【作者】 李欣宇；

【导师】 江平；

【作者基本信息】 中国政法大学 ， 民商法学， 2008， 博士

【摘要】 本论文以养老保障制度为背景,围绕着养老基金管理人“谨慎人义务”的注意义务和忠实义务的中心内容,针对养老基金投资管理中的规则适用问题及其重要法律意义进行了专门的论述。本文综合运用抽象概括、法理探讨、比较研究和经济分析等研究方法,按照导言、正文和结论的逻辑结构,分为八个部分内容展开理论探讨。导论部分简要介绍了社会养老保障的源起、发展过程及其理论基础一福利国家思想,以便能在一个宏观背景下展开论文主题。第一章介绍了养老基金的概念、养老基金投资的重要意义以及我国的养老基金制度的现状,重点阐述了养老基金制度的思想特征及其与信托制度的契合性,指明信托形式的固有优点能够促进养老基金制度的发展。第二章对养老基金管理人的谨慎人义务展开整体分析。首先养老基金管理人属于忠信义务人,谨慎人义务属于衡平法上的忠信义务,体现了分配正义的精神。其次,论述谨慎人义务作为忠信义务的核心,确立了法律领域最高的行为标准。谨慎人义务具有最高的道德意义、最高的法律注意义务标准以及优越的制度功能。最后,阐述了谨慎人义务作为养老基金投资法律标准的演变过程。第三章探讨研究谨慎人义务中的谨慎注意标准的内容。首先,以金融理论发展为线索描绘了谨慎人义务的演变过程,凸现了谨慎人义务与金融投资理论的密切联系。其次,从客观性、程序理性和风险管理三个方面,集中论述了谨慎人义务的法律内容。第四章主要研究谨慎人义务的忠实义务行为标准的内容。从利他性、唯一性、经济性和公平性四个方面集中论述了谨慎人忠实义务对养老基金管理人的法律要求。第五章探讨谨慎人义务在养老基金多样化投资、委托授权管理和行使股份投票权问题上的法律要求。第六章讨论了谨慎人义务的移植可能性及其对我国养老基金投资管理制度所带来的启示意义。结论部分,在对前述内容进行分析、探讨的基础上,对全文的主要内容作了概括总结。本文研究认为,首先,谨慎人义务创造性的融合了谨慎和忠实两方面的法律要求,展示了一个为他人利益尽心竭力的法律人形象,树立了法律领域的最高行为标准,其重要意义早已超越了养老基金法律领域。其次,谨慎人义务体现了效率与安全的价值追求,能够同时兼顾养老基金的保值、增值双重目标,成为规制养老基金投资管理活动的法律基础。最后,谨慎人义务的演变过程就是现代金融投资理论的发展过程。谨慎人义务的内容充分吸收并完美表达了金融投资理论的最新成果,展示了法律规则中蕴含经济理性的可能性。对英美养老基金管理人所负的谨慎人义务内容的分析探讨,不仅有助于我国当前养老基金投资法律制度的建设和完善,而且对于丰富一般私法理论观念,正确认识社会法理论等方面都具有重要的现实意义。更多还原

【Abstract】 Based on the context of the social security system for senior citizens, this article revolves around the duty of care and the duty of loyalty included in the duty of prudent person imposed on the manager of the pension fund, deals with issues and the legal significance of the application of rules in the management of pension fund investments.This article extensively adopts approaches of abstract generalization,jurisprudential exploration, comparative and economic analysis,which follows the structure of the introduction,main body and conclusion and falls into eight parts.To smoothly develop the subject of the dissertation in a broad context, the introduction briefly covers the aspects of the origin,development and theoretical basis of the social security system for senior citizens,that is,the idea of welfare state.Chapter one of this article introduces the concept of the pension fund, the significance of the pension fund investment and its existing state in China.What is more,this section centrally treats the characteristics of pension funds and its convergence with trust,and attempts to demonstrates that the inherent characteristics of trust is conducive to the development of pension fund.In Chapter two,the article develops analyses from a wider perspective. Firstly,the manager of the pension fund is the person that has the fiduciary duty,and the duty of the prudent person falls into the fiduciary duty in equity taw,which demonstrates the distributive justice.Secondly,the section suggests that the duty of the prudent person serves as the essence of the fiduciary duty,sets up the highest standard of acts,and hence assuming the significance in moral sense,functioning as the legal standard of the duty of care and having advantageous institutional function.Last,the section deals with the evolutionary process of the duty of the prudent person as the legal standard of pension fund investment.The next chapter examines the duty of care in the duty of prudent person,and primarily involves two parts:first,based on the development of the financial theory,this section depicts the evolutionary process of the prudent investor rule and demonstrates the close relationship between the prudent investor rule and the financial investment theory;second,this chapter focuses on legal issues of the duty of the prudent person from the aspects of objectivity,procedural reasoning and risk management.Chapter four examines the standard of the duty of loyalty of the prudent person,and then discusses the legal requirements that the prudent person rule imposed for the manager of the pension fund from the aspects of altruism,exclusiveness,economy and fairness.In Chapter five,the article closely explores the legal requirements for the duty of prudent person in the process of diversified investments, authorization management and the execution of the voting right of shares.Chapter six examines the possibility of the transplant of the duty of prudent person and the insights it may shed on the management of pension fund investment in China.The last section concludes,firstly,that the duty of prudent person combines the prudent and the fiduciary aspects,which depicts the figure of a lawman making every endeavor to act for the interest of others and sets up the highest standard in the legal field.Secondly,the section concludes that the duty of prudent person demonstrates the requirements of the values of efficiency and safety.In the meantime,the duty of prudent person may achieves the goals of maintaining and increasing the value of the pension fund,serving as the legal foundation of the regulating system in the management of the pension fund investment.Thirdly,the last section concludes that the evolutionary process of the duty of prudent person is accompanied with that of the modern financial theory.The content of the duty of prudent person sufficiently absorbs and expresses the latest research achievements of the financial theory,indicating the potential of the economic reasoning embedded in legal rules.The analysis and exploration of the duty of prudence owned by the manager of the pension fund in the Anglo-American law system not only benefit the construction and improvement of the legal institution of the pension fund investment in China,but also perform the function of richening the idea of general private law and correctly understanding the social law theory.更多还原