【作者】 王瑞；

【导师】 刘颖； 吴金平；

【作者基本信息】 暨南大学 ， 国际关系， 2010， 博士

【摘要】 在金融全球化背景下,国际证券监管合作更有利于维护投资者的利益,更有利于保障资本市场的稳定。对于中美两国而言,全球性金融危机的发生为两国证券监管合作提供了契机。然而,证券监管合作问题既是一个经济问题又是一个政治问题,甚至在一定程度上还首先或优先体现为政治问题,主权政治因素可以直接决定证券监管合作的成败。因此在探讨中美证券监管合作时,需要同时从经济制度、法律制度以及主权政治的不同角度看待这个问题：一方面,要分析经济制度(全球性金融危机)与主权政治这两个方面对中美证券监管合作带来的挑战；另一方面,要从法律制度与主权政治这两个方面寻求应对策略。从主权政治层面应对挑战主要是基于战略的层面进行,从法律制度的层面应对则是基于战术的层面进行。只有解决好国家间政治问题,经济领域的法律合作才能取得更明显的成效。另外,由于中美两国在证券监管方面的合作,不仅取决于一个国家的意愿,而且还取决于另一个国家的响应,因此对中国而言明智的作法是：一方面,应当积极寻求与美国的合作。这些合作的领域主要包括证券的发行领域、交易领域以及结算领域,合作的内容则主要包括立法领域、司法领域以及执法领域；另一方面,也应当积极应对影响两国合作的挑战。这些应对策略主要包括主权政治方面与法律制度方面。同时,学习也是一种有效的合作方式。本文坚持这样的写作思路：中美证券监管合作的目的是什么(what)?进而,中美证券监管合作的领域有哪些(where)?进而,中美证券监管合作的形式是什么(What)?进而,中美证券监管合作的内容是什么(what)?进而,中美证券监管合作面临的挑战有哪些(what)?进而,如何应对中美证券监管合作面临的挑战(how)?据此除绪论之外,本文的主体内容包括如下几个部分：第一部分：关于中美证券监管合作的目的。中美证券监管合作的目的,主要包括四个方面,即促进信息披露、防范财务舞弊、协调诉讼管辖以及落实裁判执行等四个方面。在这四个方面,中美可以在立法、司法以及执法层面进行有效合作,包括完善中美两国促进信息披露与防范财务舞弊的立法规范以为保护投资者利益及维护资本市场稳定提供充分法律依据,协调中美两国法院的管辖权冲突以使财务舞弊与内幕交易等损害投资者利益及危害资本市场稳定的违规、违法行为及时得到法院的审理并且法院的判决及时得到承认与执行,以及实现在执法领域的信息共享与协助调查等等。第二部分：关于中美证券监管合作的领域。中美证券监管合作的领域主要包括三个方面,即证券的发行领域、证券的交易领域以及证券的结算领域。第三部分：关于中美证券监管合作的形式。中美证券监管合作的形式主要分为两种,即全球性框架下的合作形式与双边性框架下的合作形式。第四部分：关于中美证券监管合作的内容。中美证券监管合作的内容主要分布在三个领域,即立法层面、司法层面与执法层面。只有在这三个层面进行有效合作,才能保障中美证券监管合作目的的实现。第五部分：关于中美证券监管合作面临的挑战。影响中美证券监管合作的问题主要包括全球性金融危机问题以及主权政治问题。这些因素会从同时从正和／或负两个方面对中美证券监管合作产生影响。1、关于全球性金融危机问题。全球性金融危机的产生,为中美证券监管合作提供了契机。美国次贷危机引发全球性金融危机这一事实表明,美国的监管机制尚有不完善之处,因此也会致力于寻求改善。同时,由于是美国的国内金融危机引发了全球性金融危机,因此美国会放低姿态而追求与其他国家的合作；2、关于主权政治问题。虽然全球性金融危机为加强中美证券监管合作以及更高层面上的国际证券监管合作提供了契机,但是合作能否有效开展以及合作的成效如何,还取决于中美两国政治关系的发展情况以及更高层面上的南北合作的发展情况。主权政治因素,能够随时启动或者中断中美两国在证券监管领域的合作进程,即便两国证券监管合作处于既必要又可行的时期也是如此。也就是,中国应当在积极谋求与美国开展合作的同时,也要做好与美国的合作不能顺利进行的准备。第六部分：关于如何应对中美证券监管合作面临的挑战。关于应对策略可以从两个方面入手：1、主权政治方面。主权政治因素是影响中美证券监管合作的决定性因素,要有效应对这个因素可能带来的负面影响也只能首先从主权政治的层面入手。如果中美两国能够在政治层面保持稳定的双边关系,就有利于两国在证券监管以及整个资本市场监管方面的合作,否则就不利于两国的合作。因此对于中国而言,应当在主权政治方面采取主动姿态,在尽力谋取两国开展有效合作的同时,也要做好两国难以进行或者至少在短时间内难以进行有效合作的防范与准备,从而采取主权政治方面的必要措施保障国家金融安全,同时推进国际货币体系改革；2、法律制度层面。从法律制度层面应对中美证券监管合作面临的挑战主要分为三个方面：(1)关于完善国内相关立法规范。通过完善国内相关立法规范,可以有效地对本国资本市场进行监管,同时也可以有效地对进入中国的外国资本以及外国金融机构进行监管；(2)关于完善国内相关司法程序。通过完善国内相关司法程序,可以有效地保护本国以及外国投资者的利益,同时也可以有效地对危害我国资本市场稳定的外国金融机构的行为进行规制。完善国内司法程序,主要是指完善关于保护投资者利益的诉讼程序,目的是为利益受到损害的投资者提供有效的司法救济；(3)关于参订相关国际规范。在国际货币体系以及国际金融监管这一宏观层面上,通过参与国际规范的制定可以从根本上对抗西方发达国家在国际货币体系中的强权,以有效维护我国投资者的利益、保障资本市场的稳定进而有效维护我国国家金融安全,同时还可以从根本上增加我国证券市场主体合法地从国际机制中获取的红利。更多还原

【Abstract】 In the context of financial globalization, international cooperation in securities regulation will be of much benefits to the protection of the interests of investors, and maintenance the stability of capital markets. With regard to China and the United States, the occurrence of the global financial crisis has provided an opportunity for the cooperation in securities regulation between the two countries. However, cooperation in securities regulation is not only an economic issue but a political issue, and to some extent which represents firstly or preferentially a political issue. The factor of sovereignty politics can directly determine the success or failure of the cooperation in securities regulation. Therefore, during the discussion of the cooperation in securities regulation between China and the United States, we need to view this question from the different perspectives at the same time, such as economic system, legal system and the sovereignty politics:on the one hand, to analyze the challenges for the cooperation arising from economic system (global financial crisis) and sovereignty politics; on the other hand, to seek the coping strategies from legal system and the sovereignty politics. To meet the challenges at the sovereignty politics level is mainly based on the strategic level, whereas to meet the challenges at the legal system level is based on tactical level. Only if resolve the political problems between countries, the legal cooperation in the field of economy could obtain much more obvious effects.In addition, whereas the cooperation in securities regulation between China and the United States depends not only on the will of a single country, but also on the response of the other country, for China the advisable actions are:firstly, to seek positively the cooperation with the United States. These areas of cooperation include mainly the field of securities offering, securities trading, and securities clearing and settlement. Otherwise, the contents of the cooperation include mainly the fields of legislation, justice, and law enforcement; secondly, to cope with positively the challenges affecting the bilateral cooperation. These coping strategies include the aspects of sovereignty politics and legal system. At the same time, learning is also an effective means of cooperation.This article adheres to this thought of writing: What are the purposes of the Sino-US cooperation in securities regulation? Furthermore, what are the areas of the Sino-US cooperation in securities regulation? Furthermore, what are the forms of the Sino-US cooperation in securities regulation? Furthermore, what are the contents of the Sino-US cooperation in securities regulation? Furthermore, what are the challenges that Sino-US cooperation in securities regulation faces? Furthermore, how can we to cope with the challenges? Accordingly, apart from the introduction, the main body of this article includes the following sections:Part I:On the purposes of the cooperation in securities regulation between China and the United States. The purposes represent mainly the following four aspects, namely, the promotion of information disclosure, the prevention of financial fraud, the coordination of the conflicts of jurisdiction, and the fulfilment of judgement. In these four aspects, China and the United States could carry out effective cooperation in the levels of legislative, judicial and law enforcement:to perfect the laws and regulations which can promote the information disclosure and the prevention of financial fraud, so as to provide sufficient legislative authority for the protection of the interests of the investors and for the maintenance of the stability of the capital markets; to coordinate the conflicts of jurisdiction between the courts of China and the United States, so as to ensure the unlawful or illegal activities either impairing the interests of the investors such as financial fraud and insider trading or endangering the stability of capital markets, could be heard by the courts without delay, and the court decisions could be recognized and enforced in time; to carry out the information sharing and the investigation assistance, and so on.PartⅡ:On the areas of the cooperation in securities regulation between China and the United States. The areas of the cooperation include mainly three aspects, namely, the area of securities offering, securities trading, and securities clearing and settlement.PartⅢ:On the forms of the cooperation in securities regulation between China and the United States. The forms include two major types, namely, the form of global cooperation and the form of bilateral cooperation.PartⅣ:On the contents of the cooperation in securities regulation between China and the United States. The contents include three major fields, namely, the field of legislation, the field of justice, and the field of law enforcement. Only if the two countries carry out effective cooperation the purposes of the Sino-US cooperation may come true.PartⅤ:On the challenges for the cooperation in securities regulation between China and the United States. The factors affecting the cooperation include mainly the factor of the global financial crisis and the factor of sovereignty politics. These two factors will affect the cooperation positively and/or negatively at the same time. First, on the global financial crisis. The occurrence of the global financial crisis has provided an opportunity for the cooperation between China and the United States. The fact that the U.S. subprime mortgage crisis has triggered the global financial crisis makes it clear that the regulatory mechanism of the United States is still imperfect, therefore the United States will also commit itself to seeking improvements. Moreover, since the domestic financial crisis in the United States has triggered the global financial crisis, the United States would keep a low profile and in pursuit of cooperation with other countries; Second, on the sovereignty politics. Although the global financial crisis provides an opportunity for strengthening the cooperation in securities regulation between the two countries and even the cooperation at the international level, the development (or not) of the cooperation and the effects of the cooperation depend on the development of the bilateral political relations between China and U.S., and even the development of North-South cooperation in a higher level. The factor of sovereignty politics can start up or break off at any time the process of cooperation in securities regulation, even though the cooperation is not only necessary but feasible as well. In a word, China should actively seek cooperation with the United States; meanwhile, China also should make preparations for the poor development of the cooperation with the United States.PartⅥ:On the coping strategies for the challenges. The coping strategies can be divided into two aspects:First, sovereignty politics aspect. Sovereignty politics is the decisive factor which affects the Sino-US cooperation in securities regulation. Therefore, we have to take measures at the level of sovereignty politics to cope with the negative impacts resulting from the factor of sovereignty politics. If China and the United States can maintain stable bilateral relations at the level of politics, which will benefit the cooperation in securities regulation and even the cooperation in regulation of the whole capital market, and vice versa. So China should keep a high profile at the level of sovereignty politics, while trying to seek effective cooperation between the two countries, China should also make preparations for the hard development, or at least in a short time the hard development of the cooperation between the two countries; thereby, China should take necessary measures at the level of sovereignty politics to safeguard the national financial security, in the meantime, to promote the reform of the international monetary system; Second, legal system aspect. The coping strategies at the level of legal system include three major parts:(1)on the perfection of the domestic laws and regulations. China can effectively regulate both the domestic capital markets and the foreign capital and financial institutions as well by virtue of the perfection of the domestic laws and regulations; (2)on the perfection of domestic judicial process. China can effectively both protect the interests of the domestic and foreign investors and regulate the activities of the foreign financial institutions impairing the stability of China capital markets through the perfection of the domestic judicial process. The perfection of domestic judicial process mainly refers to perfecting the proceedings with respect to profecting the interests of the investors, which aims to provide valid judicial remedy for the investors whose interests are damaged; (3) on the participation in the enactment of relevant international norms. At the macro level of international monetary system and international financial regulation, China can effectively confront the hegemony of western countries on the international monetary system by means of participating in the enactment of relevant international norms, so as to protect the interests of domestic investors, to safeguard the stability of the domestic capital markets and further the national financial security, and still to increase the bonus that the principal parts in China capital market legally obtain in international mechanism.更多还原