulting in a considerable number of securities companies showing liquidity risks. Had to withdraw from the market. There are many ways for securities companies to exit the market, including bankruptcy, asset restructuring, administrative takeovers, trusteeship, and mergers and acquisitions. Withdrawing from the market through bankruptcy procedure is an important way for securities companies to delist. It is important to establish a bankruptcy law system for securities companies to promote the standardization and steady development of the securities market. It is not in line with "survival of the fittest" "the securities firm, which is the fundamental law of the market, has been expelled from the stock market, It is propitious to purify the market environment and maintain a fair, efficient and transparent market operation order, so as to protect the legitimate rights and interests of investors and creditors. When a securities company goes bankrupt, it has its own particularity compared with the bankruptcy of an ordinary enterprise. These particularities are mainly embodied in the program designed to achieve the purpose of protecting securities investors. That is, the protection mechanism centered on the protection of investors' rights and interests at the time of a securities company's bankruptcy and a regulatory mechanism centered on the supervision of the Securities Regulatory Commission. For the securities market, investors are the backbone of the entire market. The confidence of investors also affects the trend of the whole market. The current bankruptcy law system of our country can not provide sufficient protection for investors when securities companies go bankrupt. The United States is one of the most developed countries in the stock market. The bankruptcy law system of securities companies is unique. It is composed of the special provisions of the bankruptcy code and the Securities Investor Protection Act passed by Congress in 1970. The characteristics of the bankruptcy legal system of the securities companies in the United States are as follows:. There are two parallel liquidation procedures, Under the SIPA procedure, the Securities Investor Protection Company (SIPC) plays an important role, through special start-up procedures, the issuance of protection orders, the appointment of managers, and the use of protected funds. The transfer of customers and other regulations make up for the inadequate protection of securities investors in bankruptcy laws when securities companies go bankrupt. The Act organically combines the protection of securities investors with the liquidation procedures. The problem of investor's rights and interests protection in the bankruptcy of securities company is well solved, which is worthy of our country's legislation. Article 134 of the present Enterprise bankruptcy Law of the people's Republic of China provides for the bankruptcy of securities companies in principle, but it cannot provide effective protection for investors in terms of procedures and substantive provisions. It is urgent to establish the bankruptcy law system of securities companies with Chinese characteristics. On the basis of existing practical experience and drawing lessons from the legislative experience of the United States, we should formulate a feasible relevant system to perfect the bankruptcy law system of our country.
【學位授予單位】：復(fù)旦大學
【學位級別】：碩士
【學位授予年份】：2009
【分類號】：DD912.28;D971.2

【參考文獻】

相關(guān)期刊論文 前10條

1 沈維濤;我國證券公司的風險與防范[J];財貿(mào)經(jīng)濟;2001年09期

2 韓長印;破產(chǎn)理念的立法演變與破產(chǎn)程序的驅(qū)動機制[J];法律科學.西北政法學院學報;2002年04期

3 翁新輝;走近美國證券市場[J];福建金融;2003年06期

4 陳寶森;《證券法》和《證券交易法》是——美國證券市場的兩尊“守護神”[J];法人雜志;2004年01期

5 廖凡;;論證券公司的破產(chǎn)清算特別程序——以中美比較為視角[J];法學;2006年07期

6 葉林;;上市/證券公司破產(chǎn)、重整、和解問題的法律思考[J];法治論壇;2008年02期

7 中國人民銀行廣州分行課題組,李升高,曾濤,李升高,曾濤,林平,陳建國,楊代平,謝永平;金融機構(gòu)市場退出的法律比較(上)[J];南方金融;2000年01期

8 中國人民銀行廣州分行課題組,李升高,曾濤,林平,陳建國,楊代平,謝永平;金融機構(gòu)市場退出的法律比較(下)[J];南方金融;2000年02期

9 劉文軍;論破產(chǎn)重整與破產(chǎn)預(yù)防[J];北方經(jīng)貿(mào);2004年02期

10 楊宏芹;胡茂剛;桑志剛;;中美證券公司破產(chǎn)法律制度比較研究[J];國際商務(wù)研究;2007年05期

相關(guān)博士學位論文 前1條

1 楊宏芹;證券公司退出機制的法律研究[D];華東政法大學;2007年

相關(guān)碩士學位論文 前4條

1 王孝建;我國證券公司監(jiān)管問題研究[D];華中師范大學;2004年

2 童強;美國證券監(jiān)管制度研究[D];吉林大學;2004年

3 張倩;證券公司退出制度研究[D];湖南大學;2005年

4 程蘭嵐;中國問題證券公司退出機制研究[D];西南財經(jīng)大學;2006年

，

本文編號：1608983