【作者】 张晨；

【导师】 郑远民；

【作者基本信息】 湖南师范大学 ， 国际法学， 2008， 硕士

【摘要】 QDII,又称合格境内机构投资者制度,是指经核准的境内机构投资者在资本项目未完全开放的情况下,通过本外币兑换,投资于境外资本市场的一种过渡性制度。其作为我国资本市场开放中投资者“走出去”的制度安排将是我国渐进的市场开放步骤的重要组成部分。而相对于实施多年的QFII制度而言,起步不久的QDII对合格境内机构投资者和托管人的法律监管,以及对中小投资者的权益保护还处在摸索阶段。因此,文章通过借鉴美国等一些发达国家和韩国、印度等一些新兴市场国家和台湾地区实施QDII制度的成功经验,运用综合比较的方法和法律与经济相结合的方法对QDII若干法律问题进行分析,并为QDII制度的立法完善提出相应的建议。QDII的交易主体包括合格境内机构投资者、托管人及中小投资者三方,文章以QDII交易的三大主体为研究对象,从对合格境内机构投资者的监管、对QDII托管人的监管及对QDII投资者权益的保护三个角度出发。其中,对合格境内机构投资者的监管主要分析了外汇管制、反洗钱监控、证券公司信息披露监管三个方面的内容;对QDII托管人分析了QDII托管人与QDII合格境内机构投资者身份冲突之监管;对QDII投资者权益保护主要分析了证券投资者赔偿基金机制和民事赔偿责任机制两个方面的内容。通过分析本国相关内容立法上存在的不足,借鉴其它国家和地区实施QDII的成功经验,综合比较我国与这些国家存在的共同点和差异,挑选适合我国国情和证券市场的先进经验,为完善我国QDII制度提出相应的建议。更多还原

【Abstract】 QDII ( also called Qualified Domestic Institutional Investors ) , is a transitional system that the qualified domestic institutional investors invest in foreign capital market by exchanging domestic currency and foreign currency under the situation of incomplete opening capital items. As a system arrangement for the investor to Go Out, QDII is an important part of the gradually opening-up market policy. Comparing with the QFII which has been carried out for years, the starting QDII is just in the fumbled phase in legal regulation of the qualified domestic institutional investors and custodian , and in the protecting of small and medium-sized investors’ rights and interests. Under the successful experiences of some developed countries such as American and some new market countries and regions such as South Korea, India and Taiwan, this paper analyzes some legal problems of QDII with the methods of comprehensive, comparative and compound ways between law and economy, expecting to provide valuable advice for the completing of QDII system.The trade parts of the QDII includes the qualified domestic institutional investors , the custodian and normal investors. This article sets the QDII three trade parts as the investigated objects, including the supervision of the qualified domestic institutional investors; the supervision of the custodian; the protection of the investors’ rights and interests. The first part analyzes the foreign exchange control, Anti-Laundering monitoring, supervision of the disclosure information by security company; the second part analyzes the mechanism of security investor compensation fund and the mechanism of the civil compensation responsibility; The third part analyzes the confliction that custodian take charge of the qualified domestic institutional investors meanwhile. By comparing with the commons and the differences between our country and other countries and regions, analyzing the relevant faultiness in the law of our country, using the reference of the successful experience of other countries and regions, we can select the advanced experience that fits our national situation and the security market, and expecting to provide corresponding suggestions for consummation of the QDII.更多还原