本文關(guān)鍵詞：投資人適當性制度研究　出處：《吉林大學》2013年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 適當性制度 投資風險 經(jīng)紀商義務(wù)

【摘要】：金融市場作為重要的經(jīng)濟發(fā)展領(lǐng)域，對于經(jīng)濟的發(fā)展起著不容忽視的巨大作用，投資人作為金融市場的主要參與主體，其與經(jīng)紀商的不平衡地位導致了對于金融產(chǎn)品認知的偏缺，以致在進行投資的行為中，會產(chǎn)生誤差與偏差，從而造成自身的經(jīng)濟損失，產(chǎn)生對金融產(chǎn)品的信任缺失，從而增大金融產(chǎn)品的投資風險性。投資人的保護程度強弱對于市場的穩(wěn)定與發(fā)展起著關(guān)鍵的作用，投資人適當性制度作為證券市場保護投資人權(quán)益的利器，通過制約經(jīng)紀商的銷售行為，從而保護著投資人的利益，維護著金融市場的有序發(fā)展。 投資人適當性制度起始于二十世紀的美國，經(jīng)過不斷的完善從而走向成熟，歐盟和日本借鑒美國該項制度的規(guī)定，結(jié)合自身的具體市場情況，發(fā)展了適合本土的適當性制度，在保護投資人利益方面起到了重要的作用，我國的投資人適當性制度起步較晚，并在證券市場的各領(lǐng)域呈現(xiàn)不均衡的發(fā)展狀態(tài)，制度的效力層級較低，需要整合到一部更高層級的法律文件中，以使制度的施行更加有力。同時，制度的法律設(shè)計方面也存在著缺失，以風險揭示和市場準入作為主要內(nèi)容，這樣的制度設(shè)計并不科學，而買賣自負內(nèi)容的規(guī)定更是加重了投資人的義務(wù)，而不能更好的對經(jīng)紀商的行為進行有效規(guī)范，，反而為其提供了變相的保護，這樣的制度將不會適應金融經(jīng)濟發(fā)展的需要。 本文的第一章是對于投資人適當性制度本身的內(nèi)涵進行陳述，對于適當性制度所涉及到的代理理論、特殊情節(jié)理論和招牌理論等理論基礎(chǔ)進行研究，特別是對家長主義所體現(xiàn)的法理予以探討。第二章主要對于投資人適當性制度進行比較法研究，分別以美國、歐盟、日本的發(fā)展作為基礎(chǔ)對于投資人適當性制度的起源、發(fā)展進行歸納討論，通過美國自律組織之適當性制度規(guī)定、美國證券法上的10b-5規(guī)則以及相應的司法實例，體現(xiàn)了適當性制度的起源由最初的道德性規(guī)范到行業(yè)自律規(guī)則再到具體的法律原則逐步完善發(fā)展的過程；歐盟地區(qū)適當性制度的研究主要在其制度設(shè)計的創(chuàng)新方面，如投資客戶的分類，投資客戶相互之間的轉(zhuǎn)化以及投資人適當性制度的評估機制；日本適當性制度的研究則主要是對其比較成熟的法律發(fā)展狀況。通過對上述三個國家和地區(qū)的適當性制度進行比較法研究，分析制度設(shè)計的利弊，以期對我國適當性制度的發(fā)展提供有利的借鑒。本文的第三章回歸我國的投資人適當性制度，對于現(xiàn)狀以及存在的幾點問題進行剖析，提出對于完善我國投資人適當性制度的構(gòu)想。 投資人適當性制度已經(jīng)在我國開始發(fā)展，并將會成為證券市場發(fā)展的重要制度，雖然我國至今并未將其納入明文的法律規(guī)定之中，但結(jié)合美國、歐盟、日本的制度發(fā)展以及我國的具體國情，投資人適當性制度的法律形成勢在必行。而作為這一項應用型的制度，如何將該制度的設(shè)計更加合理化，讓其更具有可操作性也是值得我們研究與學習的，本文旨在對于該制度的法律問題進行探究，以期對于我國投資人適當性制度的法律形成提供合理的前瞻性研究。
[Abstract]:The financial market as an important area of economic development, the economic development plays a huge role can not be ignored, investors as the main participants of the financial market, and the unbalanced status brokers lead to partial lack of financial products for cognition, resulting in investment behavior, will produce error and deviation, resulting in their own the resulting economic losses, lack of confidence in the financial products, investment risk and increase financial products. Investors protection degree plays a key role for the stability and development of the market, investors' suitability system as a tool to protect the interests of investors, securities market, by constraining broker sales behavior, so as to protect the interests of investors and maintain the orderly development of the financial market.
The investor suitability system starting in the United States in twentieth Century, through continuous improvement and maturity, the European Union and Japan from the provisions of the United States of the system, combined with the specific situation of the market itself, the development of appropriate system for local, to an important role in protecting the interests of investors. In China, investors appropriate the system started late, and in various fields in the securities market development status is not balanced, the level of effectiveness system is low, it needs to be integrated into a higher level of legal documents, so that the system will have more power. At the same time, the legal system design also exist deficiencies, to reveal the risks and market access as the main content, the design of such a system is not scientific, and the content is more self trading rules aggravated investor's obligations, but not better to conduct effective regulation of brokers Fan, instead of providing a disguised protection, will not adapt to the needs of the development of the financial economy.
The first chapter of this article is the statement on the connotation of appropriate institutional investors themselves, for the appropriate institutional theory of agency involved, the special study on the plot theory and the sign theory, especially embodied in legal paternalism. The second chapter mainly discusses the appropriate institutional investors to carry out comparison study the United States, European Union, Japan's development as the origin for investors appropriate institutional basis, summarized the development discussion, through the United States regulatory organization of appropriate institutional regulations, the United States Securities Act on the 10b-5 rule and the corresponding judicial case, reflects the process of the origin of the system by the appropriate initial moral norm to self-discipline rules to specific legal principles of gradual development and improvement of the EU; the appropriate system mainly in the innovation of its system design, The classification of customers such as investment, investment evaluation mechanism of mutual transformation between the customer and investor eligibility system of Japan; appropriate system is mainly on the relatively mature legal development. Through the appropriate system of the three countries and regions were compared with research, analysis of advantages and disadvantages of the design of the system, provide a favorable reference to the development of China's appropriate system. The third chapter of our country regression of appropriate institutional investors, for some current situation and existing problems are analyzed, put forward the conception for perfecting the investor suitability system.
Appropriate institutional investors have started to develop in our country, and will become an important system for the development of the securities market, although China has not be included in the explicit legal provisions, but the combination of the United States, European Union, Japan and the development of the system of China's specific national conditions, investors' suitability system legal form as imperative. This is an application system, how to design the system more reasonable, make it more maneuverable is worth us study, this paper aims at the legal problems of the system were explored, in order to provide prospective study of reasonable for Chinese investors appropriate legal form.

【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：D922.28

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本文編號：1404128