跨国证券发行与交易中的法律适用问题研究

【作者】 颜林；

【导师】 孙南申；

【作者基本信息】 复旦大学 ， 国际法， 2010， 博士

【摘要】 随着经济全球化的发展,跨国的证券发行与交易活动也日益发展。传统上,学界对该问题的研究主要集中于其中的公法性制度,而对其中的法律适用问题则很少予以关注。自20世纪90年代后期以来,国外学者对跨国证券发行与交易中的法律适用问题日益关注,并有大量的科研成果问世。与这一理论发展相一致的,是一些国家自20世纪80年代中期以来对证券冲突法立法的发展和审判实践的发展。中国学界对该问题的研究随着中国在跨国证券的发行及交易实践的发展而得日益深入,但其研究成果仍然有很多不足,在立法领域,证券冲突法的立法也存在着较多的缺陷。本文主要探讨在证券的发行及交易领域的各种法律冲突及法律适用制度,以期推动中国在该领域的研究及实践。全文共分六章,包括以下内容：第一章的内容属于总论部分,分析了跨国证券发行与交易的基本理论。该章主要从跨国证券发行与交易的管辖权、法律冲突及法律适用等三个方面加以研究,其中对于法律适用的研究又包括了法律适用的渊源和法律适用的性质这两个方面。本章界定了相关的概念,分析了证券冲突法的一般性框架及法律适用的基本特点。第二章主要研究了跨国证券发行及交易中的法律冲突问题。作为法律适用的前提和基础,在跨国证券的发行领域,法律冲突主要存在于发行主体的发行资格及其能力、发行客体、发行行为、股东的证券权利及股权转让合同的效力五个方面；在跨国证券的交易领域,法律冲突主要存在于交易主体资格、交易合同及其履行方式等三个方面。此外,在跨国证券的发行与交易中,法律冲突还存在于跨国并购、中小股东的利益保护以及证券民事责任等领域。第三章主要分析了跨国证券发行领域的法律适用问题。本章主要分析了证券发行主体的身份与能力问题、证券发行行为、证券发行中的股权关系与合同关系、证券发行中的民事责任等五个方面的法律适用问题。第四章在内容上集中于对跨国证券交易中的各种法律适用问题的研究。该章主要研究了证券交易主体的资格及其能力、跨国证券交易合同及其履行方式、跨国证券并购、中小股东利益保护以及证券交易中的民事责任等五个方面的法律适用问题。本文第三章和第四章的研究主要针对于证券的直接持有模式中的各种法律适用问题,第五章将研究延伸至证券的间接持有模式。本文认为,证券间接持有是随着证券的“无纸化”和“非场所化”的发展而出现的,它们之间有着密切的联系。因此本章在第一节即研究了证券的间接持有和证券的“无纸化”及“非场所化”之间的关系,随后研究了跨国形态下证券间接持有的基本结构。接着,本章分别分析了间接持有下四个方面的法律适用问题,包括：证券权利、交易合同、中间持有人破产时投资者的证券权利以及间接持有模式下的担保关系等。本文第六章研究了中国在跨国证券的发行与交易中的立法及实践状况。在对中国的相关立法及实践作了梳理和归纳后,文章还结合国外在证券冲突法领域立法的最新进展,从立法体例到基本规则两个方面,对中国相关立法的完善作了一定的分析。更多还原

【Abstract】 The fast economic globalization grealty promotes the issuance and trade of securities in cross-border aspect. Traditionally, scholars of law mainly concerned themselves with the public law aspect in this field. But today this situation has changed dramatically for more attention has been switched to the choice-of-law issues in cross-border securities’issuing and trading and many writings have been published since the late 1990s in 20th century. Paralell to the development in the theoretical research, much progress in the lawmaking and judiciary fields also have been achieved in some countries. This is also true with China. As the development of the practice, Chinese scholars, like their counterparts in foreign countries, have made a stride in theoretical research in this field. But their researches and legislation are not free from weaknesses and flaws. In the light of these inadequacies, it is of high necessity to carry out more theoretical studies to complement and/or modify their research findings. Motivated by this need, this dissertation attepmts to explore the the issues of the conflict of laws and the choice-of-law rules in securities’issue and trade in cross-border aspect.The dissertation falls into six chapters.Chapter one introduces the fundamental theories concerning securities’issuance and trade in the cross-border background. The analysis focuses on three issues:the jurisdiction, conflicts of laws and the choice-of-law rules on cross-border issuance and trade of securities. The research on the choice-of-law issues is divided into two parts:source of applicable law and the characters of choice-of-law rules. In this chapter, the relating concepts are defined, the general framework of conflict-of-law rules is established, and characters of such rules are analyzed.Chapter two concentrates on the conflict-of-law issues. As the premise and the basis of choice-of-law rules in the field of issuance, the conflicts among the relating domestic rules lie in the civil subject’s qulaification and the capacity for issuing, the objects and the behavior of issuance, the title of shares and the effectiveness of the contract for the trading of shares. With regard to trade, the conflicts among the relating domestic rules are embodied in three aspects mainly:the qualification and the capacity of the subjects for trading, the contracts of securites’trading and their enforcements. Besides, in the field of issuing and trading of securities, the conflict-of-law issues also can be found in the cross-border acquisition and merge, the protection of the minority of shareholders, and the civil liabilities in torts.Chapter three is mainly concerned with the analysis of choice-of-law rules in securities’issuance. These rules lie in five fields:the subject’s qualification and its capacity for issuing, the behavior of issuance, the title of shares, the contracts in securities’issuing, and the civil liabilities in issuance.Chapter four is devoted to the choice-of-law rules in securities’trading. This chapter analyzes fives problems in this field:the subject’s qulaification and the capacity for trading, the trading contracts and their enforcements, the cross-border acquisition and merge, the protection of the minority of shareholders, and the civil liabilities in securities’trading.The research in chapter three and chapter four centers on the direct holding system of securities, while the research in chapter five focuses on the choice-of-law rules in the securities held through indirect holding system. In section one of chapter five, the close relationships among the indirect holding systems, the dematerialization and the immobilization of securities are shown for the readers. It is followed by a discussion about the basic framework of securities which held through indirect holding system in this chapter. The following section is an analysis of the choice-of-law rules in four fields, namely, security entitlement, trading contract, the investor’s security entitlement as the bankruptcy of the intermediator, and the issues relating guaranty in the indirect holding systems.Chapter six is dedicated to the legislation and the judical practice of China in cross-border issuing and trading of securities. On the basis of a detailed analysis of the status quo in legislation and the judical practice in China and the latest development of this field in foreign countries, it puts forward some suggestions for perfecting relating rules, including the legal format and the general rules.更多还原