本文關(guān)鍵詞：證券公司直接投資監(jiān)管法律制度的完善　出處：《中共中央黨�！�2015年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券公司 直接投資業(yè)務(wù) 監(jiān)管法律制度

【摘要】：證券公司直接投資業(yè)務(wù)是一項(xiàng)新興的業(yè)務(wù)。自2007年9月中國證監(jiān)會批準(zhǔn)中信證券、中金公司兩家券商率先開展直接投資業(yè)務(wù)試點(diǎn)以來,迄今已有8年時(shí)間。但相應(yīng)的監(jiān)管法律還比較少,主要有《證券公司直接投資業(yè)務(wù)試點(diǎn)指引》(2009年5月中國證監(jiān)會發(fā)布)、《證券公司直接投資業(yè)務(wù)監(jiān)管指引》(2011年7月中國證監(jiān)會發(fā)布)、《證券公司直接投資業(yè)務(wù)規(guī)范》(2012年11月2日中國證券業(yè)協(xié)會發(fā)布,2014年1月3日協(xié)會對此進(jìn)行了修訂)。目前,證券公司直接投資業(yè)務(wù)存在諸多問題,例如利益輸送問題突出、道德風(fēng)險(xiǎn)加劇等。這些問題的根源在于監(jiān)管法律制度不完善。一方面,現(xiàn)階段的監(jiān)管法律以部門規(guī)章和行業(yè)自律規(guī)范為主,立法層次和立法水平還有待提高;另一方面,現(xiàn)有監(jiān)管法律的內(nèi)容有待進(jìn)一步完善和合理化。證券公司直接投資業(yè)務(wù)是風(fēng)險(xiǎn)與收益并存的,其風(fēng)險(xiǎn)主要體現(xiàn)在兩方面:一方面,金融市場的風(fēng)險(xiǎn)。在我國,直接投資業(yè)務(wù)由證券公司設(shè)立的直投子公司開展。證券公司與直投子公司間實(shí)現(xiàn)風(fēng)險(xiǎn)隔離。但直投子公司的獨(dú)立性不能得到保證,再加上金融控股公司的介入,利益輸送等問題日益凸顯。這背后隱藏的風(fēng)險(xiǎn)將會對金融市場的安全與穩(wěn)定造成重大影響。另一方面,市場參與者的風(fēng)險(xiǎn)。直接投資是股權(quán)投資,投資失敗會血本無歸。這會給金融控股公司、證券公司、直投子公司以及直投基金的投資人帶來投資風(fēng)險(xiǎn)�；诰S護(hù)金融市場安全以及保護(hù)市場參與者權(quán)益的需要,有必要對直接投資進(jìn)行更為嚴(yán)格的監(jiān)管。但現(xiàn)有監(jiān)管法律制度不完善。為此,探討如何完善直接投資監(jiān)管法律制度是十分有必要的。本文以證券公司直接投資業(yè)務(wù)存在的問題和挑戰(zhàn)為基礎(chǔ),對直接投資業(yè)務(wù)監(jiān)管法律進(jìn)行剖析,并結(jié)合國際上相關(guān)國家的監(jiān)管經(jīng)驗(yàn)提出了完善我國證券公司直接投資監(jiān)管法律制度的若干建議。論文內(nèi)容主要分為七個部分:第一部分,導(dǎo)言。簡要介紹選題緣由和意義、國內(nèi)外研究狀況及寫作思路和方法等。第二部分,金融監(jiān)管及直接投資監(jiān)管的理論基礎(chǔ)。主要介紹文章寫作的理論支撐和基礎(chǔ)。第三部分,證券公司直接投資業(yè)務(wù)概述。具體包括直接投資業(yè)務(wù)的概念界定、業(yè)務(wù)范圍、資金來源、開展模式。第四部分,我國證券公司直接投資業(yè)務(wù)監(jiān)管法律制度現(xiàn)狀。具體包括我國證券公司直接投資業(yè)務(wù)的監(jiān)管法律規(guī)范;我國證券公司直接投資業(yè)務(wù)存在的問題及根源分析;證券公司直接投資業(yè)務(wù)監(jiān)管法律制度存在問題。第五部分,相關(guān)國家法律制度的分析借鑒。具體是對美國、英國、日本三個國家的相關(guān)監(jiān)管法律制度進(jìn)行分析借鑒。第六部分,完善我國證券公司直接投資監(jiān)管法律制度的若干建議。主要包括完善市場準(zhǔn)入制度和市場退出制度,完善證券公司直接投資的監(jiān)管法律制度,完善防控利益輸送的法律制度以及執(zhí)法上的建議。第七部分,結(jié)語。對全文進(jìn)行了歸納總結(jié)。
[Abstract]:The direct investment business of securities companies is a new business. Since September 2007, the China Securities Regulatory Commission approved Citic Securities, China International Capital Corporation two securities companies to launch the pilot direct investment business. So far, it has been eight years. But the corresponding regulatory laws are relatively few, mainly the "Securities companies Direct Investment Business pilot guidelines" (issued by the China Securities Regulatory Commission in May 2009). "guidelines on the Supervision of Direct Investment Business of Securities companies" (issued by China Securities Regulatory Commission on July 2011, and "Standard of Direct Investment Business of Securities companies") (issued by China Securities Industry Association on November 2nd 2012). In January 3rd 2014, the Association revised this issue. At present, there are many problems in the direct investment business of securities companies, such as the prominent problem of interest transmission. The root of these problems lies in the imperfection of the supervision legal system. On the one hand, at present, the supervision law is based on the department regulations and the industry self-discipline standard, and the legislative level and the legislative level still need to be improved; On the other hand, the content of the existing regulatory law needs to be further improved and rationalized. The direct investment business of securities companies is the coexistence of risk and income, and its risk is mainly reflected in two aspects: on the one hand. Risk in financial market. In our country, direct investment business is carried out by the direct investment subsidiary set up by the securities company. The securities company and the direct investment subsidiary company realize the risk isolation. But the independence of the direct investment subsidiary can not be guaranteed. Coupled with the involvement of financial holding companies, the transmission of benefits and other issues become increasingly prominent. The hidden risks behind this will have a significant impact on the security and stability of financial markets. On the other hand. The risk of market participants. Direct investment is equity investment, investment failure will be lost. This will give financial holding companies, securities companies. Direct Investment subsidiaries and Direct Investment Fund investors bring investment risk. Based on the need to maintain the security of financial markets and protect the rights and interests of market participants. There is a need for more stringent regulation of direct investment. However, the existing regulatory legal system is not perfect. It is necessary to discuss how to perfect the legal system of direct investment supervision. Based on the problems and challenges existing in the direct investment business of securities companies, this paper analyzes the law of supervision of direct investment business. And combined with the international regulatory experience of relevant countries put forward a number of suggestions to improve the legal system of direct investment supervision of securities companies in China. The content of this paper is divided into seven parts: the first part. Introduction. A brief introduction to the reason and significance of the topic, domestic and foreign research situation and writing ideas and methods. Part two. The theoretical basis of financial supervision and direct investment supervision. Mainly introduces the theoretical support and basis of the article writing. The third part, the securities companies direct investment business overview. Specifically includes the definition of the concept of direct investment business. The scope of business, the source of funds, the mode of development. Part 4th, the current situation of the legal system of the supervision of the direct investment business of the securities companies in China, including the legal norms of the supervision of the direct investment business of the securities companies in China; The problems and root causes of the direct investment business of securities companies in China; Security companies direct investment business regulatory legal system problems. 5th part, the analysis of the relevant national legal system reference. Specifically to the United States, the United Kingdom. Japan three countries related regulatory legal system for reference. 6th part. Some suggestions on perfecting the legal system of direct investment supervision of securities companies in China mainly include perfecting the system of market access and the system of market withdrawal, and perfecting the legal system of supervision of direct investment of securities companies. Improve the legal system of prevention and control of the transfer of benefits and suggestions on law enforcement. Part 7th, conclusion.
【學(xué)位授予單位】：中共中央黨校
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.287

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