本文關(guān)鍵詞： 股災(zāi) 救市資金 退出 證金公司　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2015年的"615股災(zāi)"使投資者損失慘重,股市長期低迷,至今尚未恢復(fù)到4000點(diǎn)。政府積極采取措施救市,共使用救市資金2.3萬億元人民幣,目前股市正在穩(wěn)步恢復(fù)中,救市資金鮮有退出,但救市資金不能長期停留在股市,退出是其必然要求。因此,研究我國當(dāng)下股災(zāi)救市資金退出法律機(jī)制,為龐大的"615股災(zāi)"救市資金退出提供便利。目前我國尚無對(duì)股災(zāi)救市資金退出法律機(jī)制的學(xué)理研究�？蓮木仁匈Y金的性質(zhì)和特征入手,循序漸進(jìn),探索救市資金退出和救市資金退出法律機(jī)制的內(nèi)涵和特征。股災(zāi)救市資金屬于政府性資金,其退出主體廣泛、退出方式多選擇直接出售證券,而股災(zāi)救市資金退出法律機(jī)制則具有長期性、多樣性、公開性、權(quán)利義務(wù)一致性的特征。股災(zāi)救市資金是政府干預(yù)性質(zhì)的資金,長期不退出會(huì)對(duì)證券市場(chǎng)產(chǎn)生負(fù)面影響,負(fù)外部性理論和國家干預(yù)理論決定了救市資金退出的必然性。同時(shí),救市資金不退出,會(huì)導(dǎo)致股票市場(chǎng)喪失自我調(diào)節(jié)功能,具體表現(xiàn)為破壞平等交易、破壞公平競(jìng)爭(zhēng)、扼殺市場(chǎng)活力,還易導(dǎo)致被救助對(duì)象產(chǎn)生懶漢意識(shí),引發(fā)道德風(fēng)險(xiǎn)。雖然目前我國尚未建立全面的股災(zāi)救市資金退出法律機(jī)制,但已有救市資金退出相關(guān)內(nèi)容,如少量的規(guī)范性文件,已有的救市資金退出方式。股災(zāi)救市資金退出法律機(jī)制尚未上升到法律層面,僅有證監(jiān)會(huì)的相關(guān)公告,如證金公司承擔(dān)"615股災(zāi)"救市主體,銀監(jiān)會(huì)對(duì)其提供流動(dòng)性支持,證金公司將部分股票轉(zhuǎn)讓給匯金公司等。上交所、深交所也配合證監(jiān)會(huì)公告出臺(tái)相關(guān)自律規(guī)則,如降低交易費(fèi)用等。以2015年"615股災(zāi)"退出為例,研究我國現(xiàn)有的股災(zāi)救市資金退出法律機(jī)制,可以發(fā)現(xiàn)法律規(guī)范欠缺、信息披露不充分、退出方式單一等問題。信息披露制度是證券市場(chǎng)的核心內(nèi)容,不僅上市公司需要遵循,救市資金主體在證券交易中同樣需要遵守,正因?yàn)檎谛畔⒐_內(nèi)容上披露不全面,導(dǎo)致市場(chǎng)不實(shí)消息遍布,影響股市穩(wěn)定。我國股災(zāi)救市資金退出法律機(jī)制的構(gòu)建,可參考域外成功的救市資金退出經(jīng)驗(yàn),并結(jié)合我國"615股災(zāi)"的實(shí)際情況。美國、日本、韓國、我國臺(tái)灣和香港地區(qū)股災(zāi)救市經(jīng)驗(yàn)豐富,有多次救市資金退出經(jīng)歷,如香港的盈富基金、美國的TARP計(jì)劃退出,都是域外成功退市典范。我國股災(zāi)救市資金退出法律機(jī)制可從法律體系、信息披露、退出方式和法律責(zé)任四個(gè)方面構(gòu)建。在《證券法》修改之際,加入股災(zāi)救市資金退出原則性條款,證監(jiān)會(huì)等相關(guān)機(jī)構(gòu)出臺(tái)詳細(xì)的救市資金退出計(jì)劃,證金公司、匯金公司、證金資管和匯金資管等需要完善信息披露,確保信息的公開透明。退出方式的選擇上除了集合競(jìng)價(jià)交易和大宗交易兩個(gè)二級(jí)市場(chǎng)交易外,還可以拓寬其他退出方式,如場(chǎng)外交易市場(chǎng)、ETF指數(shù)基金上市交易、留存證金公司融券業(yè)務(wù)券池、轉(zhuǎn)讓給社�；�、委托給專業(yè)投資機(jī)構(gòu)運(yùn)作等,五種退出方式可以并行。法律責(zé)任追究中,單獨(dú)立法成本偏高,可借鑒已有的證券欺詐相關(guān)法律規(guī)范,對(duì)于承接救市資金的主體,證金公司、匯金公司等救市主體需要與承接機(jī)構(gòu)簽訂股票管理協(xié)議,確保半年內(nèi)不套現(xiàn)離場(chǎng),以此維護(hù)證券市場(chǎng)的穩(wěn)定。
[Abstract]:In 2015 the "615 crash" investors suffered heavy losses, long-term downturn in the stock market, has not yet been restored to 4000. The government has taken measures to rescue the market, the use of bailout funds 2 trillion and 300 billion yuan, the current stock market is steadily recovering, but rarely exit the bailout, bailout funds can not stay for a long time in the stock market, it is necessary for the exit. Therefore, our current research funds to rescue the market crash of exit legal mechanism, to provide convenience for the huge "615 crash" bailout funds exit. At present there is no research on science of crash bailout funds withdrawal mechanism. It can start from the nature and characteristics of bailout money step by step, to explore the intension and characteristics of bailout money and bailout funds exit the legal system of exit mechanism. The crash rescue funds belonging to the government funds, the main exit exit way more widely, choose direct sale of securities, and the stock market crash rescue funds exit method The law mechanism is long-term, diversity, openness, characteristics of the rights and obligations of consistency. The stock market crash rescue fund government intervention is the nature of money withdrawal is not for a long time will have a negative impact on the securities market, the negative externality theory and the theory of state intervention in the necessity of bailout money back out. At the same time, not a bailout exit, the stock market will lead to the loss of self regulating function, specific performance for the destruction of equal transactions to undermine fair competition, stifle the vitality of the market, but also easily lead to help object produce lazy consciousness, lead to moral hazard. Although China has not yet established a comprehensive disaster rescue fund withdrawal mechanism, but the existing bailout funds exit related content, such as a small amount of normative documents, the existing bailout funds exit. Crash rescue fund exit legal mechanism has not yet risen to the legal level, the relevant notice only the Commission, such as Gold card company bear the "615 crash rescue body, the CBRC to provide liquidity support to the gold card, the company will be part of the transfer of shares to the Huijin Company. The Shanghai Stock Exchange, the Shenzhen stock exchange with the CSRC issued the relevant self regulatory rules, such as reducing transaction costs. In 2015 615 shares from the disaster cases research on China's stock market crash, the existing bailout fund withdrawal mechanism, we can find that the lack of standardized, information disclosure is not sufficient, the single exit way. The problems in the information disclosure system is the core content of the securities market, listed companies not only need to follow the rescue, the main funds in securities trading also need to comply with, because of the government information disclosure the content of disclosure is not comprehensive, resulting in false news throughout the market, the impact of the stock market stable. Construction of China's stock market crash rescue fund withdrawal mechanism, reference to foreign successful rescue funds exit experience, combined with the The actual situation of China's "615 crash". The United States, Japan, South Korea, China's Taiwan and Hongkong regions have repeatedly experienced crash rescue, rescue funds exit experience, such as the Hongkong tracker fund, the United States TARP plans to exit, are foreign successful delisting model. China stock market crash rescue funds withdrawal from legal mechanism the legal system of information disclosure, from the four aspects and legal responsibility. In the construction of the securities law amended, added exit principles of bailout money stock market crash, the Commission and other relevant institutions issued with a bailout plan to exit, gold card company, Huijin Company, gold card information management and information management needs Huijin to improve the disclosure of information, ensure the openness and transparency of information. The selection of the exit ways in addition to the auction trading and commodity trading two two secondary market transactions, but also can broaden the other exit ways, such as OTC market, ETF index Gold traded, retained gold card company trading business pool of securities, transfer to the social security fund investment institutions entrusted to the professional operation, five exits in parallel. The legal responsibility, separate legislation cost is high, can draw on existing securities fraud related laws and regulations, to undertake the main rescue fund, gold card company. Huijin bailout subject need to sign stock management agreement with the organization, to ensure that within half a year not to cash out, in order to maintain the stability of the stock market.

【學(xué)位授予單位】：安徽大學(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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