【作者】 史羽超；

【导师】 杨忠孝；

【作者基本信息】 华东政法大学 ， 经济法学， 2010， 硕士

【摘要】 作为一种固定收益投资与金融衍生交易复合的新型理财产品,结构性产品一度以高收益率吸引投资者的目光,但由于本身产品发售前的条款设计、止损机制、售后监管存在漏洞以致当挂钩资产市场发生非预期波动时,产生剧烈的风险联动效应,金融危机的到来也使这种产品的内在制度剖析与完善成为必要。本文在梳理结构性产品内在法律性质特点的基础上,运用计量经济学与法学理论结合的方法,通过权义模式中特有的收益风险分配阐述结构性理财产品投资者与银行之间利益保护的权衡。同时从国内最新案例争议焦点引出的典型法律问题予以重点探讨,比较中国银监会发布的系列规章与国外监管机构规范性文件,以期对完善我国结构性金融产品市场法律监管制度有所借鉴。本文由五部分构成。第一部分导论,主要从选题背景出发,归纳目前学界对结构性理财产品法律性质界定、产品收益影响因素以及相关法律风险的研究现状。提出本文的研究方法、逻辑结构与创新之处。第二部分通过“三要件”的判断,重点阐释结构性产品中的法律关系辨析,并得出结构性产品其内在定期存款性质外的浮动收益部分可以归纳为广义信托关系的结论。之后,对法律关系定位后的当事人典型的权利义务配置和实际运作中的风险担当进行分析。第三部分在收集整理国内主要商业银行财务数据的基础上,运用计量经济学的方法对商业银行结构性理财产品收益影响因素进行多元回归分析,结合目前国内理财产品发行趋势和面临的困境,得到结构性产品收益影响因素呈非线性特征的结论以阐述这种特殊性对商业银行义务规则的影响。第四部分通过国内目前最新的结构性产品纠纷案例——“汇丰”、“渣打”案,分析结构性理财产品背后具体的“冷静期”适用规则、信息披露规则、合同条款设计规则以及产品不能兑付时的约束规则这些典型法律规则问题,并结合新加坡、香港金管局以及英国金融服务管理局最新颁布的法规及采取的改革措施进行探讨,为预防产品内生信息缺陷、合同条款给投资者带来的额外风险提供建议。第五部分,通过仔细梳理对比我国银监会陆续颁布的一系列规定,参考总结其他国家地区监管当局针对结构性理财产品可能产生的风险采取的有效措施和建设性的改革方案,提出前述法律规则中适用范围、市场准入、监管方式的参考标准,以期对我国结构性理财产品法律规范体系有所裨益。更多还原

【Abstract】 As a fresh wealth management product which combined with fixed income investment and derivative transaction, structured products have drawn many investors attention. However, they are severely affected by the venture joint action when the linked market fluctuate non-normally because of the imperfect clause design before sale, stop-loss mechanism void as well as regulatory flaw after sale. Therefore it’s necessary to analyze and improve the internal system of structured products at present.On the base of summarizing legal characters of structured products, the thesis set forth the benefit balance between structured products investors and banks under the specific risk and return distribution model by combination of legal theory and econometrics method. Focus on the latest cases in China and compare the serial regulations with other countries’to further discuss typical legal issues with a view to promoting the improvement of legal regulatory system of China’s structured product market. The thesis consists of five parts.The introduction part starts with the background of topic and summarizes research circumstance such as definition of the legal nature, income factors and legal risk associated. Put forward the logical structure and innovative points in the thesis.The second part focuses on the analysis on legal relationship during investment process of the structured products with a conclusion that the floating returns can be regarded as generalized trust. In addition, there is an analysis on the typical rights and obligations of the parties.The third part begins with the statement of the development situation and trend of structured products in China. On the base of financial data processing, this part makes a regression analysis on the influencing factors of structured products which were nonlinear overall. With regard of the influence on the obligation rules of commercial banks, the thesis figures out legal standard in the end.The fourth part discusses the typical legal rules derive from the HSBC case and the Standard Bank case, the application rules of cooling-off period system, rules of information disclosure responsibility, rules of provision design in the contract and the restriction rules when products return was unpaid for instance. Furthermore, according to the updating regulatory documents and issued by MAS, HKMA and FAS, this part tries to make suggestions for investors against extra risks due to information flaw and contract terms trap.The fifth part is closely connected with the fourth part. For the rules raised above, a comparison among the serial regulations issued by China Banking Regulatory Commission is made in this part. Effective measures and constructive programs adopted by foreign regulatory authorities can be considered with a reference value in discussion of the scope of rules application, market access as well as regulatory approach. Finally in the hope of having some benefit to legal norms development of structured products.更多还原