本文關(guān)鍵詞： 證券市場無紙化 證券登記 證券權(quán)利　出處：《西南政法大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：20世紀90年代,我國證券市場實現(xiàn)了無紙化操作，迎來了證券無紙化時代。但是，并未建立起適應(yīng)無紙化發(fā)展需要的證券登記制度。我國證券登記制度并未定義證券賬戶法律性質(zhì)，也未理清證券登記機構(gòu)與相關(guān)主體的法律關(guān)系。在無紙化背景下，證券權(quán)益人喪失了對權(quán)利載體的直接控制，更加依賴中介機構(gòu)實現(xiàn)權(quán)利表彰、權(quán)利轉(zhuǎn)移。投資者與證券公司、證券登記機構(gòu)等中介機構(gòu)之間有關(guān)證券權(quán)利確認、錯誤登記的糾紛層出不窮。現(xiàn)有制度框架仍然是基于紙質(zhì)背景而設(shè)計的，并未對投資者權(quán)利實現(xiàn)有效確認，沒有為質(zhì)權(quán)實現(xiàn)提供便利的登記辦法，也沒有為保障證券權(quán)利的行使而設(shè)計完整的救濟體系。為此，本文圍繞這三方面問題開展研究。 第一部分證券登記確權(quán)功能失效的主要表現(xiàn)及原因。權(quán)利表彰不完整以及權(quán)利表彰不真實,是證券登記確權(quán)功能失效的主要表現(xiàn)。證券存管、登記、結(jié)算一體化操作方式，加上人們固有觀念的影響，導(dǎo)致賬戶登記與持有人名冊登記混同。因而，人們在實務(wù)操作與理論研究中混淆了證券登記載體，使得證券登記確權(quán)功能失效。對此，應(yīng)分設(shè)證券登記系統(tǒng)與持有人名冊登記系統(tǒng)，賦予持有人名冊登記系統(tǒng)公示力；摒棄封閉股東名冊的做法，根據(jù)交易結(jié)果確立權(quán)利主體；明確證券登記機構(gòu)在集中交易中謹慎審查的義務(wù)。 第二部分質(zhì)押登記規(guī)則受質(zhì)疑的主要表現(xiàn)及原因。多個質(zhì)權(quán)共存時權(quán)利表彰困難,孳息強制登記的合法性受質(zhì)疑，是質(zhì)押登記規(guī)則存質(zhì)疑的主要表現(xiàn)。原因在于，質(zhì)押標的失去直觀表現(xiàn)形式，并且與證券權(quán)利標的共存于證券賬戶內(nèi)。而實務(wù)界沒能認識到無紙化證券質(zhì)押標的的特征，采取了無效的方式登記質(zhì)押標的。這樣，，造成了質(zhì)權(quán)表彰困境，使得孳息強制登記的做法受質(zhì)疑。對此，應(yīng)通過區(qū)分標的代碼及數(shù)量來劃分質(zhì)押標的；采用一對一的登記方式，區(qū)分不同質(zhì)權(quán)；將質(zhì)權(quán)孳息登記的選擇權(quán)交還給質(zhì)押當事人，由雙方自由決定是否一并質(zhì)押登記。 第三部分證券權(quán)益人在權(quán)利救濟上面臨困境的主要表現(xiàn)及原因。證券權(quán)利救濟出現(xiàn)障礙的主要表現(xiàn)在于，在錯誤登記時，證券權(quán)利人無法向相關(guān)主體直接尋求救濟；在存在無權(quán)處分時，證券登記制度無法保障善意受讓人的權(quán)利。主要原因在于，我國現(xiàn)有法律關(guān)系框架構(gòu)建起登記機構(gòu)與投資者間接法律關(guān)系，使得投資者直接向登記機構(gòu)主張權(quán)利受阻；由于名義人登記權(quán)利義務(wù)體系缺失以及證券責任體系不完善，證券登記過程中證券權(quán)利救濟容易出現(xiàn)障礙。針對這些問題，筆者進一步提出對策：明確名義人登記中權(quán)益人對證券賬戶內(nèi)的證券權(quán)利享有共同權(quán)，建立新的法律框架以賦予變更登記中投資者直接向登記機構(gòu)主張相關(guān)的權(quán)利；在錯誤登記情形下，針對系統(tǒng)錯誤登記現(xiàn)象，建立多方參與的系統(tǒng)風險預(yù)防機制；明確界定善意取得的適用范圍及構(gòu)成要件。
[Abstract]:In 1990s, China's securities market to achieve a paperless operation, ushered in the era of paperless securities. But did not set up to adapt to the need of paperless securities registration system development. Securities registration system in China does not define the legal nature of the legal relationship of securities account, nor clarify the securities registration organization and in related subjects. Under the background of the paper, the rights and interests of securities have lost the direct control of the rights of the carrier, more dependent on intermediaries to achieve the right to recognition, transfer of rights. Investors and securities companies, securities registration agencies and other intermediaries between the relevant securities rights confirmation, wrong registration disputes. The framework of the existing system still emerge in an endless stream is designed based on the background of the paper, did not to achieve effective investor rights confirmation, did not provide a convenient way for the realization of pledge registration, there is no guarantee for the exercise of stock rights and complete design To this end, this paper focuses on the three aspects of the research.
The first part is the securities registration failure causes and expression recognition. Right incomplete and right recognition is not true, is the main performance of the failure of securities registration and ownership function. The securities depository and clearing, registration, integration operation, coupled with the impact of people's minds, leading to the account registration and registration of the register of the holders of confusion. Therefore, people the confusion of the securities registration carrier in practice and theoretical research, makes the securities registration failure. This should be divided into securities registration system and the register of the holders of the registration system to hold the roster registration publicity system; abandon the closure of the register of shareholders, according to the trading results clearly establish the subject of rights; the securities registration agency review cautious in focus in the transaction of obligations.
The second part of the main manifestations and causes of pledge registration rules questioned. The coexistence of a pledge rights for legal difficulties, fruits of compulsory registration by the question, is the main manifestation of pledge registration rules questioned. The reason is that the pledge of the loss of visual expression, coexist and target of rights and securities in the securities account. But the practice failed to recognize the characteristics of non paper securities pledge, take the invalid registration pledge. This caused a pledge for trouble, make compulsory registration practices questioned the fruits. In this regard, the code and the number should be subject to division by distinguishing the pledge; using one to one the registration form, distinguish different pledge; will choose the right pledge registration to pledge fruits by both parties, together with the freedom to decide whether the registration of the pledge.
The third part of equity securities in performance and the reasons for the right to relief the difficulties faced by the main obstacles. The relief right is in the wrong registration of securities, securities, rights to seek relief directly related to the subject; in the presence of unauthorized disposition, securities registration system can not guarantee the rights of bona fide assignee. The main reason is that China's existing legal framework to build the registration agencies and investors in indirect legal relationship, making investors directly to the registration authorities blocked claims; because the name registration system of rights and obligations and the lack of securities liability system is not perfect, the stock rights registration process in securities relief prone to disorder. To solve these problems, the author further puts forward the Countermeasures: to clear the name of the rights and interests of people in the registration of securities in the securities account of the rights of common rights, establishing a new legal framework to give In changing registration, investors directly claim relevant rights to the registration institutions. In the case of erroneous registration, we should establish a systematic risk prevention mechanism involved in the system error registration phenomenon, and clearly define the applicable scope and constitutive requirements of bona fide acquisition.

【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：D922.287

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