本文選題：證券投資基金業(yè)　切入點(diǎn)：老鼠倉　出處：《華東政法大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：基金經(jīng)理秘密建“老鼠倉”，“暗箱操作”現(xiàn)象屢屢被媒體曝光�；稹袄鲜髠}”危害極大，不僅會侵害基金投資者的財(cái)產(chǎn)利益，影響基金管理公司的信譽(yù)和整個基金行業(yè)的長期發(fā)展，更會擾亂正常的證券市場和金融秩序。證監(jiān)會一直對“老鼠倉”行為秉持嚴(yán)厲打擊的態(tài)度，從事“老鼠倉”證券違規(guī)交易，情節(jié)嚴(yán)重的，司法機(jī)關(guān)將追究行為人的刑事責(zé)任。近年來被查處的“老鼠倉”案件，與早期的案件相比，呈現(xiàn)出新的特點(diǎn)，使用手法更隱蔽、涉案金額更大、違法的基金經(jīng)理更年輕�；鸾�(jīng)理從事“老鼠倉”行為屢禁不止，反映了我國在對證券投資基金業(yè)“老鼠倉”的法律規(guī)制方面存在不足，亟待完善。2012年，我國修訂通過了《證券投資基金法》，該法以放松管制、加強(qiáng)監(jiān)管為導(dǎo)向，對舊法作出了重大修改。該法適當(dāng)放開了基金從業(yè)人員及其利害關(guān)系人從事證券交易的限制，或?qū)Α袄鲜髠}”行為產(chǎn)生影響。在新的資本市場環(huán)境下，有必要就我國證券投資基金業(yè)“老鼠倉”現(xiàn)象的法律規(guī)制進(jìn)行研究，并提出具體的完善意見。 本文首先對“老鼠倉”進(jìn)行概述：介紹了“老鼠倉”的概念，并將本文的研究對象定為證券投資基金行業(yè)的“老鼠倉”行為；分析“老鼠倉”行為運(yùn)作流程——參與決策并獲得信息、低位買入、拉升股價、高位接盤，為研究基金“老鼠倉”的法律性質(zhì)奠定基礎(chǔ)；從對基金投資人、基金公司和基金業(yè)、證券市場三個方面，概括“老鼠倉”的危害。在對“老鼠倉”進(jìn)行法律規(guī)制的過程中，對其法律性質(zhì)的認(rèn)定一直存在爭議，國內(nèi)外司法實(shí)踐采用的學(xué)說也不盡相同。 我國現(xiàn)行的對證券投資基金業(yè)“老鼠倉”的法律規(guī)定，散布于法律法規(guī)中。本文對這些相關(guān)的法律法規(guī)進(jìn)行歸納列舉，總結(jié)我國執(zhí)法機(jī)關(guān)對基金經(jīng)理“老鼠倉”的處罰狀況。通過研究，分析我國現(xiàn)行法律規(guī)制在哪些方面尚存在不足。國外許多國家的投資基金發(fā)展較早，業(yè)已形成較為成熟的的證券投資基金法律規(guī)制體系，其中，以美國、英國、日本最具代表性。在總結(jié)美國、英國、日本的證券投資基金法律規(guī)制經(jīng)驗(yàn)的基礎(chǔ)上，結(jié)合我國的證券市場的具體情況，分析我國應(yīng)從哪些方面借鑒外國經(jīng)驗(yàn)：建立健全相關(guān)法律法規(guī)，實(shí)行全方位、多層次的監(jiān)管方式，加強(qiáng)行業(yè)自律管理，制定自律性規(guī)則，構(gòu)建允許基金從業(yè)人員買賣證券的合理機(jī)制。 本文在最后部分，綜合前文的觀點(diǎn)，，梳理出證券投資基金業(yè)“老鼠倉”法律規(guī)制的完善建議。第一，構(gòu)建民事賠償機(jī)制，加大刑事處罰力度，以提高違法成本，威懾違法違規(guī)的“老鼠倉”行為人，防范于未然，遏制“老鼠倉”行為的發(fā)生。第二，我國在對基金投資者索賠問題的法律規(guī)制上，民事法律缺位，應(yīng)完善相關(guān)民事法律，使受到損失的基金投資者能夠通過民事訴訟和證券仲裁的渠道的到法律救濟(jì)。第三，強(qiáng)化基金公司的內(nèi)部監(jiān)管和其他外部監(jiān)管制度。第四，結(jié)合新修訂的《證券投資基金法》，提出允許基金從業(yè)人員進(jìn)行證券交易行為問題對“老鼠倉”行為的影響，并作法律分析。
[Abstract]:The fund manager the secret construction of "Mouse Storehouse", "covert operation" phenomenon has been exposed by the media. The fund "rat" great harm, not only against the interests of property fund investors, affect the long-term development of the fund management company and the credibility of the fund industry, it will disrupt the normal order of securities market and the Finance Commission has been. Uphold the attitude to crack down on "Mouse Storehouse", engaged in illegal trading of rat securities, if the circumstances are serious, the judicial organs criminal liability. In recent years were investigated in the rat case, compared with the earlier case, showing the new features, the use of tactics is more subtle and involved the amount is bigger, illegal fund managers younger. Fund managers engaged in the "rat" repeated acts, reflects China's presence in the legal regulation of the securities investment fund "rat" Lack of perfect.2012, China revised by the "securities investment fund law", the law on deregulation, strengthen supervision oriented, has made significant modifications to the old method. The appropriate open fund employees and stakeholders engaged in securities trading restrictions, or have an impact on the "rat" behavior. In the new capital market environment, it is necessary for China's securities investment fund industry rat "phenomenon of legal regulation, and puts forward some specific suggestions.
This paper first gives an overview of the "rat" introduces the concept of "rat", and will be the object of study for the securities investment fund industry rat behavior analysis; rat behavior processes -- participation in decision-making and access to information, buying low, pulled the stock, high disk, lay based on the legal nature of the fund "rat"; from the fund investors, fund companies and fund industry, the three aspects of the securities market, summarized "harm rat". In the process of legal regulation of the "rat" in recognition of its legal nature has been controversial, with domestic and international judicial the practice of the theory are not the same.
The current of the securities investment fund industry rat legal provisions scattered in laws and regulations. The related laws and regulations are summarized, summed up China's law enforcement agencies of the fund managers rat punishment situation. Through the research, analysis of China's current legal regulation in what is lack of investment funds. Many foreign countries started earlier, has formed a relatively mature system of regulation, the securities investment fund law which, in the United States, Britain, Japan's most representative. In summary the United States, Britain, the basic experience of Securities Investment Fund Legal Regulation on Japan, combined with the specific situation of China securities market analysis, draw lessons from foreign experience which our country should establish relevant laws and regulations, carry out all-round, multi-level supervision, strengthen self-discipline management, develop self-discipline rules, The establishment of a reasonable mechanism to allow the fund practitioners to buy and sell securities.
In the last part of the paper, based on the above point of view, sort out the securities investment fund industry rat legal regulation suggestions. First, construct the mechanism of civil compensation, increase criminal penalties, in order to improve the cost of illegal, illegal deterrence "rat" behavior, preventive measures, to curb the "rat" behavior the occurrence of second. In our country, the legal regulation of fund investors claim on civil legal vacancy, we should improve the relevant civil law, the loss of fund investors through civil litigation and securities arbitration channels to legal relief. Third, strengthen the fund's internal supervision and external supervision system. The other fourth. According to the newly revised "Securities Investment Fund Law >, we allow the fund practitioners of securities trading behavior of" rat "behavior, and the practice of law analysis.

【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.287

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 倪受彬;;基金黑幕的法律規(guī)制 以“上投摩根老鼠倉”事件為例[J];檢察風(fēng)云;2007年12期

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