發(fā)布時(shí)間：2018-01-10 16:28

  本文關(guān)鍵詞：產(chǎn)品適合性、侵權(quán)和場(chǎng)外金融衍生產(chǎn)品消費(fèi)者保護(hù)　出處：《山東大學(xué)》2016年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 場(chǎng)外金融衍生品 信息不對(duì)稱 產(chǎn)品適合性 消費(fèi)者保護(hù) 侵權(quán)預(yù)防

【摘要】：場(chǎng)外金融衍生品是金融創(chuàng)新的重要成果,成為近幾十年來金融界關(guān)注的焦點(diǎn),并將影響著未來金融業(yè)發(fā)展的方向。隨著利率、匯率市場(chǎng)化改革深化,互聯(lián)網(wǎng)金融、電商金融的蓬勃發(fā)展,傳統(tǒng)金融機(jī)構(gòu)面臨重重壓力,加速業(yè)務(wù)創(chuàng)新,將傳統(tǒng)的金融產(chǎn)品與衍生產(chǎn)品進(jìn)行結(jié)構(gòu)性融合,利用衍生產(chǎn)品的高杠桿、高收益特性提升產(chǎn)品核心競(jìng)爭(zhēng)力,成為新一輪金融業(yè)改革的趨勢(shì)。場(chǎng)外金融衍生品交易具有典型的“雙刃劍”特征,既能擴(kuò)大資本量,加速資本流動(dòng),有效管理風(fēng)險(xiǎn),也可能給企業(yè)、金融市場(chǎng)乃至全球經(jīng)濟(jì)帶來災(zāi)難性的危機(jī)。危機(jī)爆發(fā)前,美國(guó)的金融機(jī)構(gòu)視場(chǎng)外金融衍生品為具有魔力的賺錢機(jī)器,競(jìng)相推崇；危機(jī)爆發(fā)后,場(chǎng)外金融衍生品的發(fā)展就像過山車一樣,市場(chǎng)上談之色變、避之不及,規(guī)模成斷崖式下跌。人們見證過場(chǎng)外金融衍生品讓很多人一夜暴富,也目睹了因場(chǎng)外金融衍生品違約而使百年大投行瞬間坍塌,眾多人傾家蕩產(chǎn)。后危機(jī)時(shí)代,人們反思此次危機(jī)爆發(fā)的深層次緣由,金融消費(fèi)者權(quán)益保護(hù)機(jī)制逐漸成為金融領(lǐng)域受關(guān)注度最高的主題之一。世界主要經(jīng)濟(jì)組織及各國(guó)金融監(jiān)管機(jī)構(gòu)在危機(jī)后,紛紛將金融消費(fèi)者保護(hù)納入金融監(jiān)管體系,對(duì)原有監(jiān)管體系進(jìn)行深化改革,并頒布一系列與金融消費(fèi)者保護(hù)相關(guān)的法律法規(guī)和監(jiān)管條例,涵蓋金融消費(fèi)的各個(gè)行業(yè),已然構(gòu)建起一個(gè)世界范圍內(nèi)的金融消費(fèi)者保護(hù)框架。與普通金融產(chǎn)品相比,場(chǎng)外金融衍生品設(shè)計(jì)更專業(yè)、信息依賴性更強(qiáng),交易雙方信息不對(duì)稱現(xiàn)象更嚴(yán)重,消費(fèi)者弱勢(shì)地位更加突出。因此,以場(chǎng)外金融衍生品消費(fèi)者權(quán)益保護(hù)作為本文研究主題,具有非常重要的理論意義和應(yīng)用價(jià)值。本文以銀行類金融機(jī)構(gòu)的場(chǎng)外金融衍生品消費(fèi)者為研究對(duì)象,論證消費(fèi)者權(quán)益保護(hù)問題,共分為三個(gè)部分：第一部分確認(rèn)場(chǎng)外金融衍生品消費(fèi)者的身份,并分析國(guó)內(nèi)、外消費(fèi)者權(quán)益保護(hù)現(xiàn)狀,提出本文主要研究問題。我國(guó)當(dāng)前場(chǎng)外金融衍生品市場(chǎng)尚未形成清晰統(tǒng)一的交易規(guī)則,缺少專項(xiàng)消費(fèi)者保護(hù)法律法規(guī),消費(fèi)者保護(hù)法律體系十分脆弱,交易實(shí)際上是建立在法律風(fēng)險(xiǎn)之上。另外,我國(guó)金融業(yè)實(shí)行分業(yè)經(jīng)營(yíng)、分業(yè)監(jiān)管的模式,不僅容易造成對(duì)場(chǎng)外金融衍生品的臨管真窄,而且一旦發(fā)生糾紛,還會(huì)出現(xiàn)監(jiān)管機(jī)構(gòu)之間互相推諉扯皮的現(xiàn)象,而且我國(guó)消費(fèi)者自我保護(hù)意識(shí)不強(qiáng),保護(hù)能力還比較薄弱。在此背景下,金融機(jī)構(gòu)在利潤(rùn)最大化動(dòng)機(jī)激勵(lì)之下,更容易實(shí)施侵權(quán)。第二部分,分析場(chǎng)外金融衍生品交易中的侵權(quán)行為,論證產(chǎn)品適合性作為檢驗(yàn)侵權(quán)行為標(biāo)準(zhǔn)的經(jīng)濟(jì)合理性。金融機(jī)構(gòu)嚴(yán)格履行產(chǎn)品適合性義務(wù)時(shí),社會(huì)總福利能夠?qū)崿F(xiàn)最大。但是通過供給數(shù)理模型分析,在利益最大化動(dòng)機(jī)之下,金融機(jī)構(gòu)常常并非以產(chǎn)品適合性為先,無(wú)論消費(fèi)者屬于低風(fēng)險(xiǎn)或高風(fēng)險(xiǎn),金融業(yè)者更傾向于推介高風(fēng)險(xiǎn)產(chǎn)品。損害和責(zé)任的合理配置,有助于激勵(lì)有效率的侵權(quán)預(yù)防,維護(hù)產(chǎn)品適合義務(wù)的履行效率,保護(hù)消費(fèi)者權(quán)益。若將產(chǎn)品適合性作為金融機(jī)構(gòu)行為有無(wú)過錯(cuò)的標(biāo)準(zhǔn),嚴(yán)重過錯(cuò)抗辯責(zé)任原則是最適宜用作場(chǎng)外金融衍生品交易中的歸責(zé)原則。第三部分提出了“六位一體”的場(chǎng)外金融衍生品消費(fèi)者保護(hù)體系,以產(chǎn)品適合性為中心,從立法司法、監(jiān)管效率、司法救濟(jì)以及行業(yè)協(xié)會(huì)監(jiān)管等方面提出政策建議。全文主要內(nèi)容如下：一、導(dǎo)論。概述場(chǎng)外金融衍生品發(fā)展現(xiàn)狀,確認(rèn)場(chǎng)外金融衍生品消費(fèi)者身份及相關(guān)權(quán)益,明確研究對(duì)象,提出本文研究的主要問題,分析研究意義、研究方法、研究結(jié)構(gòu)和創(chuàng)新之處。二、國(guó)內(nèi)外研究文獻(xiàn)綜述。對(duì)國(guó)內(nèi)外現(xiàn)有相關(guān)文獻(xiàn)分別從產(chǎn)品供給者、消費(fèi)者以及交易監(jiān)管機(jī)構(gòu)三個(gè)維度進(jìn)行了梳理,在肯定現(xiàn)有研究文獻(xiàn)的價(jià)值的同時(shí),歸納其中尚存在爭(zhēng)議的地方。三、我國(guó)場(chǎng)外金融衍生品消費(fèi)者保護(hù)現(xiàn)狀。借鑒發(fā)達(dá)國(guó)家場(chǎng)外金融衍生品消費(fèi)者保護(hù)法律體系的改革歷程,分析我國(guó)有關(guān)法律體系改革過程中有待修正和完善之處,并以我國(guó)結(jié)構(gòu)型金融衍生產(chǎn)品為例,分析我國(guó)場(chǎng)外金融衍生品消費(fèi)者保護(hù)現(xiàn)狀。四、場(chǎng)外金融衍生品現(xiàn)行法律制度安排及面臨的問題�，F(xiàn)行交易規(guī)則與國(guó)內(nèi)現(xiàn)行法律之間存在許多分歧,缺乏清晰統(tǒng)一的交易規(guī)則。我國(guó)場(chǎng)外金融衍生品交易消費(fèi)者面臨的主要問題是信息披露違法、未盡說明義務(wù)和不當(dāng)勸誘以及違反產(chǎn)品適合性。產(chǎn)品適合性應(yīng)作為檢驗(yàn)其他侵權(quán)行為的標(biāo)準(zhǔn)。五、比較分析國(guó)內(nèi)外關(guān)于產(chǎn)品適合性的規(guī)定,用數(shù)理模型論證產(chǎn)品適合性的經(jīng)濟(jì)合理性。但在實(shí)踐中,在利潤(rùn)最大化動(dòng)機(jī)之下,產(chǎn)品供給方常常并非以產(chǎn)品適合性為先,而是偏好推介高風(fēng)險(xiǎn)產(chǎn)品,并利用產(chǎn)品合約和銷售合同設(shè)計(jì),侵害消費(fèi)者權(quán)益。六、產(chǎn)品適合性作為判斷金融機(jī)構(gòu)是否有過錯(cuò)的標(biāo)準(zhǔn),通過比較分析,嚴(yán)重過錯(cuò)抗辯責(zé)任原則,既有利于衡平信息不對(duì)稱對(duì)弱勢(shì)一方的不利影響,抑制金融機(jī)構(gòu)侵害消費(fèi)者權(quán)益的動(dòng)機(jī),又有利于激勵(lì)消費(fèi)者誠(chéng)實(shí)信用,防止過度投機(jī)行為,因而最適宜于作為場(chǎng)外金融衍生品交易中的侵權(quán)歸責(zé)原則。不同歸責(zé)原則,影響著有效率預(yù)防的實(shí)施主體,在過錯(cuò)責(zé)任歸責(zé)原則下,采取雙邊預(yù)防的方式,能夠更好的保護(hù)消費(fèi)者權(quán)益。七、歸納現(xiàn)有場(chǎng)外金融衍生品消費(fèi)者保護(hù)體系存在的問題,以產(chǎn)品適合性為中心,從場(chǎng)外金融衍生品立法、監(jiān)管、救濟(jì)及行業(yè)自律管理四個(gè)方面,探索完善場(chǎng)外金融衍生品消費(fèi)者保護(hù)機(jī)制的政策建議�？偟膩碚f,本文的研究脈絡(luò)是從場(chǎng)外金融衍生品消費(fèi)者保護(hù)現(xiàn)狀切入、分析侵權(quán)行為發(fā)生的路徑和必然性,確立侵權(quán)行為判斷標(biāo)準(zhǔn),比較不同侵權(quán)歸責(zé)原則‘下?lián)p害和責(zé)任的配置效率,甄選最適宜于場(chǎng)外金融衍生品消費(fèi)者保護(hù)的侵權(quán)歸責(zé)原則和侵權(quán)預(yù)防類別。通篇以產(chǎn)品適合性作為本文主線,運(yùn)用法經(jīng)濟(jì)學(xué)相關(guān)理論,論證產(chǎn)品適合性的經(jīng)濟(jì)合理性,將分析結(jié)果運(yùn)用于實(shí)踐,探索完善場(chǎng)外金融衍生品消費(fèi)者保護(hù)機(jī)制的建議。
[Abstract]:OTC financial derivatives is an important achievement of financial innovation, has become the focus of attention in recent decades, the financial sector, and will affect the future development of the financial industry. With the interest rate, exchange rate market reform deepening, the vigorous development of Internet banking, financial business, traditional financial institutions face heavy pressure, accelerate business innovation, the traditional financial products and derivatives for structural integration, the use of highly leveraged derivatives, high return characteristics to enhance the core competitiveness of products, become a new round of reform of the financial industry. The trend of OTC financial derivatives trading is a typical "double-edged sword" feature, which can enlarge the amount of capital, accelerating capital flow, effective risk management, may to the enterprise, the disastrous crisis of financial markets and the global economy. Before the crisis, the U.S. financial institutions out of the field of financial derivatives as a magic money machine And to esteem; after the outbreak of the crisis, the development of the OTC financial derivatives market is like a roller coaster, scared, shunned, the size of the cliff downwards. People witness off financial derivatives make a lot of people overnight, also witnessed by default and OTC financial derivatives make a century investment bank collapsed, many people have gone bankrupt. After the crisis, the deep-seated causes people to reflect on the outbreak of the crisis, the financial consumer protection mechanism has gradually become the financial sector concern topic of the highest degree of major economic organization in the world and the country's financial regulators in the wake of the crisis, will have financial consumer protection into the financial supervision system, supervision system and deepening of the original the reform, and promulgated a series of financial consumer protection and related laws and regulations, covering all industries of financial consumption, already built up a A framework of financial consumer protection in the world. Compared with ordinary financial products, OTC financial derivatives design information more professional, more dependent, both sides of the transaction information asymmetry phenomenon is more serious, consumers vulnerable position is more prominent. Therefore, the OTC financial derivatives of consumer protection as the research subject, it has very important theoretical significance and application value. Taking the bank financial institutions of OTC financial derivatives consumers as the research object, discusses the protection of consumers' rights and interests, is divided into three parts: the first part is that consumers of OTC financial derivatives status, and analyzed the status quo, consumer protection, put forward the main research question in this paper. The current OTC financial derivatives market have not formed a uniform and clear trading rules, lack of special consumer protection laws, consumer protection law The legal system is very weak, the transaction is actually found in the legal risk. In addition, China's financial industry has a separate operation, separate supervision mode, not only easy to cause of the OTC financial derivatives supervision is narrow, but once a dispute, regulators will appear between the mutually making excuses passing phenomenon, but China's consumer awareness of self protection is not strong, the protection ability is relatively weak. Under this background, financial institutions under the profit maximizing motivation, are more likely to commit infringement. The second part analyses the OTC financial derivatives trading in tort, demonstration of product suitability as economic rationality of tort standard. Financial institutions perform strict product suitability obligation. To achieve the maximum social welfare. But through the analysis of mathematical models under supply, to maximize the benefits of motivation, financial institutions often not in production Product suitability for the first, whether consumers belonging to low or high risk, the financial industry is more inclined to recommend high risk products. The rational allocation of damage and liability, infringement prevention helps motivate efficiency, maintenance obligations for product efficiency, protect the interests of consumers. If the products are suitable for the behavior of financial institutions there is no fault standard, serious fault liability principle is the most suitable for the defense of the imputation principle of OTC financial derivatives transactions. The third part puts forward the "six in one" of the OTC financial derivatives products to the consumer protection system, suitable for the center, from the legislative and judicial supervision, efficiency, and put forward some policy suggestions of judicial relief and industry the association of supervision and other aspects. The main contents of this paper are as follows: first, introduction. Overview of the OTC financial derivatives development status, confirm the consumer identity of OTC financial derivatives and related rights, Ming Is the object of study, this study proposed the main problems, analysis of research methods, research significance, research structure and innovation. Two, literature review at home and abroad. The existing domestic and foreign related literature from product suppliers, the three dimensions of consumer and trade regulatory agencies are summarized, in the existing literature value at the same time, the induction is still controversial place. Three, China's OTC derivatives consumer protection status. Learn from the developed countries in the course of reform of the OTC financial derivatives consumer protection legal system, analysis to revise and improve the process of China's reform of the legal system, and the financial derivatives structure of our country as an example, I analyze in the OTC financial derivatives consumer protection status. The four problems, the current legal system for the OTC financial derivatives and facing the current transaction rules and domestic. There are many differences between the law, the lack of a clear unified trading rules. The main problems of China's OTC derivatives trading consumer information disclosure is illegal, not to violate theobligations and improper and product suitability. Product suitability should be used as the test standard. Five other acts of infringement, comparative analysis of regulations on product suitability at home and abroad, using the mathematical model to demonstrate the economic rationality of the product is suitable. But in practice, under the maximum profit motive, product supply is not always to product suitability for the first, but high risk preference promotion products, and the use of product contract and sales contract design, against the interests of consumers. As of six, suitable for products determine whether the financial institutions have the standard of fault, through comparative analysis, the serious mistake defense responsibility principle, is conducive to the balance of information asymmetry on the weak side The adverse effects of suppression of financial institutions against the interests of consumers and to encourage consumer motivation, honesty and credit, to prevent excessive speculation, and therefore the most suitable as the imputation principle of OTC financial derivatives transactions. The different imputation principle, impact of the implementation of the main prevention efficiency, the fault liability principle. Take bilateral prevention ways to better protect consumer rights. Seven, summed up the existing OTC financial derivatives consumer protection system, to product suitability as the center, from the supervision of OTC financial derivative products, the four aspects of legislation, relief and self-discipline management, explore and improve the OTC financial derivatives consumer protection mechanism of policy recommendations. In general, the research thread of this paper is from the perspective of OTC financial derivatives consumer protection status, path analysis of infringement occurs and necessity, indeed The judgment standard of tort legislation, different imputation principle of "damage and responsibility allocation efficiency, the selection of the most suitable for the OTC financial derivatives of consumer protection principles of tort liability and tort prevention category. As the main line to fit the whole product, economic theory by using the method of demonstration, product suitability economic rationality the results of the analysis, applied to practice, explore and improve the OTC financial derivatives consumer protection mechanism is proposed.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：D923.8;F832.5

【參考文獻(xiàn)】

相關(guān)期刊論文 前3條

1 高田甜;陳晨;;基于金融消費(fèi)者保護(hù)視角的英國(guó)金融監(jiān)管改革研究[J];經(jīng)濟(jì)社會(huì)體制比較;2013年03期

2 王e，

本文編號(hào)：1405954