本文選題：證券市場基礎設施　切入點：資產(chǎn)存管　出處：《首都經(jīng)濟貿(mào)易大學》2013年碩士論文　論文類型：學位論文

【摘要】：本文分以下幾個部分：一是客戶資金存管模式研究。本文分析了客戶資金存管模式的基本特征，并對我國客戶資金存管模式存在問題進行具體分析，同時分析了境外證券市場客戶資金存管模式的成功經(jīng)驗，，最后為我國客戶資金存管模式的改進提出意見。內(nèi)容包括：（1）我國證券市場目前實行的是客戶資金第三方存管模式，證券中介機構仍然對客戶資金負有存管義務和職責，并引入商業(yè)銀行監(jiān)督機制，這是基于保障客戶資金安全與維護市場效率權衡下的選擇。（2）境外主要證券市場的客戶資金存管模式主要有證券中介機構存管、第三方存管和混合存管三類。證券中介機構存管模式是客戶資金存管模式發(fā)展方向，客戶資金存管模式是在資金安全與市場效率間尋求平衡。（3）我國現(xiàn)行客戶資金第三方存管模式存在證券中介機構發(fā)展受到制約、融資融券展業(yè)務發(fā)展受影響、增加證券市場系統(tǒng)風險等問題，對證券市場長期穩(wěn)定發(fā)展也存在諸多不利影響。 二是證券存管模式研究。本文分析了證券存管模式的基本特征，并對我國證券存管模式存在問題進行具體分析，同時分析了境外證券市場證券存管模式的成功經(jīng)驗，最后為我國證券存管模式的改進提出意見。內(nèi)容包括：（1）目前我國的證券持有體系以證券直接持有為主，間接持有為輔。我國證券市場實行的證券存管模式是全國集中統(tǒng)一證券存管結(jié)算體制，負責統(tǒng)一辦理證券存管結(jié)算業(yè)務的中央證券存管機構CSD是中國登記結(jié)算公司。（2）我國現(xiàn)行證券存管制度存在缺乏相應的法律基礎、證券存管模式的非單一性、證券存管主體之間權利與義務不對等、證券存管與證券登記尚未明確區(qū)分等問題。（3）境外證券市場證券存管模式特點有證券間接持有模式是主流發(fā)展方向、模式選擇是在安全與效率間尋求均衡、證券無紙化和業(yè)務國際化等。 三是證券結(jié)算模式研究。本章對境外證券市場證券結(jié)算模式進行了比較研究，并對我國證券結(jié)算模式的特征以及存在的問題進行了具體分析。主要內(nèi)容包括：（1）我國證券市場的證券登記結(jié)算采取全國集中統(tǒng)一運營的模式，由證券結(jié)算機構同時充當中央對手方來進行證券和資金的結(jié)算。（2）境外證券市場采取證券結(jié)算與證券登記功能明確區(qū)分、中央交收對手方、銀貨對付(DVP)制度、證券結(jié)算擔保制度、結(jié)算參與人管理制度、證券非移動化和無紙化、融資融券制度等相關制度和風險控制措施。（3）盡管我國證券市場已針對證券結(jié)算風險，制訂一些風險控制措施和制度，但通過與國際標準進行對比分析后發(fā)現(xiàn)，我國證券結(jié)算模式尚不完善，證券結(jié)算風險管理和控制能力相對較弱。 四是我國資產(chǎn)存管與結(jié)算模式選擇，這是本文重點，主要內(nèi)容有：（1）借鑒國外經(jīng)驗，進行制度創(chuàng)新，設立獨立的證券金融公司，確立客戶資金信托化的第三方存管模式。（2）為從根本上解決我國目前證券存管體系存在的突出問題，在保障客戶資產(chǎn)安全和提高市場運行效率的前提下，對現(xiàn)有證券持有體制進行改革。（3）進一步完善制度與風險控制措施是我國證券結(jié)算模式改革的工作重點，核心內(nèi)容是實行銀貨對付證券結(jié)算制度，并進一步建立證券結(jié)算風險管理制度與控制措施。
[Abstract]:This paper consists of the following parts: one is the research mode of Linepack customer funds. This paper analyzes the basic characteristics of CFDM, analyze the existing problems and the depository model of our customer funds, and analyzes the successful experience of the overseas securities market customer funds depository model, finally put forward opinions for improvement in China CFDM. The contents include: (1) the implementation of China's securities market is the third party custody of customer funds, securities intermediaries still of client funds have obligation and responsibility of Depository and introduce commercial bank supervision mechanism, which is to protect the safety of customer funds and maintenance of market efficiency trade-off selection based on the (2) major overseas stock market the CFDM securities intermediary depository, third party depository and mixed depository. Three security intermediary depository mode is off Household funds depository model development direction, CFDM is balance in financial security and market efficiency. (3) the current third party custody of customer funds are restricted by the development of the securities intermediary institutions management mode, margin financing business development development affected by the increase of securities market system risk and other issues, there are also many adverse effects on the long-term stable development of stock market.
Two is the securities depository model research. This paper analyzes the basic characteristics of the securities depository model, and analyze the existing problems in China Securities Depository model, and analyzes the successful experience of overseas securities market securities depository model, finally to China Securities Depository model improvement comments. Contents include: (1) China's securities holding system in securities held directly and indirectly held by China's securities market. The securities depository model is a national centralized securities depository and settlement system, is responsible for conducting securities depository and settlement business of the central securities depository institution is CSD Chinese registration and Clearing Corp (2) there. China's current securities depository system lacks the corresponding legal basis, not only a single securities depository model, securities depository between rights and obligations are not equal, the securities depository securities registration and distinguish between Shang Weiming And so on. (3) the mode of stock keeping in foreign securities market is characterized by the indirect development of securities. The mode choice is to seek equilibrium between security and efficiency, securities paperless and business internationalization.
The three is the study of securities settlement mode. This chapter of the overseas securities market securities settlement patterns were compared, analyzed and characteristics of China's securities clearing mode and existing problems. The main contents include: (1) China securities market securities registration and settlement take national centralized management mode, the securities at the same time as the central counterparty clearing institutions of securities and funds settlement. (2) take the overseas securities market securities settlement with the securities registration function of a clear distinction between the central clearing counterparty, silver goods (DVP) against the securities settlement system, guarantee system, management system of securities clearing participant, non mobile and non paper the related system, margin system and risk control measures. (3) although China's securities market for securities settlement risk, formulate some risk control measures and systems, but compared with the international standard After comparison and analysis, it is found that the securities settlement model in China is not perfect, and the risk management and control ability of securities settlement is relatively weak.
The four is China's assets depository and settlement model selection, which is the focus of this article, the main contents are as follows: (1) the experience abroad, the system innovation, the establishment of an independent securities finance company, establish customer trust funds of the third party depository model. (2) in order to fundamentally solve China's current security deposit the outstanding problems existing in the management system, guarantee the safety of client assets and improve market efficiency, to reform the existing securities holding system. (3) to further improve the system and measures of risk control is the focal points of the reform of securities settlement mode of our country, the core content is the implementation of the silver cargo to deal with the securities settlement system, and further the establishment of the securities settlement risk management system and control measures.

【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1615793