1、1硕士学位论文（20 届）跨国金融机构破产的法律问题研究以美国雷曼兄弟投资银行申请破产为例姓 名学 科 、 专 业 法 律 硕 士 （ 全 日 制 法 律 硕 士 ）研 究 方 向 国 际 经 济 法指 导 教 师论文提交日期2跨国金融机构破产的法律问题研究以美国雷曼兄弟投资银行申请破产为例（硕士论文摘要）在市场经济条件下，金融机构同一般企业一样必须受制于市场力量的约束，遵从优胜劣汰的竞争法则，破产倒闭不可避免。但是同一般企业相比，金融机构破产在破产原因、破产程序启动、破产重整程序、破产清算程序等诸多方面都有明显的不同。正是鉴于金融机构的特殊性及其破产对整个经济可能造成的负面效应，各国在处置破
2、产或濒临破产的金融机构问题上均表现出谨慎的态度，制定并完善了相应的金融机构破产法律制度。尤其是跨国金融机构，因为其组织形式上的国际性，即跨国金融机构破产案件的管理和协调已经不再局限于一国境内，案件会涉及不同法律，因而会产生诸多困难的问题。文中探讨的雷曼兄弟申请破产一案，可以说是当今最大的跨国金融机构破产案件，但长期以来由于跨境破产领域法律问题的解决非常混乱，且我国有加强与其他国家的司法合作和保护我国债权人的利益的必要性，因此有必要对跨国金融机构破产的法律问题加以研究。同时，对雷曼兄弟公司破产一案的研究，会对我国的金融法律制度的完善有所启示。本文除导言外共分三部分：第一章“跨国金融机构破产问题概
3、述” 。笔者首先对雷曼兄弟公司申请破产情况加以概述，从法律层面上概括跨国金融机构的含义及特点，跨国金融机构破产的特殊性。以此说明跨国金融机构破产会对一国经济乃至世界经济产生重大的影响，因此我国要谨慎对待跨国金融机构破产。第二章“跨国金融机构破产的域外效力及国际合作” 。本章又分为两大部分：第一部分是关于跨国金融机构破产的域外效力问题，通过域外效力的理论分析、美国的实践以及我国的跨国金融机构破产的实践来强调我国在雷曼兄弟公司破产案中应当坚持有限度的普遍性原则，既强调与他国的破产合作，又强调对本国债权人利益的保护；第二部分主要从国际私法的角度来探讨我国对境外破产程序的承认与协助，其中主要包括美国破
4、产人介入我国法院的途径、我国承认美国破产程序的条件、对境外破产程序的协助措施三部分。3第三章“雷曼兄弟公司破产的启示” 。本章旨在从雷曼兄弟公司破产中寻得对我国金融法律制度完善的启示。分别从事前、事中、事后三大方面提出完善建议：一是加强金融监管，包括加强国际间金融监管、完善我国金融监管法律制度、加强对外资金融机构及金融衍生产品的风险监管；二是完善我国金融机构破产法律制度，建议制定金融机构破产法 ；三是完善投资者保护法，通过对投资者尤其是小投资者在风险投资者处于弱势原因的分析，提出我国要进一步完善信息披露制度、建立对证券公司客户保证金的风险隔离制度、健全投资者诉讼制度、落实证券投资者保护基金制度
5、等建议。关键词 跨国金融机构破产；跨国破产合作；金融监管1Studies on Legal Issues in Cross-boarder Financial Institution Insolvencythe case of LehmanIn marketing economy, financial institution must be restricted by marketing power and obey the rule of survival of the fittest as usual company , so it can not avoid bankruptcy. Bu
6、t financial institution is different from usual company in the reasons for insolvency, commence procedure, reorganization procedure, liquidation process and so on. As for the differences and the unhealthy domino effect made by the insolvent financial institution, most countries keep cautious to reso
7、lution of insolvent financial institution, enact and improve legal of insolvent financial institution. Especially the cross-boarder financial institutions, because of its international organization, the administration and harmonization of cross-boarder financial institution is not limited in one cou
8、ntry, the case relates to different law, so it may make some problem. The case of Lehman in this essay is the biggest insolvent cross-boarder financial institution now, because of the mass situation in resolution of insolvent financial institution, and because of the necessity of our country strengt
9、hen legal co-operation with the other countries and protecting our national creditors interest, so we have to study on legal issues in insolvent cross-boarder financial institutions. Meantime through the research of the case of Lehman, we can learn lessons from it and improve our countrys financial
10、legal system.The thesis contains three chapters:Chapter , “Summarization of insolvent cross-boarder financial institution”. This chapter describes the case of Lehman, the meanings, characteristics and particularity of insolvent cross-boarder financial institution based on legal approach. These prove
11、 that insolvent cross-boarder financial institutions will influence economy of one country even the word, so we should be cautious to insolvent cross-boarder financial institution. 2Chapter, “Cross-boarder Effectiveness and international cooperation of cross-boarder financial institutions ” . This c
12、hapter contains two parts, one part is “the issues on cross-boarder effectiveness of cross-boarder financial institution”, through the theoretical analysis、the practice of America and our country on insolvent cross-boarder financial institution , this part suggest that we must insist on the principl
13、e of limited universality, that is to say we should cooperate with the other countries and protect our national creditors interest; the other part is “ recognition and Relief of A Foreign Proceeding” from the view of private international law, it include three parts: “ The approach of a foreign repr
14、esentative applying to the court of recognition of the foreign proceeding ”,“Decision to recognize a foreign proceeding”,“Relief that may be granted upon recognition of a foreign proceeding”.Chapter, “Inspiration of Lehman”. Through the study on the case of Lehman, we can learn lessons from it and i
15、mprove our financial law. There are three parts in this chapter, the first part is about financial supervision, it includes international financial supervision, financial supervision in our country and risk supervision of financial institution owned by foreign capitalists and financial derivatives;
16、the second part is about improving insolvency law of financial institution in our country, this part suggests creation of Insolvency Law in Financial Institution; the last part is about improving the law in protecting inventors, through the analysis of weakness of small inventors in risk invention,
17、this part suggests improving financial reporting、creating the system of segregating risk of guaranty money for clients in securities companies, improving the litigation law in investors and put the law in the guaranty money for inventors into practice.Key words: insolvent cross-boarder financial ins
18、titution; cooperation 3of cross-boarder insolvency; financial supervision1目 录导 言 .1第一章 跨国金融机构破产问题概述 .2第一节 雷曼兄弟公司申请破产情况简介 .2第二节 跨国金融机构及跨国金融机构破产的特殊性 .4一、跨国金融机构的含义及特点 .4二、跨国金融机构破产的特殊性 .7第二章 跨国金融机构破产的域外效力及国际合作 .8第一节 跨国金融机构破产的域外效力 .9一、域外效力的理论分析 .9二、美国的实践 .12三、我国跨国金融机构破产在现实中的探索 .14第二节 对境外破产程序的承认与协助 .17一、美国破产管理人介入我国法院的途径 .17二、我国承认美国破产程序的条件 .17三、对境外破产程序的协助措施 .19第三章 雷曼兄弟公司破产的启示 .20第一节 加强金融监管 .21一、加强国际间金融监管 .21二、完善我国金融监管法律制度 .22三、加强风险监管 .24第二节 完善我国金融机构破产法律制度 .29第三节 完善投资者保护法 .30结 语 .33参考文献 .34后 记 .38
