本文選題：證券投資咨詢 + 專家責任　； 參考：《中國政法大學(xué)》2011年博士論文

【摘要】：證券投資咨詢機構(gòu)及證券分析師是證券市場上吸收和消化信息的重要環(huán)節(jié),有利于投資的增長,但同時也可能為謀取私利而損害客戶的利益。如果對于證券投資咨詢行為不加以適度的規(guī)范與管理,則“保障投資者”之立法目的將無法實現(xiàn),必然會出現(xiàn)投資者對證券市場失去信心,選擇“用腳投票”離開證券市場,最終證券市場會成為無源之水。因此,如何對證券市場投資咨詢活動加以有效的規(guī)范,界定證券投資咨詢機構(gòu)及其執(zhí)業(yè)人員對于客戶和社會公眾應(yīng)負的義務(wù)和責任、完善保護投資者相關(guān)配套制度,對于規(guī)范證券投資咨詢行為,防范和制止不法或不道德證券投資咨詢行為,對受到損害的投資者予以保護和補償,都是事關(guān)證券市場規(guī)范發(fā)展的重要課題。本文的文章結(jié)構(gòu)及主要內(nèi)容如下: 第一章“緒論”。本章首先解釋了作者選擇這一課題之緣起與動機,針對目前國內(nèi)外證券投資咨詢行業(yè)違法違規(guī)現(xiàn)象層出不窮,給廣大投資者帶來了巨大損失,出于對這一現(xiàn)象的關(guān)注與思考,作者試圖尋找規(guī)范證券投資咨詢機構(gòu)及其分析師的合理制度和理論背景。第二部分為文獻綜述,主要針對國內(nèi)外有關(guān)本論題的理論研究、學(xué)術(shù)成果進行概括與總結(jié);第三部分探討了本文的選題意義及可能的創(chuàng)新之處;第四部分闡述了本文所使用的研究方法。 第二章“證券投資咨詢機構(gòu)民事義務(wù)的源流”。第一部分主要就證券投資咨詢相關(guān)基本概念進行簡要的界定,先論述有價證券的定義及其范圍,然后分析證券投資咨詢機構(gòu)的定義,最后簡要分析一下證券分析師的含義及其主要類型。第二部分著重介紹證券投資咨詢機構(gòu)及其證券分析師對于證券市場、一般投資者來說其主要功能與作用。第三部分在分析比較有價證券與證券市場區(qū)別于其他商品與市場的基礎(chǔ)上,探討證券投資咨詢與其他咨詢行業(yè)的區(qū)別,以揭示對于證券投資咨詢予以特別規(guī)制的必要性。第四部分重點探討了證券投資咨詢機構(gòu)及其分析師與其客戶、社會公眾之間的關(guān)系與地位,在綜合運用信義關(guān)系理論,專家責任理論等的前提下,總結(jié)出證券投資咨詢機構(gòu)及其分析師對投資者應(yīng)有的忠實義務(wù)、注意義務(wù)及信息披露義務(wù)。第五部分論述了“投資者自己責任原則”與“保障投資者”之間的關(guān)系。介紹了“投資者自己責任原則”之含義及其演變過程,說明在證券市場上由于信息不對稱等原因,“投資者自己責任原則”逐漸與“保障投資者”一道,成為關(guān)于證券投資者如何保護的相輔相成的一對理論。 第三章“證券投資咨詢機構(gòu)的注意義務(wù)”。注意義務(wù)是對于證券投資咨詢機構(gòu)及其證券分析師執(zhí)業(yè)能力與水平的要求。第一部分論述證券投資咨詢機構(gòu)及其證券分析師在提供投資咨詢建議時,應(yīng)當符合“適合性原則”的要求。本節(jié)運用比較分析方法,對比了美、日等國家關(guān)于“適合性原則”的規(guī)定,對于我國現(xiàn)有規(guī)定進行了評價分析,從而提出了關(guān)于如何在證券投資咨詢過程中具體運用“適合性原則”來判斷證券投資咨詢機構(gòu)及其分析師是否履行了該義務(wù)。第二部分論述了最佳執(zhí)行的義務(wù),即證券投資咨詢機構(gòu)及其證券分析師在執(zhí)行交易時應(yīng)當以最有利于客戶的方式為之。第三部分論述了對于證券投資咨詢機構(gòu)及其證券分析師如何提升執(zhí)業(yè)水平及完善內(nèi)部控制。針對目前我國證券分析師普遍素質(zhì)不高,能力低下的現(xiàn)象,本文借鑒美國相關(guān)經(jīng)驗,提出如何提升整個證券投資咨詢的業(yè)務(wù)素質(zhì)與水平的具體建議。 第四章“忠實義務(wù)違反防范之制度設(shè)計—以“中國墻”為核心”。忠實義務(wù)的核心即如何解決利益沖突的問題。第一部分主要論述了目前國內(nèi)外證券投資咨詢業(yè)常見的利益沖突,包括剝頭皮,本人交易,不當勸誘行為及惡意推薦行為,不公平地對待部分客戶,保密義務(wù)以及顧問合同的轉(zhuǎn)讓等等。針對上述問題,本文接下來分三種方式提出解決措施:第一種是對于詐欺行為的一般監(jiān)管措施;第二種主要論述了“中國墻”制度及其應(yīng)用;第三種論述了利益沖突的其他防范措施,包括信息披露制度以及資產(chǎn)隔離制度。 第五章“證券投資咨詢中的信息披露規(guī)制”。第一部分為信息披露制度背景解讀。主要論述了信息披露制度的定義及其歷史上的論爭過程。第二部分論述了信息披露制度的價值目標。信息披露制度在保護投資者利益、優(yōu)化公司內(nèi)部管理以及維護證券市場秩序方面具有積極的意義。信息披露需要符合真實性、完整性、準確性、及時性的標準及要求。第三部分主要說明證券投資咨詢機構(gòu)及其證券分析師的信息披露義務(wù),體現(xiàn)在以下幾個方面:廣告行為的規(guī)范,咨詢服務(wù)合同訂立時的信息披露義務(wù),投資者的合同解除權(quán)以及證券投資咨詢服務(wù)合同履行過程中的信息披露義務(wù)。 第六章“損害與賠償:民事責任的承擔”。第一部分為證券民事責任基礎(chǔ)理論,主要論述了證券民事責任的意義、制度價值及其功能,證券民事責任制度在保護投資者合法權(quán)益、有效遏制證券違法行為以及維護證券市場管理秩序方面都發(fā)揮著重要作用。第二部分為證券投資咨詢機構(gòu)及其執(zhí)業(yè)人員的民事責任,主要討論了該民事責任的性質(zhì),分為對合同相對人和第三人的民事責任;該民事責任的構(gòu)成要件,包括侵害行為、因果關(guān)系和主觀過錯。第三部分為證券投資咨詢機構(gòu)責任減免制度與懲罰性賠償,認為從保護證券投資分析行業(yè)和投資者的角度,應(yīng)該考慮建立證券投資咨詢機構(gòu)責任減免制度與懲罰性賠償。
[Abstract]:Securities investment advisory bodies and securities analysts are important links in the absorption and digestion of information on the securities market, which are beneficial to the growth of investment, but at the same time it may also harm the interests of the customers. If the securities investment advisory behavior is not properly regulated and managed, the legislative purpose of "ensuring investors" will be impossible. It is inevitable that investors will lose confidence in the securities market, choose to leave the stock market with foot vote, and eventually the securities market will become passive water. Therefore, how to standardize the investment advisory activities of the securities market effectively and define the meaning of the securities investment advisory body and its practitioners to the customers and the public. It is an important lesson in the standard development of the securities market. The article structure and main contents of this article are as follows: to regulate the relevant supporting system of investors, to regulate the behavior of securities investment consulting, to prevent and stop the illegal or immoral securities investment consultation, to protect and compensate the injured investors.
The first chapter "Introduction". This chapter first explains the origin and motivation of the author's choice of the subject. In the light of the unlawful and illegal phenomenon in the securities investment consulting industry at home and abroad, it has brought great losses to the investors. The rational system and the theoretical background of the teacher are analyzed. The second part is the literature review, which mainly aims at the theoretical research on this topic at home and abroad, the academic achievements are summarized and summarized; the third part discusses the significance of the topic and the possible innovation in this article; the fourth part expounds the research methods used in this article.
The second chapter "the origin of the civil obligation of the securities investment advisory body". The first part is a brief definition of the basic concepts related to securities investment consulting. First, the definition and scope of the negotiable securities are discussed, then the definition of the securities investment advisory body is analyzed. Finally, the meaning and main types of securities analysts are briefly analyzed. The two part focuses on the main functions and functions of the securities investment advisory body and its securities analysts for the securities market and the general investors. The third part, on the basis of the analysis and comparison of the difference between the securities and the securities market in other commodities and markets, discusses the differences between securities investment consultative consultation and other consulting industries in order to reveal that The fourth part focuses on the relationship and status of the securities investment advisory body and its analysts and their clients and the social public. On the premise of the comprehensive use of the theory of trust and the theory of expert responsibility, the paper sums up the investment advisory institutions and their analysts to the investors. The fifth part discusses the relationship between "the principle of investor responsibility" and "the investor protection". It introduces the meaning and evolution process of "the principle of investor's own responsibility", and explains the principle of "investor's own responsibility" in the securities market because of information asymmetry. "Gradually" together with "safeguard investors" becomes a complementary theory on how to protect investors.
The third chapter "the duty of attention of the securities investment advisory body". The duty of attention is the requirement for the ability and level of the securities investment advisory body and its securities analysts. The first part discusses that the securities investment advisory body and its securities analysts should meet the requirements of "suitability principle" when providing advice on investment advice. Using the comparative analysis method, we compare the regulations of the United States and Japan on the "principle of suitability", and make an evaluation and analysis of the existing regulations of our country, and then put forward about how to apply the "principle of suitability" in the consultation process of securities investment to judge whether the securities investment advisory body and its analysts have fulfilled the obligation. Second In the third part, the third part discusses how the securities investment advisory body and its securities analysts improve their practice level and improve their internal control. The general quality is not high and the ability is low. In this paper, we draw on the relevant experience of the United States and put forward some specific suggestions on how to improve the quality and level of the whole securities investment consulting.
The fourth chapter "the system design of the duty of loyalty violates the guard system - the core of the" China Wall ". The core of the duty of loyalty is how to solve the problem of the conflict of interest. The first part mainly discusses the common conflicts of interest in the securities investment consulting industry at home and abroad, including the scalp, the personal transaction, the improper persuasion and the malicious recommendation. Unfair treatment of some customers, confidentiality obligations and the transfer of consultancy contracts, and so on. Aiming at the above problems, the following three ways to solve the problems: the first is the general supervision measures for fraudulent behavior; the second mainly discusses the "China Wall" system and its application; the third kinds of other prevention of the conflict of interest. Measures include information disclosure system and asset segregation system.
The fifth chapter "information disclosure regulation in securities investment consultation". The first part is the interpretation of the information disclosure system background. The definition of information disclosure system and the process of controversy in history are mainly discussed. The second part discusses the value target of the information disclosure system. The information disclosure system is protecting the interests of investors and optimizing the internal management of the company. The third part mainly explains the information disclosure obligation of the securities investment advisory body and its securities analysts, which is embodied in the following aspects: the standard of advertising behavior, the consultation service contract The obligation of information disclosure, the right to terminate the contract and the obligation to disclose information during the implementation of the contract.
The sixth chapter "damage and compensation: the burden of civil liability". The first part is the basic theory of securities civil liability, mainly discussing the meaning of the securities civil liability, the system value and its function, the security civil liability system is protecting the legitimate rights and interests of the investors, effectively preventing the securities from illegal act and maintaining the management order of the securities market. The second part is the civil liability of the securities investment advisory body and its practitioners, mainly discussing the nature of the civil liability, divided into the civil liability for the contract relative and the third party, and the constitutive requirements of the civil liability, including the infringement, the causality and the subjective fault. The third part is the securities investment consultation. The institutional liability reduction system and punitive damages should be considered from the point of view of the protection of securities investment analysis industry and investors, and the establishment of the liability reduction and remission system and punitive damages for the securities investment advisory body.
【學(xué)位授予單位】：中國政法大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2011
【分類號】：D912.28;D913

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本文編號：2062031