本文選題：金融期貨　切入點(diǎn)：投資者適當(dāng)性　出處：《上海外國語大學(xué)》2017年碩士論文

【摘要】：投資者適當(dāng)性制度起源于美國證券市場,1938年萌芽于美國全國證券交易商協(xié)會(huì)(NASD)的自律規(guī)范中,用來規(guī)范券商向投資者推薦有價(jià)證券的行為。隨著全球資本市場金融創(chuàng)新的不斷發(fā)展,投資者適當(dāng)性制度在規(guī)范中介機(jī)構(gòu)、保護(hù)投資者權(quán)益方面的重要作用越來越得到廣泛的認(rèn)同和重視,很多國家（地區(qū)）都建立了投資者適當(dāng)性制度。在我國金融界,金融期貨市場是最先出現(xiàn)投資者適當(dāng)性制度的領(lǐng)域,適當(dāng)性制度的產(chǎn)生和發(fā)展對(duì)我國投資者權(quán)益的保護(hù)發(fā)揮了十分重要的作用。金融期貨投資者適當(dāng)性制度,是基于金融期貨的產(chǎn)品特征和風(fēng)險(xiǎn)特性,要求金融中介機(jī)構(gòu)區(qū)分不同投資者對(duì)于產(chǎn)品的認(rèn)知水平和風(fēng)險(xiǎn)承受能力的差別,選擇適當(dāng)?shù)耐顿Y者審慎地參與金融期貨交易的一整套制度安排。金融期貨交易的專業(yè)性極強(qiáng),金融中介機(jī)構(gòu)比起一般投資者,往往有更廣的信息獲得渠道,懂更多的專業(yè)知識(shí),并且有更強(qiáng)的經(jīng)濟(jì)實(shí)力,因此二者處于不平等的地位。中介機(jī)構(gòu)甚至有可能為了盈利的最大化,而向投資者推薦與其不相適的產(chǎn)品,但是投資者由于對(duì)金融期貨產(chǎn)品的認(rèn)識(shí)有限,往往輕易接受中介機(jī)構(gòu)推薦的決策。這就造成投資者與中介機(jī)構(gòu)所承擔(dān)的風(fēng)險(xiǎn)不對(duì)等。金融期貨投資者適當(dāng)性制度的宗旨就是要求中介機(jī)構(gòu)履行將適當(dāng)?shù)漠a(chǎn)品銷售給適當(dāng)?shù)耐顿Y者的義務(wù),所以為了平衡投資者與中介機(jī)構(gòu)之間的風(fēng)險(xiǎn)負(fù)擔(dān),在金融期貨交易領(lǐng)域就亟需一部適當(dāng)性制度來緩解這種市場主體之間的不平衡局面了。本文由五部分組成:第一部分簡介國際衍生品市場上的發(fā)生的相關(guān)災(zāi)難性事件,意圖表明金融衍生品市場上在缺乏對(duì)于投資者進(jìn)行傾斜保護(hù)的政策時(shí),投資者將面臨極大的風(fēng)險(xiǎn),不利于一國金融體系的發(fā)展,甚至還有可能影響社會(huì)穩(wěn)定,因此金融期貨投資者適當(dāng)性制度的研究和完善具有深遠(yuǎn)意義。第二部分在于闡明金融期貨投資者適當(dāng)性制度的概念,明確本文的研究對(duì)象。通過將其與一些易混淆的概念進(jìn)行比較,試圖更準(zhǔn)確的把握適當(dāng)性制度的本質(zhì)。第三部分首先對(duì)我國現(xiàn)有適當(dāng)性制度進(jìn)行介紹,并對(duì)其規(guī)則體系進(jìn)行描述;其次,逐條研究現(xiàn)有條文,并歸納這些條文,從中得出蘊(yùn)含在條文中的各項(xiàng)制度;最后,在列舉這些制度的同時(shí),根據(jù)實(shí)踐中遇到的問題指出其不足。第四部分著重研究美國、歐盟、韓國、日本、我國香港、我國臺(tái)灣等國家和地區(qū)的適當(dāng)性制度。在研習(xí)各國（地區(qū)）適當(dāng)性制度的基礎(chǔ)上,歸納出適當(dāng)性制度一些普遍的規(guī)則,明晰成熟市場中適當(dāng)性制度的具體內(nèi)涵。第五部分是在前文研究的基礎(chǔ)上,結(jié)合我國具體實(shí)際問題,借鑒成熟市場的相關(guān)經(jīng)驗(yàn),對(duì)于我國金融期貨市場的適當(dāng)性制度提出了改進(jìn)建議。
[Abstract]:The system of investor appropriateness originates from the American securities market. In 1938, it originated in the National Association of Securities Dealers (NASD) self-regulation, which is used to regulate the securities firms' behavior of recommending securities to investors.With the continuous development of financial innovation in the global capital market, the importance of investor suitability system in regulating intermediary organizations and protecting investors' rights and interests has been widely recognized and paid more and more attention.Many countries (regions) have established investor appropriateness system.In the financial circles of our country, the financial futures market is the first field of investor suitability system, and the emergence and development of appropriateness system plays a very important role in the protection of investors' rights and interests in our country.The financial futures investor suitability system is based on the product characteristics and risk characteristics of financial futures, which requires financial intermediaries to distinguish between different investors' cognitive level and risk tolerance.The selection of appropriate investors to participate prudently in financial futures trading a set of institutional arrangements.Financial futures trading is highly professional, financial intermediary institutions than ordinary investors, often have a wider access to information channels, know more professional knowledge, and have a stronger economic strength, so they are in an unequal position.In order to maximize profits, intermediaries may even recommend products to investors that are not suitable for them. However, due to their limited understanding of financial futures products, investors often accept the decisions recommended by intermediaries easily.This causes investors and intermediaries to bear the risk of inequality.The purpose of the financial futures investor suitability system is to require the intermediary to fulfill the obligation to sell the appropriate products to the appropriate investor, so in order to balance the risk burden between the investor and the intermediary,In the field of financial futures trading, there is an urgent need for an appropriate system to alleviate this imbalance between market players.This paper is composed of five parts: the first part introduces the related catastrophic events in the international derivatives market, which is intended to indicate that the financial derivatives market lacks preferential protection policies for investors.Investors will face great risks, which is not conducive to the development of a country's financial system, and may even affect social stability. Therefore, the research and improvement of the financial futures investors' suitability system is of far-reaching significance.The second part is to clarify the concept of financial futures investors appropriateness system and clarify the object of this paper.By comparing it with some confusing concepts, we try to grasp the essence of appropriateness system more accurately.The third part first introduces the existing system of appropriateness of our country and describes its system of rules. Secondly, it studies the existing articles article by article, summarizes these articles, and draws the systems contained in the articles.While enumerating these systems, it points out their shortcomings according to the problems encountered in practice.The fourth part focuses on the appropriate system of the United States, European Union, Korea, Japan, Hong Kong and Taiwan.On the basis of studying the system of appropriateness in various countries (regions), this paper sums up some general rules of the system of appropriateness, and clarifies the concrete connotation of the system of appropriateness in mature market.The fifth part is based on the previous study, combined with the specific practical problems in China, reference to the relevant experience of the mature market, the appropriate system of financial futures market in China proposed to improve the system.
【學(xué)位授予單位】：上海外國語大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.287

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