【作者】 张世洁；

【导师】 徐杰；

【作者基本信息】 中国政法大学 ， 经济法学， 2008， 博士

【摘要】 国际金融衍生工具交易之热络,已成为金融市场最闪亮的交易标的。然金融衍生工具虽具有避险及价格发现的功能,但其具高度的财务杠杆作用,加上国际市场间存有高度的相关性(Correlation)及共变性(Covariance),对其认识不足、应用不当或监理不力,都将威胁到全球金融体系的稳定。金融衍生工具对金融市场而言,仍属新的投资工具,而且仍持续推陈出新,变化越来越多,价格与盈亏的计算也渐复杂。当然金融衍生工具对法律规范而言,更是一个新的领域,法律风险也相对高。加上如信用及气象金融衍生工具等新商品的推出,更模糊了金融衍生工具与保险的界限,而引发诸如此等金融衍生工具是否受保险法规范之争议。据统计,在金融衍生工具交易中,所发生的亏损,多半源自于法律缺陷或不完善。惟我国法律实务工作者及学者对此领域的研究尚属有限,究其原因,一方面系囿于财务金融专业知识的深奥,另一方面乃因市场实务经验欠缺,以致于对金融衍生工具内容及交易流程无法深入了解,自难有精辟之分析与独到之见解。本研究以金融衍生工具之定义起始,探讨金融衍生工具的变化与发展,并藉由法律功能分析,归纳出金融衍生工具之风险性。再以法律经济分析观点说明对其监理的必要性及特殊性,并建构合理有效之监理原则。另本文也将从国外监理架构模式及金融衍生工具市场之规范,分析金融监理一元化是否适于我国实行,并尝试建构我国应有之法规范,以利与国际市场接轨;并将参考国际会计准则及其它国家相关规定,说明信息提供者应有的法律责任。再者,本文亦将从金融衍生工具交易之法律上定性、交易契约之性质及特色等面向逐步阐述,并深入研究ISDA主协议(Master Agreement)条款,并就国际上有关金融衍生工具争议的诉讼案例,整理、评析当事人所提出的主张及抗辩,以勾勒出金融衍生工具之法律风险所在。此外,本文将探讨金融衍生工具课税范围及有关法律形式与经济实质冲突之税法适用顺序,盼从复杂之交易结构中,套用多如牛毛之课税规定,以求得公平合理之税负。最后并将前揭研究结果综合整理,并提出具体建议作法。更多还原

【Abstract】 The volume and size of the global financial derivatives markets has increased dramatically over the past decade,and financial derivative products have already become glaring investment targets.Though financial derivatives have the function of hedging and price discovery,if users lack of sophistication and regulatory bodies fail to govern properly, derivatives’ high leverage effect,correlation and covariance with global markets can harm the stabilization of financial system.Financial derivatives are still new investment instruments to financial markets and new products are being launched continuously.The more variational financial derivatives are,the more complicated formula of pricing and loss calculating they have.Certainly,financial derivatives are quite new for legal fields;therefore,legal risks are comparatively high. Especially,there are new derivatives created such as credit derivatives and weather derivatives which have blurred the boundary between insurance and financial derivatives.According to the statistical research,most trading losses are due to legal imperfection or incompleteness in derivatives transactions.However,this area is almost a virgin land for legal practitioners and academics.The main reasons are:they neither have sufficient financial knowledge,nor have practical market experience.Then they fail to realize contents and process of financial derivatives well,so they cannot have in-depth analysis and extraordinary finding.Firstly,this study will start from the definition of financial derivatives and illustrate their risks.The study will structure reasonable governing guidelines by identifying derivatives’ highly leveraged functions.The dissertation will analyze international regulatory mechanism and discuss whether China should build up a single financial supervision entity.We will try to draft China’s appropriate regulations and harmonize them with international practices.Meanwhile,the study will compare domestic accounting rules and regulation with international ones to define legal responsibilities of financial information providers.Furthermore,the dissertation explains the legal nature of derivative trading and analyzes specific items of ISDA Master Agreement.Then the study will propose and induce legal claims and defenses in litigation,such as unclear jurisdiction,ultra vires,unsuitability or negligent misrepresentation. Additionally,we will discuss the taxable scope of derivatives,fair tax treatment and doctrine of substance over the form.Finally,the study will provide workable suggestions and detailed conclusions.更多还原