【作者】 李晓宁；

【导师】 姜作利；

【作者基本信息】 山东大学 ， 国际法学， 2010， 硕士

【摘要】 产生于上世纪七十年代的金融衍生品因其所具有的价格发现、套期保值和规避风险等功能而受到诸多投资机构和跨国公司的青睐。但金融衍生品也具有高杠杆性、设计结构复杂的特点,如果监管不到位会对一国甚至全球经济产生不利影响。本文立足于发达国家在金融危机背景下对金融衍生品加强监管的现状和我国发展金融衍生品市场的现实需要,认为我国一方面应该从他国因监管不利造成金融市场动荡的教训中吸取经验,加强对金融衍生品的监管,另一方面也应该把握此次难得的机遇,充分利用全球金融市场流动性适度和监管套利可能性减小的时机,通过完善配套法律和制度来推动我国金融衍生品市场的发展,提升我国金融领域话语权。本文第一章是金融衍生品概述。此部分首先将本文中的金融衍生品定位于由基础金融产品或其价格衍生出的金融产品,其次依照交易场所和权利、义务是否对等的标准进行分类,最后介绍了金融衍生品的特点。第二章在肯定金融衍生品的价格发现、套期保值和促进全球金融市场融合作用的同时,列举了因金融衍生品的市场风险、信用风险、法律风险和操作风险而造成损失的典型案例,指出对金融衍生品监管的必要性。第三章从国内和国际两个层面介绍对金融衍生品监管的立法。在国内监管层面,对美、英两国监管模式、自律方法进行评析并比较其优劣；在国际监管层面,在介绍巴塞尔委员会和国际互换与衍生工具协会等国际组织在维护全球金融市场稳定所做出的努力的基础上,指出由于国际组织监管建议的“软法”性质和国际金融旧秩序的影响,这些国际组织的作用尚未得到完全发挥。第四章回顾我国衍生品蓬勃发展—清理整顿—回复发展的历程,提出了依法监管、监管适度、与货币政策相协调和开放与保护并重四条金融衍生品立法的原则。第五章在分析当前国际金融市场形式的基础上,说明我国金融衍生品市场发展面临难得的机遇,并从《担保法》、《物权法》、《破产法》和信息披露等法律制度建设方面提出完善的建议。更多还原

【Abstract】 Derivative, which was born in 1970s, is favored by investment institutions and multinational companies for its function in price discovery, arbitrage and risk aversion. However, derivative also possesses the character of highly leverage and complicated structure. The improper regulation may cause negative impact on domestic, sometimes even the international economy. Based on the status quo of stricter regulation in the developed countries and the need to prompt the derivatives market of China, the thesis holds the idea that on one hand we should learn from the turmoil induced by the failure of foreign government to meet their obligations; on the other hand, to have greater voice in the financial market, we must seize this unmissable opportunity to perfect the domestic legal system by making full use of the moderate liquidity and less possibility in regulatory arbitrage of international financial market.Chapter One is an introduction of derivatives. In this part, the derivative in this thesis is firstly defined as financial instruments based on the underlying financial products. Then it is classified by trading place and the allocation of rights and obligations. At last the characteristics of derivatives are described. Chapter Two affirms the functions of derivatives in price discovery, arbitrage and the facilitation of global financial market. At the meantime, losses caused by market risk, credit risk, legal risk and operation risk are enumerated to demonstrate the necessity of regulation. Chapter Three describes the legal system concerned in two levels. On the domestic level, it compares two models of U.S. and U.K., and on the international level it refers to the regulatory suggestions of Basel Committee and International Swap and Derivatives Association, which have been making great effort in maintaining the stability of global financial market. At the same time, it also points out that because of the "soft law" nature of these suggestions and the impact of the old financial regime, the performance of these organizations has been underestimated. Chapter Four reviews the development of derivatives market in China and proposes four main principles in legislation. Chapter Five indicates it is an opportunity to accelerate the development of our financial derivatives market and put forward suggestions on the improvement of guarantee law, real right law, bankruptcy law and disclosure of information.更多还原