论金融衍生工具的国际监管

【作者】 成向阳；

【导师】 周忠海；

【作者基本信息】 中国政法大学 ， 国际法学， 2004， 博士

【摘要】 本文从结构上来说，全文除了前言和结论外，正文分为五章。第一章是对金融衍生工具的基本层面进行论述；第二章是对金融衍生工具的监管法律问题进行分析；第三章是对发达国家或地区在金融衍生工具方面的立法监管方面进行论述；第四章是对金融衍生工具在国际监管上的法律问题进行论述；第五章是对我国在金融衍生工具方面的法律监管进行探讨。第一章主要是探讨和分析金融衍生工具的概念、特征、起源和发展、经济功能、金融衍生工具的风险体系、金融衍生工具与证券及赌博之间的区别、金融衍生工具的分类以及金融衍生工具的参与者分类。在这一章里，笔者主要是对金融衍生工具最基本的方面进行较为全面性的论述，希望从金融衍生工具的基本层面中分析金融衍生工具到底是一种什么样的金融工具。随着金融衍生工具的出现，它在很多方面都引起了不少学者或者是业界的争论；首先是在金融衍生工具在名称与定义上，就出现不少的争论，所以笔者先以金融衍生工具最早出现在金融市场的名称问题作为文章的开头，探讨金融衍生工具的名称由来；然后对于被学者与业界所经常采用的金融衍生工具的定义进行分析，从中探讨为什么这些定义会带来那么多的争议。接着笔者再对金融衍生工具进行更一步的论述，对如金融衍生工具的特征、经济功能、起源和发展以及风险体系等方面进行分析，从而在本质上清晰金融衍生工具的基本情况。为了更透彻地了解金融衍生工具的特殊性，笔者还以证券和赌博与金融衍生工具进行比较分析。在本章的最后部分是对金融衍生工具的种类及其参与者进行论述，目的是对金融衍生工具在具体运作方面的有初步了解。第二章主要是对金融衍生工具与金融监管的问题、金融衍生工具的监管体制、金融衍生工具场内与场外监管方式等问题的探讨。本章首先是对金融监管进行论述，笔者主要是对金融监管介入的基本问题以及引起金融市场失灵的四方面因素：垄断性、负面外部效应、公共产品及信息不对称等问题进行初步的分析，然后再结合第一章里的有关金融衍生工具的特性，分析金融监管介入金融衍生工具的原因。笔者主要从经济学的角度分析金融衍生工具所引起的金融市场失灵，从而找出导致需要金融监管的原因，并论证金融监管最终是希望金融市场的有效性能够正常发挥作用。对于金融市场的有效性来说，笔者还从各国或地区对金融衍生工具的立法监管和实践方面来分析金融衍生工具监管的法律目的。接着笔者对金融监管的体制进行分析，主要的分析体制有三种：行政监管、自<WP=5>律监管和综合监管。在对金融衍生工具的监管进行经济原因的分析并探讨了立法目的后，本章进一步对金融衍生工具的场内交易和场外交易的监管方面进行论述。在金融衍生工具的场内交易监管方面，笔者主要是以交易所、交易过程的监管（以金融期货为例）以及中介机构与投资者之间的规范为主要论述对象；而对于金融衍生工具场外交易的监管方面，笔者主要是对交易商和场外交易过程进行论述。第三章是对美国、英国以及我国香港在金融衍生工具的监管制度方面进行研究和分析，然后是对这些国家或地区的监管制度进行评价。笔者在本章里主要以国际金融市场比较发达的国家或地区为论证对象，而选择了其中的美国、英国及我国香港为论述对象，主要是考虑两方面的因素，一方面主要是考虑到这些发达金融市场已经有比较完善的监管制度，另一方面是这些金融中心在最近对金融衍生工具方面的立法监管都有很大的变化。笔者首先是对美国的金融衍生工具的监管进行论述，分析美国对金融衍生工具进行监管的原因，同时配合案例说明美国现行的法律是如何处理金融衍生工具的问题，并突显出美国在监管体制上问题。由于这些金融监管上的问题已经开始影响到美国在金融衍生工具方面的领导地位，为了保持美国在国际金融市场的领导地位，美国主要的金融监管机构负责人联名向美国总统提出对金融衍生工具的监管改革意见，这也促使美国国会通过《2000年商品期货现代化法》，这些都是笔者在美国部分主要论述的内容。对于英国部分的内容，笔者主要是从英国对金融衍生工具的监管改变进行论述，由于英国不只是欧洲的主要金融中心，同时也是国际上最为发达的金融中心，在对金融衍生工具的监管方面，其与美国有着非常大的区别。传统的英国金融监管主要是以自律监管为主，但是1995年的巴林银行事件直接导致了英国开始对其金融监管进行改革，英国政府对金融监管改革的迫切性是可以从《2000年金融服务及市场法》仍未通过，其就开始着手对金融监管机构进行改革的行动中看出；英国对金融市场的监管自此由自律监管改为行政监管，由分业监管和机构监管改为单一监管；此外，笔者还对英国金融服务管理局最近所发布的有关金融衍生工具的指引进行了论述。对于香港地区的内容，笔者主要是从商品衍生工具监管为起点，然后再以香港地区所经历的1987年的全球性股灾作为一个转折点，论述香港地区对金融监管的变革，并且透过这一变革过程，分析出当时香港地区完全是受到当时英国监管方式所带来的影响。香港地区将英国式的监管一直维持到1997年的亚洲金融风暴，在亚洲金融风暴中，香港地区的金更多还原

【Abstract】 As far as the structure is concerned, this dissertation is divided into five Chapters, excluding Preface and Conclusion. In Chapter 1, the various financial derivatives from the very basic perspectives are discussed. In Chapter 2, the legal issues related to the regulation of financial derivatives are analyzed. In Chapter 3, the legislative regulation of financial derivatives in developed countries or regions are discussed. In Chapter 4, the legal issues of international regulation of financial derivatives are discussed; and in Chapter 5, the legal regulations of financial derivatives in China are discussed.In Chapter 1, it is mainly discussed and analyzed the definition, characteristics, origin, developments, economic functions and risk system of financial derivatives, difference between financial derivatives and gambling, classification of financial derivatives, and classification of participants in financial derivatives. In this Chapter, the author draws a relatively complete outline of the most fundamental aspects of financial derivatives, hopefully, to work out what kind of financial instruments the financial derivatives are from the basic aspects of financial derivatives. Upon the appearance of financial derivatives, in a number of aspects, they led to arguments among scholars or professionals. Because the name and definition of financial derivatives have caused great debate, the author first seeks the origin of name of financial derivatives by examining the names of financial derivatives that appeared earliest on the financial markets. Then, definitions that are frequently used by scholars and professionals are analyzed so as to find out why such definitions have brought about so much debate. The author continues to further discuss financial derivatives and analyze such aspects of financial derivatives as the characteristics, economic functions, origin, developments and risk system of financial derivatives, so as to have a clear and substantive understanding of the basics of financial derivatives. In order to more clearly understand the particularities of financial derivatives, the author compares the financial derivatives with securities and gambling. Finally, this Chapter talks about the classifications of financial derivatives and their participants, aimed at a preliminary understanding of the specific operation of financial derivatives.In Chapter 2, it mainly deals with the issues of financial derivatives and financial regulation, regulatory regimes of financial derivatives, and manners of regulation of Exchange-traded (On-exchange) and Over-the-counter (OTC) financial derivatives. In this Chapter, in respect of financial regulation, the author conducts a preliminary analysis of <WP=8>the basic issues on financial regulatory intervention and four factors leading to financial market failure: monopoly, negative externalities, public goods and asymmetry of information. Then, taking into account the characteristics of financial derivatives in Chapter 1, the author analyzes the reasons for financial regulatory intervention in financial derivatives. The analysis of financial market failure caused by financial derivative is mainly from the perspective of economics, the reasons for the necessity of financial regulation are sifted out, and it is demonstrated that, ultimately, the purpose of financial regulation is to hope that the effectiveness of financial markets may function normally. In respect of the effectiveness of financial markets, the author analyzes the legal purposes of regulation of financial derivatives from the perspectives of legislative regulation and practice in some countries or regions. The financial regulatory regimes are analyzed, and are mainly three kinds as the administrative regulation, self-regulation and comprehensive regulation. After analyzing the economic reasons for the regulation of financial regulations and the legislative intentions, this Chapter further discusses regulation of Exchange-traded and OTC transactions of financial derivatives. In respect of the regulatio更多还原