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公募基金投資利益沖突與權(quán)益保護(hù)制度研究

發(fā)布時(shí)間:2019-01-17 09:17
【摘要】:我國公募基金行業(yè)自上世紀(jì)90年代末發(fā)展至今,因其投資門檻低、專業(yè)投資管理等獨(dú)有的特點(diǎn),,已成為證券市場最重要的專業(yè)大眾投資工具之一。然而在行業(yè)爆炸式發(fā)展的背景下,如何有效制衡利益沖突和保護(hù)投資者權(quán)益這一信托關(guān)系中的核心問題一直未能有效解決,導(dǎo)致市場上頻頻發(fā)生不當(dāng)關(guān)聯(lián)交易、內(nèi)幕交易等損害投資者利益的惡性事件,給整個(gè)資本市場的誠信和健康發(fā)展帶來了極為惡劣的影響。如何建設(shè)和完善符合我國基金行業(yè)發(fā)展現(xiàn)狀并具有一定前瞻性的利益沖突制衡法律制度體系,是一個(gè)非常值得研究的課題。本文希望通過對我國公募基金的基礎(chǔ)法律關(guān)系和利益沖突所涉基本法律問題的研究,找到利益沖突行為發(fā)生的根源,從而嘗試對現(xiàn)有利益沖突制衡機(jī)制提出有針對性的完善建議。 本文第一章分析我國公募基金的法律性質(zhì),并研究了契約型和公司型兩類公募基金組織架構(gòu)下各主體之間的法律關(guān)系,從根本上說明利益沖突存在的必然性,并為接下來具體研究利益沖突行為的成因和制衡機(jī)制提供基礎(chǔ)。 第二章分析我國公募基金投資中的利益沖突的特征和各類利益沖突行為的成因;谖覈蓟鸬钠跫s型組織架構(gòu)、投資者分散、關(guān)聯(lián)方眾多等特征,使得利益沖突行為相比一般信托關(guān)系更為復(fù)雜、隱蔽和多樣化。針對利益沖突中的具體問題,本章重點(diǎn)分析了關(guān)聯(lián)方的范圍和基金運(yùn)作中的利益位階,明確關(guān)聯(lián)交易的范疇和投資者利益優(yōu)先的最高準(zhǔn)則。結(jié)合筆者在公募基金行業(yè)的從業(yè)經(jīng)歷,本章最后分析了公募基金投資利益沖突類型及其成因,主要包括不當(dāng)關(guān)聯(lián)交易、違反公平交易原則、個(gè)人不正當(dāng)交易、公募基金收入模式導(dǎo)致的利益沖突和基金行業(yè)特征導(dǎo)致的利益沖突。 第三章從基金托管人的監(jiān)督、獨(dú)立董事制度、基金份額持有人大會(huì)等方面研究了我國現(xiàn)有的利益沖突內(nèi)部制衡機(jī)制,分析了其中的缺陷和不足,并嘗試提出了針對性的完善建議。此外還分析了基金管理人內(nèi)控制度的重要性和合理使用管理層激勵(lì)的意義,提出管理層基金持有激勵(lì)優(yōu)于股權(quán)持有激勵(lì)的觀點(diǎn)。由于公司型基金在治理結(jié)構(gòu)和利益沖突規(guī)制方面的優(yōu)勢,目前美國等發(fā)達(dá)基金市場已形成公司型基金占絕對主導(dǎo)的趨勢,我國也應(yīng)積極嘗試引入公司型基金,并相應(yīng)建立配套的法律制度。 第四章分析了利益沖突外部制衡機(jī)制的特點(diǎn)和重要性,并著重對民事責(zé)任承擔(dān)和訴訟機(jī)制、行政監(jiān)管、刑事責(zé)任追究和強(qiáng)制信息披露等外部制衡機(jī)制中存在的缺陷進(jìn)行分析,提出改進(jìn)建議。 結(jié)語對本文的主要內(nèi)容和觀點(diǎn)進(jìn)行了總結(jié)。
[Abstract]:Since the development of the public fund industry in China in the late 1990s, because of its low investment threshold and unique characteristics of professional investment management, it has become one of the most important professional public investment tools in the securities market. However, under the background of the explosive development of the industry, how to effectively balance the conflict of interest and protect the rights and interests of investors, the core of the trust relationship has not been effectively resolved, resulting in frequent occurrence of improper related transactions in the market. Insider trading and other pernicious events harming the interests of investors have brought a very bad effect on the integrity and healthy development of the whole capital market. How to construct and perfect the legal system of balancing and balancing interest in accordance with the current situation of fund industry in our country and with certain foresight is a subject worth studying. This paper hopes to find out the root of the conflict of interest behavior through the study of the basic legal relationship of the public fund and the basic legal problems of the conflict of interest in our country. In order to try to the existing conflict of interest checks and balances mechanism to put forward the pertinence consummation suggestion. The first chapter analyzes the legal nature of the public offering fund in China, and studies the legal relationship between the subjects under the organizational framework of contractual and corporate public funds, which fundamentally explains the inevitability of the existence of conflicts of interest. It also provides the basis for further research on the causes of conflicts of interest and the mechanism of checks and balances. The second chapter analyzes the characteristics of the conflicts of interest and the causes of all kinds of conflicts of interest in the investment of public funds in China. Based on the contractual organizational structure of public funds in China, the diversification of investors and numerous related parties, the conflict of interest behavior is more complex, covert and diversified than the general trust relationship. Aiming at the specific problems in the conflict of interest, this chapter focuses on the scope of the related party and the level of interest in the operation of the fund, and clarifies the category of related party transactions and the highest criterion of the priority of investors' interests. Combined with the author's experience in the public offering fund industry, this chapter finally analyzes the types and causes of the conflict of interest in the investment of the public offering fund, mainly including improper related party transactions, violation of the principle of fair trade, and individual unfair trading. The conflict of interest caused by the revenue model of public fund and the conflict of interest caused by the characteristics of fund industry. The third chapter studies the internal checks and balances mechanism of interest conflict in our country from the supervision of fund custodian, the independent director system, the general meeting of fund share holders and so on, and analyzes its defects and shortcomings. And tries to put forward the pertinence consummation suggestion. In addition, the importance of internal control system of fund manager and the significance of rational use of management incentive are analyzed, and the point of view that management fund holding incentive is superior to equity holding incentive is put forward. Because of the advantages of corporate funds in the governance structure and conflict of interest regulation, the developed fund market such as the United States has formed a trend of absolute dominance of corporate funds, China should also actively try to introduce corporate funds. And the corresponding establishment of a supporting legal system. The fourth chapter analyzes the characteristics and importance of the external checks and balances mechanism of conflict of interest, and focuses on the analysis of the defects in the external checks and balances mechanism, such as civil liability and litigation mechanism, administrative supervision, criminal liability investigation and compulsory information disclosure. Put forward suggestions for improvement. The conclusion summarizes the main contents and viewpoints of this paper.
【學(xué)位授予單位】:華東政法大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2014
【分類號(hào)】:D922.28;F832.51

【參考文獻(xiàn)】

相關(guān)博士學(xué)位論文 前1條

1 陳星德;證券投資基金利益沖突的法律研究[D];中國政法大學(xué);2007年



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