【作者】 毕文晓；

【导师】 李秀芬；

【作者基本信息】 山东大学 ， 法律（专业学位）， 2013， 硕士

【摘要】 20世纪70年代,被称之为银行业革命的金融创新开始进入人们的视野,后来随着经济技术的不断发展,金融工具也开始了革新的脚步。金融衍生工具作为金融创新的重要组成部分,有着高利润和高风险的双重属性,越来越受到人们的关注。时至今日,金融衍生工具风险的防范已经成为一个热门话题。但是,我国金融衍生工具的发展起步较晚,还存在许多缺陷,这无疑加大了发展过程中存在的风险。与此同时,对金融衍生工具风险防范的法律问题的研究也不够深入,不够成熟,我国金融衍生工具的发展是在不完善的法制环境下艰难推进的,因而存在先天不足的缺陷。因此,构建完善的金融衍生工具风险防范的的法律制度体系是十分必要的,也是十分迫切的。本文从介绍金融衍生工具的基础理论入手,通过对金融衍生工具风险防范的法律制度存在的问题以及外国相关先进法律制度的阐述,逐步引出对完善我国金融衍生工具风险防范的法律制度体系的设想。金融衍生工具以合约的形式将未来某一时刻交易的基础金融标的价格确定下来。与传统金融工具相比,它是一个射幸合同,代表着对未来金融利益转移的请求权和交易双方未来进行交易的义务,具有很强的杠杆性和不确定性,使得收益和风险都能得到放大。这些风险既可能来自于经济环境,也可能来自于法律环境和政策环境。它们时有发生,有时甚至无法避免。由此可见,对金融衍生工具的法律规制更应当注意风险的防范。然而,我国目前对金融衍生工具风险防范的法律制度存在较多问题。现阶段我国法律框架不完整、法律效力低、过度依赖“公法”、法律存在滞后性等问题严重。不完善的信息披露制度、信用制度和市场准入制度,也给从业者恶意操纵、有法不依提供了可乘之机。因此,为解决上述问题,更有效地防范金融衍生工具的风险,我国必须完善相关的法律制度体系。外国许多金融衍生工具规制的法律制度也为我国提供了可借鉴的成功经验。例如,美国的《2000年商品期货现代化法案》、金融危机后颁布的金融改革法案以及德国的《金融市场稳定法》都不乏可借鉴之处,提示我国应当完善监管法律体系,为中央银行充分发挥作用提供法律依据和法律保障。在此基础上,本文主张我国应当建立以国家立法监管为主导,商业银行内控制度建设为辅助的全方位的法律制度体系。一方面,我国要在科学立法理念的指导下,构建完善的防范金融衍生工具风险的法律制度框架。这要求我国在颁布统一的《金融衍生工具创新和交易法》的前提下,加快针对具体的金融衍生工具的立法,例如颁布《期权交易管理条例》等。同时,加强与《公司法》等基础配套法律的配合也是十分重要的。在金融私法方面,我国也应当丰富其内容,添加金融衍生工具风险防范的具体操作机制的规定。另一方面,对监管法律制度的完善也不可偏废。我国要颁布《金融衍生工具创新和交易信息披露制度》和《金融衍生工具信用评级法》,加强信息披露制度、信用制度与《刑法》等法律的协调配合,同时为其补充相应的民事责任赔偿制度,以减少有法不依的情况。此外,还应当建立宽严适度的市场准入制度。最后,在微观主体风险内控制度建设方面,商业银行应当在建立风险内控组织机构的基础上,完善内部法律论证制度、财务制度、审计制度等风险内控制度。同时,也要严格事后责任追究,建立风险救济体系。更多还原

【Abstract】 In the1970s, referred to as financial innovation of the banking industry’s revolution began to enter people’s vision, then with the continuous development of economy and technology, financial instruments also started the innovation steps. Financial derivatives as an important part of financial innovation, has the dual attributes of high profit and high risk, more and more get the attention of people. Today, the financial derivatives risk prevention has become a hot topic. At present, China’s financial market is gradually developing with the international financial market, and the financial reform is also deepened. Innovation as the internal dynamics of the development of the financial industry brought to the attention of our country. However, the development of financial derivatives of our country started late, and there are also many defects. It increased the risk of the development process. At the same time, it does not have the maturity of research concerning legal issues of risk prevention of financial derivatives. The development of financial derivatives in China is difficult under the imperfect legal environment. Therefore, constructing perfect the legal system of financial derivatives risk prevention is very necessary, also is very urgent.Start from the introduction of the basic theory of financial derivatives, this article gradually leads to the idea of perfecting the legal system of financial derivatives risk prevention, through elaborating the existing problems as well as foreign legal system on financial derivatives risk prevention.Financial derivatives determine the price of the underlying financial target which will be traded at a certain moment in the future in the form of contract. Compared with traditional financial instruments, it is a shot fortunately contract, representing the right to request of financial interest in the transfer in the future and their trading obligations in the future. They have strong leverage and uncertainty, so that the benefits and risks can be amplified. These risks may come from the economic environment, and may also come from the legal and policy environment. They have occurred and can not be avoided sometimes. Thus, the legal regulation of financial derivatives should be more attention to the risks. However, China’s current legal system on financial derivatives risk prevention has many problems. The problems of incomplete legal framework at this stage, low legal effect, over-reliance on public law, the legal lag are serious. Imperfect information disclosure system, credit system and market access system provide opportunities to malicious manipulation of practitioners and Non-compliance with the law.Therefore, in order to solve the above problems and prevent the risk of financial derivatives more effectively, China must improve the legal system. The successful experiences of foreign legal systems of financial derivatives regulation are also provided for our country. For example, we can leam from "2000Commodity Futures Modernization Act, the financial reform bill enacted after the financial crisis, and the German financial market stabilization". They suggest that China should improve the supervision of the legal system and provide a legal basis and legal protection for giving full play to the role of the central bank.On this basis, the paper argues that China should establish a comprehensive legal system which national legislation to regulate led commercial banks internal control system for the auxiliary. On the one hand, China should build a sound legal system framework to guard against financial risks of derivatives under the guidance of the scientific concept of legislative. This requires that China promulgates a unified "financial derivatives innovation and Exchange Law" and then speed up the legislation for specific financial derivatives, such as the enactment of "the options trading ordinance". At the same time, strengthen the corporation with the "Company Law" and other infrastructure is also important. On the fact of financial private law, China should also enrich the content and add financial derivatives risk prevention provisions of the operating mechanism. On the other hand, the improvement of the regulatory legal system can not be neglected. China should enact the "Financial Derivatives innovation and transaction information disclosure institution" and "Financial derivatives Credit Rating Act". Then we should strengthen the coordination of the information disclosure system, the credit system with the Criminal Code and other laws. At the same time, we can supplement their civil liability compensation institution to avoid the case of non-compliance with the law. Finally, on the fact of microeconomic subjects building the system of control risk, commercial banks should improve internal legal argumentation system, financial system and audit system on the basis of the establishment of internal risk control organization. At the same time, we must strictly afterwards accountability and establish risk relief system.更多还原