發(fā)布時(shí)間：2018-10-16 12:46

【摘要】：2015年,我國(guó)的股市發(fā)生了一場(chǎng)巨大的波動(dòng),在這場(chǎng)股市的巨大波動(dòng)中,場(chǎng)外配資業(yè)務(wù)起到了推波助瀾的作用,甚至在一定程度上引發(fā)了股市的斷崖式下跌。股市的場(chǎng)外配資業(yè)務(wù)是近年來產(chǎn)生的,而且是我國(guó)獨(dú)有的一種現(xiàn)象。論文所研究的股市場(chǎng)外配資這個(gè)概念是狹義的,場(chǎng)外配資指從事配資業(yè)務(wù)的公司企業(yè),結(jié)合現(xiàn)代的互聯(lián)網(wǎng)信息技術(shù),利用證券交易渠道等方面的因素,形成了"證券賬戶+交易分倉系統(tǒng)+配資公司+投資者"的場(chǎng)外配資模式。場(chǎng)外配資業(yè)務(wù)的發(fā)展在一定程度上造成了我國(guó)股市的混亂,在對(duì)場(chǎng)外配資業(yè)務(wù)的利弊進(jìn)行分析后,吸取場(chǎng)外配資業(yè)務(wù)造成股市大幅震蕩的經(jīng)驗(yàn)教訓(xùn)。在股市發(fā)展的過程中,有必要加強(qiáng)對(duì)場(chǎng)外配資業(yè)務(wù)的法律規(guī)制并提出相關(guān)的建議,促進(jìn)我國(guó)股市的健康發(fā)展,有利于我國(guó)資本市場(chǎng)的穩(wěn)定。主要分為四個(gè)部分內(nèi)容:第一部分,介紹了股市場(chǎng)外配資法律界定。首先是分析了股市場(chǎng)外配資行為的法律內(nèi)涵,股市場(chǎng)外配資是指在沒有取得相關(guān)行政許可的情況之下,為證券交易提供金融服務(wù),超越法律規(guī)定的范圍從事為股票或者期貨提供資金借貸的服務(wù)行為。其次介紹了場(chǎng)外配資活動(dòng)法律屬性,指出三種不同的觀點(diǎn),分別是民間借貸法律關(guān)系、委托法律關(guān)系以及作為一種無名合同去處理,現(xiàn)在的主流觀點(diǎn)認(rèn)為,股市場(chǎng)外配資業(yè)務(wù)是一種民間借貸關(guān)系,在司法實(shí)踐中,也是按照民間借貸法律關(guān)系去處理的。第二部分,指出了我國(guó)股市場(chǎng)外配資的主要問題。首先對(duì)我國(guó)場(chǎng)外配資產(chǎn)生及發(fā)展的路徑進(jìn)行了描述,并對(duì)股市場(chǎng)外配資存在的問題進(jìn)行了分析,通過分析存在的問題,為下文提出法律建議奠定基礎(chǔ),最后搜集整理了我國(guó)在過去一段時(shí)期,特別是在股災(zāi)時(shí)期清理股市場(chǎng)外配資的實(shí)踐措施。第三部分,對(duì)我國(guó)清理股市場(chǎng)外配資的實(shí)踐進(jìn)行了概括性的描述,并對(duì)清理配資的實(shí)踐進(jìn)行了簡(jiǎn)單的分析,為下文提出有關(guān)的法律對(duì)策提供借鑒。第四部分,通過對(duì)場(chǎng)外配資行為進(jìn)行法律界定,結(jié)合國(guó)外證券領(lǐng)域的先進(jìn)經(jīng)驗(yàn),依據(jù)我國(guó)的實(shí)際國(guó)情和場(chǎng)外配資的特點(diǎn),針對(duì)于我國(guó)的場(chǎng)外配資行為,提出完善法律法規(guī)建議。進(jìn)一步明確禁止證券經(jīng)營(yíng)主體從事場(chǎng)外配資行為,強(qiáng)化風(fēng)險(xiǎn)監(jiān)督,建立股市場(chǎng)外配資的預(yù)警與監(jiān)管機(jī)制。另外,在法律救濟(jì)方面,提出了構(gòu)建場(chǎng)外配資證據(jù)搜集機(jī)制的建議。為我國(guó)的場(chǎng)外配資行為進(jìn)行正確的引導(dǎo)和有效的制約,使其能夠良性發(fā)展,助力于我國(guó)的證券交易市場(chǎng)發(fā)展。
[Abstract]:In 2015, China's stock market had a huge volatility, in which the OTC allocation business played a role in contributing, and even triggered a precipitous fall in the stock market to a certain extent. The over-the-counter allocation business of stock market is produced in recent years, and it is a kind of unique phenomenon of our country. The concept of over-the-counter allocation in stock market studied in this paper is narrow. OTC allocation refers to companies engaged in matching business, combining with modern Internet information technology, using securities trading channels and other factors. It forms the over-the-counter capital allocation mode of the securities account trading sub-position system. The development of OTC investment business has caused confusion in China's stock market to a certain extent. After analyzing the pros and cons of OTC allocation business, we draw lessons from the experience and lessons of OTC allocation business causing large volatility of stock market. In the process of stock market development, it is necessary to strengthen the legal regulation of over-the-counter allocation business and put forward relevant suggestions to promote the healthy development of China's stock market, which is conducive to the stability of China's capital market. It is divided into four parts: the first part introduces the legal definition of OTC allocation in stock market. First of all, it analyzes the legal connotation of the over-the-counter allocation in the stock market, which refers to the provision of financial services for securities trading without obtaining the relevant administrative permission. The service of providing funds for stocks or futures beyond the scope prescribed by law. Secondly, it introduces the legal attributes of over-the-counter allocation activities, and points out three different views, namely, the legal relationship of private lending, the legal relationship of entrustment and handling as an anonymous contract. OTC allocation of funds in stock market is a kind of private lending relationship, and in judicial practice, it is also dealt with according to the legal relationship of private lending. The second part points out the main problems of over-the-market allocation in Chinese stock market. First of all, it describes the path of the generation and development of OTC allocation in China, and analyzes the existing problems of OTC allocation in the stock market. Through the analysis of the existing problems, it lays a foundation for the following legal suggestions. Finally, the author collected and sorted out the practical measures to clean up the over-the-counter allocation of capital in the stock market in the past period, especially in the period of stock disaster. In the third part, the author gives a general description of the practice of clearing up the over-the-counter allocation of the stock market in China, and makes a simple analysis of the practice of clearing up the allocation, which provides a reference for the following legal countermeasures. The fourth part, through the legal definition of over-the-counter allocation behavior, combined with foreign advanced experience in the field of securities, according to the actual situation of our country and the characteristics of over-the-counter allocation, according to the over-the-counter allocation behavior of our country, put forward some suggestions to perfect the laws and regulations. Furthermore, it is clear that the main body of securities management should be prohibited from engaging in over-the-counter allocation, strengthen risk supervision, and establish an early warning and supervision mechanism for over-the-counter allocation of capital in the stock market. In addition, in the aspect of legal remedy, some suggestions are put forward to construct the evidence collection mechanism of OTC allocation. It can guide and restrict the over-the-counter allocation behavior of our country so as to make it develop healthily and help the development of China's securities market.
【學(xué)位授予單位】：海南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.287

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