發(fā)布時間：2018-01-14 10:46

  本文關(guān)鍵詞：證券市場投資者適當(dāng)性原則及其制度化研究　出處：《南京大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券市場 投資者適當(dāng)性原則 制度化

【摘要】：在證券產(chǎn)品結(jié)構(gòu)日益復(fù)雜、投資風(fēng)險日益高漲的今天,證券投資對于投資者的專業(yè)能力要求越來越高。然而,無論是在信息收集能力上,還是在投資分析能力上,普通投資者與具備專業(yè)優(yōu)勢的證券商之間均有著懸殊的力量對比。在這樣的情況下,越來越多的投資者選擇依賴于證券商的推薦以進(jìn)行證券投資的判斷,證券商的推薦成為投資者作出證券投資決定的重要因素。但是,從當(dāng)下屢見不鮮的投資者因投資證券商推薦的不適當(dāng)證券產(chǎn)品而遭受損失的現(xiàn)象來看,僅依靠對證券商科以說明義務(wù)和風(fēng)險披露義務(wù),已經(jīng)難以規(guī)避證券商的不適當(dāng)推薦行為,投資者的合法權(quán)益也因此難以得到有效的保護(hù)。域外有著較為成熟證券市場的國家和地區(qū)已經(jīng)紛紛在證券投資領(lǐng)域引入投資者適當(dāng)性原則,并構(gòu)建起具備可操作性的法律制度加以適用,通過對證券商科以適當(dāng)性義務(wù)來為投資者提供更高等級的保護(hù)。從目前已有的相關(guān)規(guī)范文件來看,我國已經(jīng)引入了投資者適當(dāng)性原則,但與域外相比,我國在這一原則的制度化實(shí)踐方面還存在著諸多缺陷。為此,有必要通過考察分析域外投資者適當(dāng)性原則的制度化實(shí)踐,為我國的投資者適當(dāng)性規(guī)則的完善提出建議。本文第一部分從三個方面對投資者適當(dāng)性原則的基本理論進(jìn)行了闡述。首先在歸納域外相關(guān)表述的基礎(chǔ)上對投資者適當(dāng)性原則進(jìn)行了定義。其次,從證券商在投資者從事證券投資過程中扮演的兩種不同角色的角度,分析了投資者適當(dāng)性原則適用的法律關(guān)系形態(tài)。最后,從美國以及我國法律體系兩個維度,對投資者適當(dāng)性原則的理論依據(jù)進(jìn)行了探討。文章的第二部分橫向考察了有著成熟證券市場的美國、歐盟以及日本對于投資者適當(dāng)性原則的制度化實(shí)踐情況,從適用對象、適當(dāng)性義務(wù)內(nèi)容、證券商責(zé)任以及投資者救濟(jì)等方面進(jìn)行了比較分析,探究其中可供我國借鑒之處。文章的第三部分將視角從域外拉回到本土自身,從一般性規(guī)定和具體規(guī)定兩個層面對我國現(xiàn)有的關(guān)于投資者適當(dāng)性規(guī)則的規(guī)范進(jìn)行了梳理,其中的具體規(guī)定又可細(xì)分為向投資者銷售證券產(chǎn)品和以投資者買入證券產(chǎn)品為目的提供金融服務(wù)兩方面,這也是與第一部分中分析投資者適當(dāng)性原則適用的法律關(guān)系形態(tài)相契合的。在總結(jié)梳理情況的基礎(chǔ)上,歸納出我國現(xiàn)行投資者適當(dāng)性原則制度化實(shí)踐的缺陷,主要包括規(guī)范方式、適用對象、內(nèi)容安排以及投資者救濟(jì)等方面。文章的第四部分緊接著前面的第三部分,針對目前我國投資者適當(dāng)性原則在制度化實(shí)踐方面存在的缺陷,結(jié)合域外經(jīng)驗提供的啟示,為完善我國投資者適當(dāng)性規(guī)則提供一些建議,包括明確我國投資者適當(dāng)性規(guī)則的定位、完善投資者適當(dāng)性規(guī)則的內(nèi)容安排、明晰證券商違反投資者適當(dāng)性規(guī)則的民事責(zé)任、構(gòu)建全方位的投資者救濟(jì)機(jī)制等。最后,文章就全文的行文思路進(jìn)行了簡要的總結(jié)。
[Abstract]:In the security product structure has become more complex, the investment risk rising today, securities investment for the professional ability of investors have become increasingly demanding. However, whether in the information collection capabilities, or the ability of investment analysis, between ordinary investors and professional advantages of the securities firms have a comparative strength in such a situation. Next, more and more investors choose to rely on the securities recommended for securities investment judgment, securities recommended investors to make become important factors for securities investment decision. However, from the moment we see not fresh from investors to invest in securities firms recommended inappropriate securities product loss phenomenon, only to rely on the securities business to illustrate the obligation and risk disclosure, inappropriate behavior has been difficult to avoid recommending securities firms, the legitimate rights and interests of investors and therefore difficult to get there The effect of protection. There are relatively mature foreign securities market countries and regions have been introduced in the field of securities investment of investors in principle, and construction of the legal system with operable to apply, through the protection of the securities business to appropriate obligations to provide investors with a higher level. At present the relevant norms documents, China has introduced investors in principle, but with extra compared to our country in the system of practice this principle still exist many defects. Therefore, it is necessary through the institutionalization of the practice of investigation and analysis of foreign investors in principle, put forward suggestions for Chinese investors in the rule the first part of this paper. The basic theory of investors in principle from three aspects. Firstly, based on analyzing the relevant statements on foreign investors The principles are defined. Secondly, from the securities business is engaged in two different roles in the process of investment in the perspective of investors, the legal relationship is analyzed the morphology of investors in principle. Finally, from the two dimensions of the United States and China's legal system, the theoretical basis of investors appropriate principle are discussed. The second part studies the a mature securities market of the United States, the European Union and Japan for investors in principle institutionalized practice, the applicable object, appropriate obligations, securities business responsibility and relief of investors are analyzed, on which are available for our reference. The third part of the article the view from the back to their native overseas, from the general provisions and the specific provisions of the two aspects of China's existing investors about rules for comb Daniel, specific provisions of which can be subdivided into the sale of securities to investors to buy securities products and products for the purpose of the two investors to provide financial services, and this is the first part of the analysis of the legal relationship between the form of investors in principle for fit. On the basis of combing the current practice, summed up the defects investors in China the principle of appropriate system, including specification, object, content arrangement and investor relief. The fourth part of the article, followed by the previous third parts, aiming at the defects of our country at present institutional investors in principle in practice are the combination of foreign experience to provide inspiration, to provide some suggestions for perfecting the investor suitability rules, including clear positioning of China Investor suitability rules, improve the arrangement of investors in the rule content, Ming We should clarify the civil liability of the securities companies violating the investor's appropriateness rules, and build an omnibearing investor relief mechanism. Finally, the article briefly summarizes the ideas of the full text.

【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 校堅;任yN;申屹;;境外投資者適當(dāng)性制度比較與案例分析[J];證券市場導(dǎo)報;2010年09期

2 趙曉鈞;;歐盟《金融工具市場指令》中的投資者適當(dāng)性[J];證券市場導(dǎo)報;2011年06期

3 曾洋;;投資者適當(dāng)性制度:解讀、比較與評析[J];南京大學(xué)學(xué)報(哲學(xué).人文科學(xué).社會科學(xué)版);2012年02期

4 本刊編輯部;;直面我國適當(dāng)性規(guī)則的“多”與“少”[J];證券市場導(dǎo)報;2012年04期

5 王瑩麗;;歐盟金融投資者適當(dāng)性制度簡介及其借鑒[J];上海金融;2012年09期

6 宋怡欣;;債券市場投資者適當(dāng)性分類模式法律研究[J];法制與社會;2012年26期

7 劉博;;華爾街投行創(chuàng)新產(chǎn)品的適當(dāng)性監(jiān)管[J];中國證券期貨;2012年12期

8 凌文君;;金融機(jī)構(gòu)適當(dāng)性義務(wù)下的適當(dāng)性認(rèn)定標(biāo)準(zhǔn)[J];沿海企業(yè)與科技;2013年05期

9 張菊霞;景U，

本文編號：1423265