本文關(guān)鍵詞：我國(guó)證券市場(chǎng)國(guó)際板監(jiān)管問(wèn)題研究　出處：《西南政法大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著我國(guó)資本市場(chǎng)國(guó)際化進(jìn)程的逐步加快，證券市場(chǎng)的國(guó)際化進(jìn)程也隨之進(jìn)行，我國(guó)證券市場(chǎng)國(guó)際板的出現(xiàn)也就成為必然。證券市場(chǎng)國(guó)際板畢竟屬于新事物，，會(huì)對(duì)我們國(guó)家的金融安全和經(jīng)濟(jì)穩(wěn)定造成一定的影響，同時(shí)也給證券監(jiān)管部門帶來(lái)一系列挑戰(zhàn)。鑒于此，本文從證券市場(chǎng)國(guó)際板的基本理論出發(fā)，在借鑒成熟市場(chǎng)國(guó)家的經(jīng)驗(yàn)基礎(chǔ)上，對(duì)我國(guó)證券市場(chǎng)國(guó)際板監(jiān)管的相關(guān)問(wèn)題進(jìn)行了探討。 本文分為引言和正文兩個(gè)部分，其中正文部分分為五章。 第一章對(duì)證券市場(chǎng)國(guó)際板進(jìn)行了簡(jiǎn)要介紹。由于對(duì)證券市場(chǎng)國(guó)際板并沒(méi)有一個(gè)權(quán)威的定義，因此本文在分析幾種常見(jiàn)定義之后，得出了本文對(duì)證券市場(chǎng)國(guó)際板的定義。證券市場(chǎng)國(guó)際板的產(chǎn)生是具有一定的必然性的，本文從國(guó)家層面、企業(yè)層面和投資者層面三個(gè)層面對(duì)證券市場(chǎng)國(guó)際板的產(chǎn)生深層次原因進(jìn)行了分析。最后總結(jié)了我國(guó)開(kāi)設(shè)證券市場(chǎng)國(guó)際板將對(duì)我國(guó)資本市場(chǎng)及金融安全方面帶來(lái)的影響。 第二章是證券市場(chǎng)國(guó)際板監(jiān)管概述。在介紹證券市場(chǎng)國(guó)際板監(jiān)管的概念和法律特點(diǎn)的基礎(chǔ)上，對(duì)證券市場(chǎng)國(guó)際板監(jiān)管的必要性進(jìn)行了分析。認(rèn)為市場(chǎng)缺陷、委托代理關(guān)系的異化以及信息嚴(yán)重不對(duì)稱是對(duì)證券市場(chǎng)國(guó)際板進(jìn)行監(jiān)管的理論基礎(chǔ)。同時(shí)，證券市場(chǎng)國(guó)際板監(jiān)管體現(xiàn)一定的價(jià)值，具體表現(xiàn)為保護(hù)投資者利益和控制企業(yè)融資成本，二者貫穿于整個(gè)監(jiān)管活動(dòng)的始終。 第三章是證券市場(chǎng)國(guó)際板將給我國(guó)證券監(jiān)管帶來(lái)的挑戰(zhàn)。由于證券市場(chǎng)國(guó)際板不同于國(guó)內(nèi)板塊，必然會(huì)給我國(guó)現(xiàn)行的證券監(jiān)管帶來(lái)一系列挑戰(zhàn)。這些挑戰(zhàn)主要體現(xiàn)在對(duì)證券發(fā)行人監(jiān)管立法提出了更高要求、對(duì)現(xiàn)行證券發(fā)行審核制的挑戰(zhàn)、信息披露監(jiān)管的不適應(yīng)、現(xiàn)行退市制度不完善以及監(jiān)管法律沖突等幾個(gè)方面。以上這些都是我國(guó)證券監(jiān)管部門在我國(guó)證券市場(chǎng)國(guó)際板監(jiān)管實(shí)踐中必須面對(duì)的難題。 第四章是對(duì)美國(guó)和香港地區(qū)的有關(guān)證券市場(chǎng)國(guó)際板監(jiān)管立法的介紹。分析了美國(guó)和我國(guó)香港地區(qū)對(duì)外國(guó)或海外發(fā)行人境內(nèi)發(fā)行和交易證券的相關(guān)監(jiān)管具體制度。應(yīng)當(dāng)說(shuō)美國(guó)和香港的模式是比較有典型意義的，二者都對(duì)有關(guān)證券市場(chǎng)國(guó)際板監(jiān)管問(wèn)題進(jìn)行了詳細(xì)的規(guī)定。其中美國(guó)模式是以信息披露為中心，而香港模式則強(qiáng)調(diào)投資者利益的保護(hù)，制度設(shè)計(jì)更為靈活。 第五章是在借鑒美國(guó)和香港地區(qū)相關(guān)監(jiān)管制度的基礎(chǔ)上，結(jié)合我國(guó)證券市場(chǎng)國(guó)際板的現(xiàn)實(shí)需求，對(duì)我國(guó)證券市場(chǎng)國(guó)際板監(jiān)管的重要制度進(jìn)行立法建議。這些具體的監(jiān)管制度可以概括分為上市監(jiān)管、退市監(jiān)管、持續(xù)信息披露監(jiān)管和監(jiān)管法律沖突協(xié)調(diào)四個(gè)方面。文章最后分別對(duì)以上四個(gè)方面的相關(guān)制度進(jìn)行立法建議。
[Abstract]:With the process of internationalization of China's capital market gradually accelerate the process of internationalization of securities market also appeared, the international board of China's securities market has become inevitable. The international board of the securities market is a new thing, which may affect the financial safety and economic stability in our country, but also brought a series of challenges to the securities regulatory authorities. In view of this, this article from the basic theory of the international board of the securities market, learn the experience from mature market countries, according to the discussion on the international board of China's securities market regulation.
This article is divided into two parts: introduction and text, of which the body part is divided into five chapters.
The first chapter gives a brief introduction of the international board of the securities market. As there is no authoritative definition of the international board of the securities market, therefore based on the analysis of several common definitions, the definition of the international board of the securities market. The securities market is the result of the international board is inevitable, this paper from the national level the enterprise level and the level of investors, the three aspects of the international board of the securities market have deep-seated reasons are analyzed. Finally summed up the impact of China's creation of the international board of the securities market will bring to China's capital market and financial security.
The second chapter is an overview of the supervision of the international board of the securities market. Based on introducing the concept and legal characteristics of the international board of the securities market supervision on the necessity of the international board of the securities market supervision are analyzed. That the market defect, the principal-agent relationship and the alienation of the serious information asymmetry is the theoretical basis for supervision of the international board of the securities market. At the same time, the international board of the securities market regulation embodies a certain value, the specific performance of the protection of the interests of investors and control the cost of financing, the two throughout the regulatory activity.
The third chapter is the international board of the securities market to China's securities regulatory challenges. Because of the international board of the securities market is different from the domestic sector, will bring a series of challenges to the current securities regulatory. These challenges are mainly reflected in put forward higher requirements on the supervision of legislation on the issuance of securities, securities issuance system the challenge to the supervision of information disclosure, some of the current delisting system is not perfect and supervision legal conflict and so on. These problems are the securities regulatory authorities in China must face in China's securities market supervision board international practice.
The fourth chapter is on the United States and the Hongkong region on the international board of the securities market regulation are introduced. The analysis of the United States and the Hongkong region of China's foreign or overseas issuers related to supervision within the territory of the issuing and trading of securities shall be specific system. Said the United States and Hongkong model are more typical, two were with the relevant provisions of the international board of the securities market supervision. The American model is centered on information disclosure, the Hongkong model emphasizes the protection of the interests of investors, the system design is more flexible.
The fifth chapter is on the basis of the United States and Hongkong relevant regulatory system, combined with the practical needs of China's international board of the securities market, an important system of legislative proposals on the international board of China's securities market regulation. These specific regulatory systems can be divided into the regulation of listing, delisting supervision, information disclosure supervision and legal supervision continued conflict and coordination between the four aspects. The article makes some legislative proposals finally respectively on the above four aspects of the related system.

【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D922.287;D996.2;F832.51

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本文編號(hào)：1406849