我國互聯(lián)網(wǎng)貨幣基金法律關(guān)系探析
發(fā)布時(shí)間：2018-07-18 21:28
【摘要】：2013年6月3日,中國貨幣基金市場出現(xiàn)“余額寶”,作為一款集合傳統(tǒng)貨幣基金高安全性、高流動(dòng)性、低風(fēng)險(xiǎn)性和互聯(lián)網(wǎng)便捷性的金融創(chuàng)新產(chǎn)品,一出現(xiàn)就引起了社會(huì)的極大反響,截止2014年6月30日,“余額寶”用戶數(shù)就突破了1億,金額高達(dá)約5750億。在此影響下,國內(nèi)各大電商推出了一系列“寶”類產(chǎn)品。作為一種備受關(guān)注的金融創(chuàng)新產(chǎn)品,其在商業(yè)實(shí)踐中被稱為互聯(lián)網(wǎng)貨幣基金,盡管如此,學(xué)界對互聯(lián)網(wǎng)貨幣基金的內(nèi)涵、外延、法律性質(zhì)、參與主體的性質(zhì)等研究甚少,立法也無具體規(guī)定,造成實(shí)踐中對各方當(dāng)事人關(guān)系的認(rèn)識的模糊和莫衷一是,這不利于互聯(lián)網(wǎng)貨幣基金的發(fā)展,也損害了基金投資者的利益。因此,本文以促進(jìn)互聯(lián)網(wǎng)貨幣基金健康發(fā)展,保護(hù)投資者合法權(quán)益為出發(fā)點(diǎn),通過實(shí)證分析“寶”類產(chǎn)品和傳統(tǒng)貨幣市場基金的異同,粗淺界定互聯(lián)網(wǎng)貨幣基金的概念,研究互聯(lián)網(wǎng)貨幣基金的特征、性質(zhì)和主要參與主體,從而總結(jié)出互聯(lián)網(wǎng)貨幣基金模式中存在的主要法律關(guān)系。在此基礎(chǔ)上,通過對這些法律關(guān)系進(jìn)行具體分析,探究法律關(guān)系當(dāng)事人的權(quán)利、義務(wù),審視我國當(dāng)前立法存在的缺陷,借鑒域外規(guī)定,提出完善建議。本文主要由引言和正文主體兩部分組成,全文共四萬余字。引言部分是對論文的研究背景進(jìn)行交代,正文主體是對論題的具體闡述。正文主體具體又分為四個(gè)部分:第一部分:互聯(lián)網(wǎng)貨幣基金界定及基本觀念。一方面,筆者以圖表方式對我國的“寶”產(chǎn)品進(jìn)行類型化分析,將互聯(lián)網(wǎng)貨幣基金界定為,以貨幣市場短期金融工具為投資組合對象,運(yùn)用現(xiàn)代互聯(lián)網(wǎng)平臺(tái)進(jìn)行銷售的,能實(shí)現(xiàn)實(shí)時(shí)贖回,資金實(shí)時(shí)到賬,具備投資、消費(fèi)支付等多種功能的低門檻基金。在此基礎(chǔ)上,介紹它的銷售渠道網(wǎng)絡(luò)化、功能多樣化、申購門檻低、T+0贖回機(jī)制和按日結(jié)轉(zhuǎn)收益等特征。另一方面,通過分析互聯(lián)網(wǎng)貨幣基金與證券投資基金的關(guān)系,將其歸入開放式基金和貨幣市場基金范疇;依據(jù)法律形式的不同,將其細(xì)分為公司型基金和契約型基金;同時(shí),以契約型基金的信托性質(zhì)為基礎(chǔ),得出互聯(lián)網(wǎng)貨幣基金同屬于信托的結(jié)論,為后文的研究建立前提和基礎(chǔ)。第二部分:互聯(lián)網(wǎng)貨幣基金法律關(guān)系主要理論。在此部分,筆者以是否直接影響基金的成立,將互聯(lián)網(wǎng)貨幣基金的五大參與主體(基金發(fā)起人、基金管理人、基金托管人、基金投資者和第三方支付平臺(tái))分為基本法律關(guān)系當(dāng)事人(基金發(fā)起人、基金管理人、基金托管人和基金投資者)和其他參與主體(第三方支付平臺(tái))。在此基礎(chǔ)上,分析五大參與主體各自扮演的多個(gè)法律角色,并深度討論這些角色背后的法律關(guān)系,包括基金持有人、基金管理人與基金托管人三者間的信托法律關(guān)系;基金管理人與基金托管人間的特殊共同受托關(guān)系;第三方支付平臺(tái)與基金管理人間的委托代理關(guān)系;第三方支付平臺(tái)和基金投資者之間的保管合同關(guān)系和委托代理關(guān)系。第三部分:互聯(lián)網(wǎng)貨幣基金法律關(guān)系當(dāng)事人的權(quán)利、義務(wù)。以當(dāng)事人之間的法律關(guān)系為基礎(chǔ),借鑒域外的立法實(shí)踐,對當(dāng)事人應(yīng)當(dāng)享有的權(quán)利和承擔(dān)義務(wù)進(jìn)行深層分析,并以保護(hù)投資者知情權(quán)為出發(fā)點(diǎn),綜合我國的立法狀況,重點(diǎn)分析了基金管理人和第三方支付平臺(tái)的信息披露義務(wù),為后文進(jìn)行制度設(shè)計(jì)提供理論依據(jù)。第四部分:我國互聯(lián)網(wǎng)貨幣基金法律關(guān)系的立法展望。綜合文章前三部分的理論,審視我國互聯(lián)網(wǎng)貨幣基金的立法現(xiàn)狀,總結(jié)存在的問題,包括基金銷售機(jī)構(gòu)的準(zhǔn)入條件較為籠統(tǒng)和嚴(yán)格;對基金管理人、第三方支付平臺(tái)的信息披露義務(wù)規(guī)定不完善;監(jiān)督制度不健全。就該問題,筆者建議:第一,建立多種基金銷售機(jī)構(gòu)的準(zhǔn)入標(biāo)準(zhǔn),對金融創(chuàng)新產(chǎn)品的銷售機(jī)構(gòu)適用較為寬松的標(biāo)準(zhǔn);第二,要求基金管理人的信息披露形式要與第三方支付平臺(tái)相結(jié)合,披露信息要重點(diǎn)突出,以便于基金投資者快速、精準(zhǔn)地獲取信息;第三,增加第三方支付平臺(tái)披露基金重大信息、提供信息查詢方式的責(zé)任,并強(qiáng)化對其自身行為的信息披露義務(wù);第四,增加基金托管人的質(zhì)詢權(quán)和停止請求權(quán);第五,借鑒淘寶買家評分模式,創(chuàng)新基金投資者的監(jiān)督形式;第六,改進(jìn)分業(yè)監(jiān)管模式,根據(jù)金融創(chuàng)新產(chǎn)品的主要?jiǎng)?chuàng)新方向和監(jiān)管重點(diǎn)來明確主要監(jiān)管機(jī)構(gòu)和次要監(jiān)管機(jī)構(gòu),并規(guī)定主要監(jiān)管機(jī)構(gòu)有細(xì)化監(jiān)管范圍的責(zé)任,輔助監(jiān)管機(jī)構(gòu)要配合其完成監(jiān)管。本文的創(chuàng)新部分主要體現(xiàn)在對互聯(lián)網(wǎng)貨幣基金的界定,對第三方支付平臺(tái)的地位及其權(quán)利、義務(wù)的分析,以及對立法缺陷的完善建議。另外,本文的研究主要采用了比較研究法,實(shí)證分析法和價(jià)值分析法。比較研究法主要表現(xiàn)在對國內(nèi)外互聯(lián)網(wǎng)貨幣基金參與主體的權(quán)利義務(wù)所做的比較;實(shí)證分析法主要表現(xiàn)在對國內(nèi)外互聯(lián)網(wǎng)貨幣基金的實(shí)際情況的詳細(xì)分析,以及對國內(nèi)立法缺陷的歸納和提煉;價(jià)值分析法體現(xiàn)在,本文是以保護(hù)基金投資者利益,促進(jìn)互聯(lián)網(wǎng)貨幣基金的健康發(fā)展為目的所做的研究。
[Abstract]:In June 3, 2013, the "balance treasure" appeared in the Chinese monetary fund market. As a financial innovation product with high security, high liquidity, low risk and convenience of the Internet, it caused great social repercussions. By June 30, 2014, the number of "balance treasure" users broke through 100 million and reached a high amount. About 575 billion. Under this influence, a series of "treasure" products have been launched by major domestic businesses. As a highly concerned financial innovation product, it is known as the Internet Monetary Fund in commercial practice. However, there are few studies on the connotation, extension, legal nature and nature of the subject of the Internet Monetary Fund. There is no specific regulation, resulting in the vague and inconsistent understanding of the relationship between the parties in practice, which is not conducive to the development of the Internet Monetary Fund and the interests of the fund investors. Therefore, this article is based on the promotion of the healthy development of the Internet Monetary Fund and the protection of the interests of the investors, and through the empirical analysis of the "treasure" category. The similarities and differences between the product and the traditional money market fund, briefly define the concept of the Internet monetary fund, study the characteristics, nature and main participants of the Internet monetary fund, and then summarize the main legal relations in the Internet monetary fund model. On this basis, the legal relationship is analyzed and the legal relationship is explored. It is the rights and obligations of the parties to examine the shortcomings of the current legislation in our country and draw on the foreign provisions of our country. The text is composed of two parts, including the introduction and the main body of the text. The full text is more than 40 thousand words. The introduction part is the explanation of the research background of the paper, the main body of the body is the concrete exposition of the thesis. The body of the text is specific and divided. The first part is: the first part: the definition and basic idea of the Internet Monetary Fund. On the one hand, the author typed the "treasure" product in our country by graphic method, defined the Internet monetary fund as the investment combination object with the short-term financial instruments of the money market and used the modern Internet platform to carry out the sale, which can realize real time. Redemption, funds in real time to account, investment, consumption and other functions of low threshold funds. On this basis, it introduces its sales channels network, diversified functions, low bid threshold, T+0 redemption mechanism and daily return, and other characteristics, on the other hand, through the analysis of the relationship between the Internet monetary fund and the securities investment fund, it will return it Into the scope of open funds and money market funds; according to the different legal forms, they are subdivided into corporate funds and contractual funds; at the same time, based on the trust nature of the contractual fund, the conclusion of the Internet Monetary Fund and trust is obtained. The second part: the Internet Monetary Fund. In this part, the author divides the five major participants of the Internet Monetary Fund (fund sponsors, fund managers, fund trustees, fund investors and third party payment platforms) into basic legal relations (fund sponsors, fund managers, fund trustees, and fund trustees). Fund investors) and other participants (third party payment platform). On this basis, we analyze the legal roles played by the five major participants, and discuss the legal relations behind these roles, including the legal relations between the fund holders, the fund manager and the fund custodian three. The special joint trustee relationship of the management of the world; the principal-agent relationship between the third party payment platform and the fund management; the custody contract relationship and the principal-agent relationship between the third party payment platform and the fund investors. The third part: the rights and obligations of the parties to the legal relations of the Internet monetary fund. On the basis of the legislative practice of foreign countries, the rights and obligations of the parties should be deeply analyzed. In order to protect the right to know the investors, the situation of our country's legislation is integrated, and the information disclosure of the fund manager and the third party payment platform is emphatically analyzed, and the theoretical basis for the later system design is provided. The four part: the legislative prospect of the legal relationship of the Internet Monetary Fund in China. The theory of the first three parts of the comprehensive article examines the status of the legislation of the Internet Monetary Fund in our country and summarizes the existing problems, including the more general and strict access conditions of the fund sales agencies, and the provision of information disclosure obligations for the fund management and the third party payment platform. Not perfect; the supervision system is not sound. On this question, I suggest: first, establish the admittance standards of various fund sales agencies, apply more loose standards to the sales institutions of financial innovation products; second, the information disclosure form of fund managers should be combined with the third party payment platform, and the disclosure of information should be highlighted to facilitate the disclosure of information. The fund investors get information quickly and accurately; third, increase the third party payment platform to disclose the important information of the fund, provide the responsibility of providing information inquiry, and strengthen the information disclosure obligation for its own behavior; fourth, increase the inquiry right of the fund custodian and the right to stop the request; Fifth, draw on the Taobao buyer scoring model, the innovation fund investment Sixth, improving the mode of division supervision, making clear the main regulatory bodies and secondary regulatory bodies according to the main innovation direction and supervision focus of the financial innovation products, and stipulating that the main regulatory bodies have the responsibility of refining the scope of supervision, and the auxiliary regulators should match their supervision. The innovation part of this paper is mainly embodied in this paper. In the definition of the Internet monetary fund, the status and rights of the third party payment platform, the analysis of its obligations, and the improvement of the legislative defects. In addition, the research mainly adopts the comparative study method, the empirical analysis method and the value analysis method. The comparative study is mainly manifested in the main body of the Internet monetary fund at home and abroad. The comparative analysis of the actual situation of the Internet monetary fund at home and abroad, as well as the induction and refinement of the defects in domestic legislation; the value analysis method is reflected in the study of the purpose of protecting the interests of the fund investors and promoting the healthy development of the mutual Internet Monetary Fund. Study.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.287
本文編號：2132823
[Abstract]:In June 3, 2013, the "balance treasure" appeared in the Chinese monetary fund market. As a financial innovation product with high security, high liquidity, low risk and convenience of the Internet, it caused great social repercussions. By June 30, 2014, the number of "balance treasure" users broke through 100 million and reached a high amount. About 575 billion. Under this influence, a series of "treasure" products have been launched by major domestic businesses. As a highly concerned financial innovation product, it is known as the Internet Monetary Fund in commercial practice. However, there are few studies on the connotation, extension, legal nature and nature of the subject of the Internet Monetary Fund. There is no specific regulation, resulting in the vague and inconsistent understanding of the relationship between the parties in practice, which is not conducive to the development of the Internet Monetary Fund and the interests of the fund investors. Therefore, this article is based on the promotion of the healthy development of the Internet Monetary Fund and the protection of the interests of the investors, and through the empirical analysis of the "treasure" category. The similarities and differences between the product and the traditional money market fund, briefly define the concept of the Internet monetary fund, study the characteristics, nature and main participants of the Internet monetary fund, and then summarize the main legal relations in the Internet monetary fund model. On this basis, the legal relationship is analyzed and the legal relationship is explored. It is the rights and obligations of the parties to examine the shortcomings of the current legislation in our country and draw on the foreign provisions of our country. The text is composed of two parts, including the introduction and the main body of the text. The full text is more than 40 thousand words. The introduction part is the explanation of the research background of the paper, the main body of the body is the concrete exposition of the thesis. The body of the text is specific and divided. The first part is: the first part: the definition and basic idea of the Internet Monetary Fund. On the one hand, the author typed the "treasure" product in our country by graphic method, defined the Internet monetary fund as the investment combination object with the short-term financial instruments of the money market and used the modern Internet platform to carry out the sale, which can realize real time. Redemption, funds in real time to account, investment, consumption and other functions of low threshold funds. On this basis, it introduces its sales channels network, diversified functions, low bid threshold, T+0 redemption mechanism and daily return, and other characteristics, on the other hand, through the analysis of the relationship between the Internet monetary fund and the securities investment fund, it will return it Into the scope of open funds and money market funds; according to the different legal forms, they are subdivided into corporate funds and contractual funds; at the same time, based on the trust nature of the contractual fund, the conclusion of the Internet Monetary Fund and trust is obtained. The second part: the Internet Monetary Fund. In this part, the author divides the five major participants of the Internet Monetary Fund (fund sponsors, fund managers, fund trustees, fund investors and third party payment platforms) into basic legal relations (fund sponsors, fund managers, fund trustees, and fund trustees). Fund investors) and other participants (third party payment platform). On this basis, we analyze the legal roles played by the five major participants, and discuss the legal relations behind these roles, including the legal relations between the fund holders, the fund manager and the fund custodian three. The special joint trustee relationship of the management of the world; the principal-agent relationship between the third party payment platform and the fund management; the custody contract relationship and the principal-agent relationship between the third party payment platform and the fund investors. The third part: the rights and obligations of the parties to the legal relations of the Internet monetary fund. On the basis of the legislative practice of foreign countries, the rights and obligations of the parties should be deeply analyzed. In order to protect the right to know the investors, the situation of our country's legislation is integrated, and the information disclosure of the fund manager and the third party payment platform is emphatically analyzed, and the theoretical basis for the later system design is provided. The four part: the legislative prospect of the legal relationship of the Internet Monetary Fund in China. The theory of the first three parts of the comprehensive article examines the status of the legislation of the Internet Monetary Fund in our country and summarizes the existing problems, including the more general and strict access conditions of the fund sales agencies, and the provision of information disclosure obligations for the fund management and the third party payment platform. Not perfect; the supervision system is not sound. On this question, I suggest: first, establish the admittance standards of various fund sales agencies, apply more loose standards to the sales institutions of financial innovation products; second, the information disclosure form of fund managers should be combined with the third party payment platform, and the disclosure of information should be highlighted to facilitate the disclosure of information. The fund investors get information quickly and accurately; third, increase the third party payment platform to disclose the important information of the fund, provide the responsibility of providing information inquiry, and strengthen the information disclosure obligation for its own behavior; fourth, increase the inquiry right of the fund custodian and the right to stop the request; Fifth, draw on the Taobao buyer scoring model, the innovation fund investment Sixth, improving the mode of division supervision, making clear the main regulatory bodies and secondary regulatory bodies according to the main innovation direction and supervision focus of the financial innovation products, and stipulating that the main regulatory bodies have the responsibility of refining the scope of supervision, and the auxiliary regulators should match their supervision. The innovation part of this paper is mainly embodied in this paper. In the definition of the Internet monetary fund, the status and rights of the third party payment platform, the analysis of its obligations, and the improvement of the legislative defects. In addition, the research mainly adopts the comparative study method, the empirical analysis method and the value analysis method. The comparative study is mainly manifested in the main body of the Internet monetary fund at home and abroad. The comparative analysis of the actual situation of the Internet monetary fund at home and abroad, as well as the induction and refinement of the defects in domestic legislation; the value analysis method is reflected in the study of the purpose of protecting the interests of the fund investors and promoting the healthy development of the mutual Internet Monetary Fund. Study.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.287
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 劉寧一;劉思思;;坎坷的前路——從Paypal貨幣市場業(yè)務(wù)的倒塌來看待余額寶[J];現(xiàn)代經(jīng)濟(jì)信息;2014年08期
2 曾毅;王曉麗;;“余額寶”引發(fā)的相關(guān)法律問題研究[J];金融與經(jīng)濟(jì);2013年12期
3 張良財(cái);;T+0贖回貨幣基金PK交易型貨幣基金——以匯添富收益快線和華寶現(xiàn)金添益為例[J];經(jīng)濟(jì)師;2013年09期
4 趙磊;;信托受托人的角色定位及其制度實(shí)現(xiàn)[J];中國法學(xué);2013年04期
5 胡偉;;論證券投資基金中基金管理人與基金托管人之間的法律關(guān)系——以我國《證券投資基金法》為視角[J];云南大學(xué)學(xué)報(bào)(法學(xué)版);2009年03期
6 張淳;;論由受托人享有的信托財(cái)產(chǎn)所有權(quán)[J];江海學(xué)刊;2007年05期
7 吳道霞;;美國貨幣市場基金相關(guān)法律問題研究[J];技術(shù)經(jīng)濟(jì);2007年06期
8 何小明;;證券投資基金發(fā)起人法律地位初探[J];江西金融職工大學(xué)學(xué)報(bào);2006年06期
9 熊繼寧;法律關(guān)系的綜合集成系統(tǒng)——證券投資基金法律關(guān)系的系統(tǒng)分析[J];比較法研究;2004年06期
10 曹新寨,文杰;關(guān)于完善我國證券投資基金契約結(jié)構(gòu)的思考[J];湖北社會(huì)科學(xué);2003年05期
相關(guān)博士學(xué)位論文 前1條
1 汪灝;證券投資基金組織形態(tài)研究[D];武漢大學(xué);2009年
相關(guān)碩士學(xué)位論文 前10條
1 左芳園;我國余額寶的風(fēng)險(xiǎn)與防范研究[D];遼寧大學(xué);2014年
2 吳佳;中國開放式基金管理費(fèi)研究[D];上海外國語大學(xué);2014年
3 王剛;我國契約型證券投資基金持有人利益保護(hù)機(jī)制研究[D];華東政法大學(xué);2013年
4 郎爽;契約型證券投資基金法律關(guān)系主體問題研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2012年
5 謝云飛;契約型證券投資基金管理人制約機(jī)制探析[D];西南政法大學(xué);2011年
6 王文;論我國契約型基金托管人法律制度的完善[D];西南政法大學(xué);2009年
7 朱向峰;論契約型證券投資基金持有人利益的法律保護(hù)[D];西南政法大學(xué);2009年
8 程志發(fā);我國貨幣市場基金現(xiàn)狀研究及前景預(yù)測[D];華東師范大學(xué);2006年
9 胡艷;投資基金法律關(guān)系研究[D];湖南大學(xué);2005年
10 林曉樣;我國證券投資基金共同受托人法律關(guān)系研究[D];清華大學(xué);2005年
，本文編號：2132823
本文鏈接：http://sikaile.net/falvlunwen/jingjifalunwen/2132823.html
最近更新
教材專著
