本文關(guān)鍵詞：股票與股指期貨跨市場監(jiān)管法律制度研究　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 跨市場監(jiān)管 市場操縱 內(nèi)幕交易 信息披露 機(jī)構(gòu)投資者

【摘要】：金融是現(xiàn)代經(jīng)濟(jì)發(fā)展的核心元素。金融市場的不斷發(fā)展和不斷創(chuàng)新,誕生了股指期貨這一產(chǎn)物。在金融全球化的影響下,股指期貨已經(jīng)成為了影響力最大的金融衍生產(chǎn)品,其發(fā)展速度也是首屈一指。股指期貨有著很多功能,例如套期保值、價(jià)格發(fā)現(xiàn)等,它可以發(fā)揮出優(yōu)化資源配置的作用,從而有利于整個(gè)金融市場趨于穩(wěn)定,但同時(shí)其亦是一把雙刃劍,如果運(yùn)用不好,就會(huì)產(chǎn)生相反的作用,更進(jìn)一步,甚至可能引發(fā)股災(zāi),屆時(shí)整個(gè)金融證券市場將面臨"地震"般的打擊,動(dòng)蕩不穩(wěn)定,因此就要求我們進(jìn)行必要的監(jiān)管。我國股票市場出現(xiàn)以來,金融市場突飛猛進(jìn),相應(yīng)的風(fēng)險(xiǎn)隨之而來,此時(shí),股指期貨作為一種金融衍生品,就可以規(guī)避掉股票市場的部分風(fēng)險(xiǎn),但是股指期貨市場也并非風(fēng)平浪靜,其本身的監(jiān)管仍是值得考究的,而關(guān)于股票與股指期貨市場的跨市場監(jiān)管更是理論界與實(shí)務(wù)界討論的熱點(diǎn)。股指期貨的價(jià)格發(fā)現(xiàn)和風(fēng)險(xiǎn)管理的功能,為股票與股指期貨之間的跨市場交易提供了可能。鑒于信息的不對稱以及法律的不完備等因素的存在,有必要加強(qiáng)股票與股指期貨市場之間的跨市場監(jiān)管,主旨是要建立健全股票與股指期貨跨市場監(jiān)管法律制度,在具體監(jiān)管方面要做到立法監(jiān)管、行政監(jiān)管和自律監(jiān)管這三者的協(xié)調(diào)與統(tǒng)一,還要求要注重內(nèi)部監(jiān)管與外部監(jiān)管的協(xié)調(diào)統(tǒng)一。股票市場與股指期貨市場在我國出現(xiàn)的時(shí)間相比較短,屬于一個(gè)新興的市場,年輕有活力,但在其內(nèi)部也充斥著不少違法違規(guī)行為,諸如市場操縱、過度投機(jī)、內(nèi)幕交易等,因此有必要借鑒美國、英國、日本等地區(qū)先進(jìn)的股票與股指期貨跨市場監(jiān)管的模式和經(jīng)驗(yàn),建立健全股票與股指期貨跨市場監(jiān)管的法律制度,通過制定《期貨交易法》,建立健全跨市場反操縱法律制度、跨市場信息披露制度和以"熔斷機(jī)制"為代表的跨市場穩(wěn)定制度,同時(shí)落實(shí)保護(hù)投資者合法權(quán)益的措施,及時(shí)規(guī)避和化解風(fēng)險(xiǎn),保障金融證券市場的穩(wěn)定。具體要做到,首先要制定相關(guān)法律,引入功能監(jiān)管,從法律層面確定我國股票與股指期貨跨市場監(jiān)管的模式,確定各自的權(quán)力范圍,把責(zé)任落到實(shí)處;其次就是通過學(xué)習(xí)國外先進(jìn)經(jīng)驗(yàn),比較分析來提出完善我國跨市場反操縱制度、完善跨市場信息披露制度、完善熔斷機(jī)制的具體策略,使得我國的市場在規(guī)避風(fēng)險(xiǎn)方面的能力得到長足的提升;最后,就是隨著我國金融市場的持續(xù)發(fā)展,散戶這一金融市場主體的情況必將進(jìn)一步得到解決,相應(yīng)的機(jī)構(gòu)投資者的比例也會(huì)進(jìn)一步的增加,如我國"新三板"的推出,其中對于投資者的資質(zhì)提出了更高的要求,為我國金融市場的健康發(fā)展注入了新的血液,但是監(jiān)管問題仍是值得關(guān)注與預(yù)防的。發(fā)揮這些投資者的優(yōu)勢,完善其自身內(nèi)部的風(fēng)險(xiǎn)控制制度,可以有效地預(yù)防和規(guī)避風(fēng)險(xiǎn)的發(fā)生,大大降低風(fēng)險(xiǎn)發(fā)生所帶來的的不利影響,從而使我國股票與股指期貨市場長期穩(wěn)定的發(fā)展。
[Abstract]:Finance is the core element of the development of modern economy. With the continuous development and innovation of the financial market, the product of stock index futures has been born. Under the influence of financial globalization, stock index futures have become the most influential financial derivatives, and their development speed is also the first one. Stock index futures has many functions, such as hedging, price discovery, it can play a role in optimizing the allocation of resources, which is conducive to the whole financial market tends to be stable, but it is also a double-edged sword, if used well, it will have the opposite effect, further more, or may cause the crash, then the stock market will face the "earthquake" strikes, instability, so we need to make the necessary supervision. Since China's stock market, the financial market by leaps and bounds, the corresponding risk that, at this time, the stock index futures as a financial derivative, you can avoid some of the risk of the stock market, but the stock index futures market is not its own regulation is still in smooth water, worthy of study, and cross market supervision on stock and stock index futures market is a hot discussion in theory and practice. The price discovery of stock index futures and the function of risk management provide the possibility for cross market trading between stock and stock index futures. In view of the incomplete factors such as information asymmetry and legal existence, it is necessary to strengthen the cross market supervision between the stock and the stock index futures market. The purpose is to establish and perfect the stock index futures and cross market supervision legal system, to achieve coordination and unification of legislation supervision, administrative supervision and self-regulation of the three parties in specific regulation also, coordination requirements should focus on the internal supervision and external supervision. The stock market and stock index futures market in our country the time is relatively short, which belongs to an emerging market, young and energetic, but inside is filled with a lot of illegal acts, such as market manipulation, excessive speculation, insider trading, it is necessary to learn from the United States, Britain, Japan and other advanced stock area the stock index futures and cross market supervision mode and experience of establishing and perfecting the legal system of stock index futures and cross market supervision, through the establishment of "futures trading law", establish and perfect the anti manipulation legal system of cross market and cross market information disclosure system and the "circuit breakers" as the representative of the cross market stable system, while the implementation of the protection of the legitimate the rights and interests of the investors, to avoid and resolve risks, safeguard the financial stability of the securities market. To be specific, the first to formulate relevant laws, the introduction of functional supervision, determine the stock and stock index futures in China cross market supervision mode from the legal level, to determine the scope of authority, implement the responsibilities; the second is through learning foreign advanced experience, put forward to a comparative analysis of cross market anti manipulation system, perfect cross market information the disclosure of specific strategy system and improve the circuit breakers in China, making China's market in terms of risk averse the ability to improve by leaps and bounds; finally, it is with the continuous development of China's financial market, the financial market scattered households the situation will be resolved, the proportion of institutional investors will also further the increase, such as the introduction of China's "new three", which puts forward higher requirements for the qualification of investors, has injected new blood for the healthy development of the financial market in China Liquid, but the regulatory issue is still a matter of concern and prevention. Giving full play to these investors' advantages and improving their own internal risk control system can effectively prevent and avoid risks and greatly reduce the adverse effects brought by risks, so that China's stock and stock index futures market will develop steadily for a long time.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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相關(guān)期刊論文 前2條

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本文編號：1346787