【摘要】：以“余額寶”為代表的互聯(lián)網(wǎng)貨幣基金自2013年6月在中國問世以來,作為一項(xiàng)極具創(chuàng)新性、競爭性與包容性的金融產(chǎn)品,引發(fā)了社會(huì)各界的高度關(guān)注�；ヂ�(lián)網(wǎng)貨幣基金在移動(dòng)互聯(lián)網(wǎng)高速發(fā)展的背景下,憑借自身低門檻、交易便捷、高收益、即時(shí)贖回等特點(diǎn)迅速聚攏了最廣泛的投資者,成功開拓余額理財(cái)市場,促進(jìn)利率市場化改革,成為攪動(dòng)金融市場的“鯰魚”。我國互聯(lián)網(wǎng)貨幣基金的發(fā)展涉及普通民眾與相關(guān)產(chǎn)業(yè)鏈的利益,深刻影響著金融市場秩序乃至社會(huì)的發(fā)展與穩(wěn)定。創(chuàng)新意味著風(fēng)險(xiǎn),存在風(fēng)險(xiǎn)就需要監(jiān)管先行,目前針對互聯(lián)網(wǎng)貨幣基金,全球范圍內(nèi)都尚未建立一套完整有效的監(jiān)管體系,即使是互聯(lián)網(wǎng)貨幣基金起源地的美國,擁有夯實(shí)的互聯(lián)網(wǎng)金融監(jiān)管經(jīng)驗(yàn),也曾因?qū)ω泿呕鸨O(jiān)管失靈而觸發(fā)全球性金融危機(jī)。而我國互聯(lián)網(wǎng)貨幣基金尚處于起步階段,創(chuàng)新之余暴露了諸多監(jiān)管層面的問題,國內(nèi)傳統(tǒng)的金融監(jiān)管模式相對滯后,互聯(lián)網(wǎng)貨幣基金法律監(jiān)管的變革勢在必行�；ヂ�(lián)網(wǎng)貨幣基金參與主體包括消費(fèi)者/投資者、基金公司和第三方支付平臺,趨利性致使每一方主體的行為都需要法律規(guī)制。我國互聯(lián)網(wǎng)貨幣基金具體運(yùn)作過程中突破了證券監(jiān)管領(lǐng)域,其高收益來源存在監(jiān)管套利的嫌疑,基金信息披露方面不夠全面,即時(shí)贖回模式下存在巨大的擠兌風(fēng)險(xiǎn),并且發(fā)生糾紛時(shí)消費(fèi)者的合法權(quán)益得不到法律保障,網(wǎng)絡(luò)信息安全監(jiān)管缺位。本文通過分析鏡鑒美國在解決以上問題時(shí)的監(jiān)管對策,首先確立我國互聯(lián)網(wǎng)貨幣基金應(yīng)當(dāng)遵行的監(jiān)管原則,包括鼓勵(lì)創(chuàng)新與監(jiān)管并重、保護(hù)消費(fèi)者權(quán)益等。在此基礎(chǔ)上提出構(gòu)建混業(yè)監(jiān)管模式、引導(dǎo)貨幣基金投資組合多樣化、完善信息披露、規(guī)范流動(dòng)性管理、落實(shí)第三方支付平臺法律責(zé)任和增強(qiáng)網(wǎng)絡(luò)交易與個(gè)人數(shù)據(jù)安全監(jiān)管等具體的監(jiān)管建議,以期厘清普通民眾對于互聯(lián)網(wǎng)貨幣基金認(rèn)知上的誤區(qū),為引導(dǎo)我國互聯(lián)網(wǎng)貨幣基金的健康可持續(xù)發(fā)展提供一些借鑒與啟示。
[Abstract]:Since the advent of the "balance treasure" as the representative of the Internet Monetary Fund since June 2013 in China, as a highly innovative, competitive and inclusive financial products, it has aroused great concern from all walks of life. Under the background of the high-speed development of the mobile Internet, the Internet Monetary Fund has its own low threshold, convenient trading and high profit. Instant redemption and other characteristics quickly gather the most extensive investors, successfully open up the balance of the financial market, promote the reform of the interest rate market, and become the "catfish" to stir the financial market. The development of the Internet monetary fund of our country involves the interests of the common people and the related industrial chain, which profoundly affects the financial market order and the development and stability of the society. Innovation means risk and risk needs to be monitored. At present, a complete and effective regulatory system has not been set up worldwide for the Internet Monetary Fund. Even the United States, where the Internet Monetary Fund originates, has a rammed Internet financial supervision experience and has triggered a failure to regulate the Monetary Fund. The Internet Monetary Fund in China is still in its infancy, and the surplus of innovation has exposed many regulatory problems. The traditional financial supervision mode in China is lagging behind, and the reform of the legal supervision of the Internet monetary fund is imperative. The three party payment platform makes the behavior of the main body of each party need legal regulation. In the specific operation of the Internet monetary fund, China has broken through the field of securities regulation. The high income source has the suspicion of regulatory arbitrage, the information disclosure of the fund is not comprehensive enough, and there is a huge run risk in the model of instant redemption. In the case of disputes, the legal rights and interests of consumers are not guaranteed and the network information security supervision is out of place. Through the analysis of the supervision measures of the United States in solving the above problems, this paper first establishes the regulatory principles that our Internet monetary fund should comply with, including the encouragement of both innovation and supervision, and the protection of the rights and interests of consumers. In order to clarify the misunderstanding on the cognition of the Internet monetary fund, we put forward a mixed supervision model, guide the diversification of the fund investment portfolio, perfect the information disclosure, standardize the management of the liquidity, implement the legal responsibility of the third party payment platform and strengthen the supervision of the network transaction and the personal data security supervision. To provide some reference and inspiration for guiding the healthy and sustainable development of Internet Monetary Fund in China.
【學(xué)位授予單位】：廣東外語外貿(mào)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.28

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本文編號：2161887