金融创新的私法环境研究

【作者】 季奎明；

【导师】 胡鸿高；

【作者基本信息】 复旦大学 ， 民商法学， 2009， 博士

【摘要】 本文综合运用法学和金融学理论,采用历史分析、比较研究、法律解释、经济分析和实证研习等方法,将与金融创新有关的一般私法制度向特殊规范完善的过程作为主线,系统分析我国目前的私法制度在金融创新背景下存在的缺失,进而提出“生态化”的发展目标。导论在论证选题意义的基础上,对与金融创新私法环境紧密相关的核心概念进行阐释,将国内外相关研究的成果进行梳理综述,从而确立本文的切入点和研究方法。第一章研究金融创新与私法环境的宏观联系。首先交代金融创新形成的背景与动因,总结其历史进程与发展趋势。随后论述法律环境对于金融创新的影响与整体效应,比较两大法系法制传统对金融创新的不同作用,考察金融创新中法律关系的特性、主体、客体、内容之变革,分析以一般私法调整金融创新法律关系的不足,提出本文的基本观点:金融创新的私法环境必须在证券化、表外化、全球化的背景下逐步实现“生态化”。第二章分析金融证券化的私法环境,通过研究结构融资的特殊构造,指出证券化结构的法律核心是风险隔离,需要通过特殊的主体制度和交易制度两方面加以保障。在关于主体制度的论述中,比较公司、有限合伙和信托作为特殊目的机构之不同组织形式的优劣;在关于交易制度的论述中,主要讨论将来债权作为交易客体的可行性和“真实出售”作为交易方式的特殊规则。在此基础上,对我国与证券化有关的一般私法规范进行评析,并提出修订特殊规范的构想。第三章以金融表外业务为主题,将其区分为信用风险业务与市场风险业务,将表外业务共同的法律基础确立为合同制度。分别选取次级债权和金融衍生产品作为信用风险表外业务和市场风险表外业务的典型代表,分析其在我国一般私法体系中的效力,然后讨论作为表外业务主要履行方式的净额结算在我国法律上的适用。再从表外业务的合同内容对债法、公司法、破产法的突破出发,论述表外业务合同的特殊规范。第四章从金融全球化的经济现象引申到制度全球化的法律现象,以金融信托为中心,考察大陆法系国家在支撑金融创新的目的下移植英美法系财产制度的困境,通过剖析英美财产法律的理念与作为我国一般财产法律的物权法之间的矛盾,探求重构我国财产制度体系的思路。第五章回应“次贷危机”的经济现实,论证金融危机与法制之间的关系。结合“次贷危机”的法律应对,检视金融创新背景下公私法关系的定位。指出金融信用的缺失是引发金融危机的核心原因,既要修改关于金融信用的一般私法,又要制定规范信用的专门立法。另外,从虚拟经济的角度论证一般的法律责任机制在许多金融创新现象中的失衡,提出完善虚拟经济特殊法律责任制度的初步建议。第六章探讨金融特殊规范融入或扩充到一般私法体系中的路径,在金融创新的语境里对金融私法主体、客体、法律关系的内容以及法律渊源的变革进行宏观的展望,描绘一个“生态化”的金融创新私法环境的理想愿景。更多还原

【Abstract】 Based on theories of law and finance, this dissertation discusses the private law environment for financial innovation. Choosing the legislative perfection of special financial norms as the main line, it analyses the absence of private law against the backdrop of financial innovation, and proposes ecologicalization as the goal of development by historical analysis, comparative study, judicial interpretation, economic analysis and empirical study.The Introduction argues about the significance of the topic, explains the key concepts closely related to the private law environment for financial innovation, reviews studies in China and other countries, thereby establishing the niche for this dissertation and its research methodology.Chapter One is a macroscopic examination of the connection between financial innovation and private law environment. First the background and motivation for financial innovation is presented with a summary of its historical development and future trends. Then the impact of judicial environment on financial innovation is discussed by a comparison of the effects of the two law systems. Then the transformations of the characteristic, subject, object, content in the legal relationship are studied under the background of financial innovation. In addition, the inadequacy of general private law is analyzed when regulating the legal relationship of financial innovation. Finally the thesis of the dissertation is introduced: ecologicalization of the law environment for financial innovation is gradually realized with securitization, off-balance-sheet, and globalization.Chapter Two focuses on asset securitization. The research of structured finance is made in order to show that the key point of securitization structure is risk remoteness, which required to be secured by both aspects of special subject system and transaction system. In argues of subject system, a comparison of corporation, limited liability partnership and trust for special purpose vehicle is made, with each advantages and disadvantages, while the feasibility of assigning future credit and the special regulation of "true sale" are mainly discussed in argues of transaction system. Consequently, this chapter will make a comment on the Chinese general private legal system relating to securitization, and propose its special legislation.The subject of Chapter Three is off-balance-sheet business. It divides off-balance-sheet businesses into credit-risk ones and market-risk ones, and establishes contract system as the common basis of all off-balance-sheet businesses. First, this chapter analyzes the legal effects of subordinated debt and financial derivatives, which selected as the typical representative of two kinds of off-balance-sheet businesses, in Chinese general private legal system. Then the main performance way of off-balance-sheet businesses, net settlement, is discussed. Finally, it describes the breakthroughs of Chinese debt law, cooperation law and bankruptcy law, so that the special legal norms for off-balance-sheet businesses are proposed.Chapter Four takes a global perspective, which indicates from the economic phenomenon of financial globalization to the legal phenomenon of institutional globalization. Centering on financial trust, this chapter analyzes the dilemma of transplanting the property system from common law to civil law countries for sustaining financial innovation. By comparing the legal idea of property law in common law countries with that in China, this chapter seeks the way to reconstruct Chinese property law system.Chapter Five argues the relationship between the financial crisis and the legal system as a response to the recent subprime mortgage crisis. It reviews the reposition of the relationship between public law and private law against the backdrop of financial innovation by studying the legal measures that deal with the crisis. It proves financial crisis is always triggered by absence of financial credit, which needs not only amendment of general private law but also special legislation concerning financial credit. Then follows a discussion of the inapplicability of general legal liability system to fictitious economy in financial innovation, and proposes the primary suggestion of perfecting the special liability system of fictitious economy.In the context of financial innovation, Chapter Six studies the ways for special financial norms to be merged or supplemented into general private law system, and looks at the prospects for the reforms of subject, object, content of legal relationships and source of law, depicting an ideal ecologicalized vision of private law environment for financial innovation.更多还原