硕士学位论文：我国证券融资融券交易监管制度的健全.doc

1、1硕士学位论文（20 届）我国证券融资融券交易监管制度的健全姓 名学 科 、 专 业 经济法学（全日制法学硕士）研 究 方 向 商 法指 导 教 师论文提交日期2我国证券融资融券交易监管制度的健全（硕士论文摘要）融资融券交易的产生是证券交易的内在需求。境外证券市场已经形成了较为成熟的融资融券交易制度。作为一种重要的证券交易方式，融资融券具有活跃证券市场、优化资源配置、促进资本流通的作用。随着我国证券市场的不断壮大以及与国际证券市场的逐渐接轨，改变目前单一的证券交易方式，允许融资融券交易是我国证券市场发展的必然选择。而合理、有效的监管制度，是建立和完善融资融券制度的核心所在。因此，对融资融券的监

2、管制度进行研究具有重大而深远的现实意义。本文分为四个部分。第一章是融资融券监管制度概述。首先，对融资融券监管的概念进行了界定，并分析融资融券交易的风险与监管的必要性。接着，对融资融券监管体制进行了论述，由一般证券监管体制引出融资融券监管体制，并探讨了监管与自律的关系。第二章是融资融券监管模式分析。这一部分介绍了境外典型国家和地区的监管机构设置和融资融券监管方面的立法状况，并分析了不同模式各自的特点，进而在比较分析后得出启示：我国在融资融券试点阶段采用的是分散授信模式，在这种模式下，尽管也是由证券公司直接向货币市场融资，但并不完全等同于美国的市场化模式，而是一种不同于现存各国的、全新折衷的模式，

3、即在市场化的基础上加入了政府监管的“准市场化模式” ，这种准市场化模式是符合我国国情的。第三章是融资融券监管的制度设计。这一部分根据监管对象进行分类，从对市场主体的监管（即市场准入制度）和对市场要素（主要包括标的证券、保证金比率、融资融券额度、担保品和信息披露等）的监管两个角度，对融资融券监管制度的主要内容进行了阐释和比较。第四章从我国融资融券监管的现状入手，提出我国融资融券监管制度在市场准入、信息披露、权力分配和法律责任等方面存在的问题，并针对上述问题，提出相应的建议，以期对我国融资融券监管制度的完善有所裨益。我国自 2006 年以来，陆续颁布了一些有关融资融券交易监管的制度。但由3于我国融

4、资融券市场尚处在发展初期，在很多方面还有待完善。因此，认真研究境外资本市场上融资融券监管的经验，认真分析我国融资融券监管的现状、存在的问题，推进融资融券市场的法制建设，对于维护市场公平竞争、保障社会经济稳定发展，有着重大而深远的意义。关键词 融资融券 监管制度 健全1Perfecting of Supervision System on Margin Trading of Chinese Securities(Abstract of Thesis for Masters Degree)The emergence of margin trading is the internal need of

5、 commercial transactions. It has developed into a mature system overseas. As an important means of securities trading, margin trading can animate the securities market, optimize the allocation of resources, and promote the capital flowing. With the continuous growth of Chinas securities market and t

6、he gradual integration with international securities markets, it has been an inevitable choice of the development of Chinas securities market to change the current single exchange way and open the margin trading market. While a reasonable and effective supervision system is the core of establishing

7、and improving the margin trading system. Therefore, there is a lot of practical significance to study on margin trading supervision system. The article is divided into four parts. The first chapter outlines the supervision system of margin trading. First of all, it defines the concept of supervision

8、 of margin trading, and explores the risk of margin trading and the necessity of supervision. Then it describes the regulatory mechanism regarding margin trading on basis of the analysis of securities supervision system, and discusses the relationship between margin trading supervision and self-regu

9、lation.The second chapter is analysis on margin trading supervision mode. This chapter introduces the regulatory institutions and legislative situations in typical countries and regions, and explains the characters of different modes, and then gets the inspiration through comparison: what China carr

10、ies out during margin trading pilot program is the decentralized credit pattern. Though under this pattern, the securities companies directly finance from the capital market, it is not totally the same as the market-oriented pattern in the Unite States. It is a new and eclectic quasi-market pattern

11、which is market-oriented and governmental supervision-guided. This quasi-market pattern is in line with Chinas national conditions. 2The third chapter is about the system design on margin trading. This chapter classifies the supervision objects, and then explains and compares the main contents of ma

12、rgin trading supervision system through the following two aspects: one is supervision on market entities (namely system on market entrance permission), another is supervision on market elements (such as underlying securities, deposit ratio, quota for margin trading, guarantee, information disclosure

13、 and so on).The fourth chapter points out the problems of our supervision system on market entrance permission, information disclosure, distribution of supervision power and legal obligations from the current status quo of China. Regarding the previous problems, the fourth chapter gives out some rel

14、evant advice to further approve the supervision system of margin trading.Since 2006, China has promulgated some regulations on supervision of margin trading. But there are still many aspects need to be further improved because margin trading in our China is still at the initial stage of development.

15、 For purpose of maintaining fair competition in the market and keeping the social-economic stability and development of China, it has great significance to study the experience of foreign capital markets seriously, and carefully analyze our financial and securities regulators of the status quo and e

16、xisting problems while at the same time to improve the legal system regarding margin trading.Key Words Margin Trading Supervision Perfecting1目 录导 言 .1一、选题意义 .1二、研究现状 .2三、研究范围 .2四、研究方法 .3五、基本思路及创新之处 .3第一章 融资融券监管制度概述 .5一、融资融券监管的界定 .5（一）融资融券监管的理论基础 .6（二）融资融券交易的风险及监管的必要性 .7二、融资融券监管体制 .8（一）一般证券监管体制 .8（二）

17、融资融券监管体制 .9第二章 融资融券监管模式分析 .13一、市场化模式：以美国为例 .13（一）美国融资融券监管简介 .13（二）市场化模式的特点 .14二、专业化模式：以日韩为例 .15（一）日韩融资融券监管简介 .15（二）专业化模式的特点 .172三、双轨制模式：以台湾地区为例 .17（一）台湾地区融资融券监管简介 .17（二）双轨制模式的特点 .18四、我国融资融券监管的模式选择 .19第三章 融资融券监管的制度设计 .21一、融资融券市场准入制度 .21（一）以投资者为视角 .21（二）以证券公司为视角 .22（三）以证券金融公司为视角 .23二、融资融券市场要素监管制度 .25（

18、一）对标的证券的监管 .25（二）对保证金比率的监管 .26（三）对融资融券额度的监管 .28（四）对担保品的监管 .30（五）对信息披露的监管 .32第四章 我国融资融券监管制度的缺漏与健全 .34一、我国融资融券监管的现状 .34（一）我国融资融券市场的发展现状 .34（二）我国融资融券监管的制度现状 .35（三）我国融资融券监管的特殊性 .35二、我国融资融券监管制度的缺漏 .37（一）市场准入制度亟待完善 .373（二）信息披露制度缺位 .38（三）监管机构与自律组织定位偏差 .38（四）法律责任欠缺 .39三、我国融资融券监管制度的健全 .40（一）完善市场准入制度 .41（二）健全信息披露监管制度 .41（三）纠正监管机构与自律组织定位偏差 .42（四）健全融资融券法律责任追究机制 .43（五）强化保证金调控机制 .46结 语 .47参考文献 .48在读期间发表的学术论文与研究成果 .52后 记 .53