【作者】 胡茂刚；

【导师】 吴弘；

【作者基本信息】 华东政法大学 ， 经济法， 2008， 博士

【副题名】以股指期货为中心

【摘要】 二十世纪八十年代，美国堪萨斯交易所首开股指期货之先河，股指期货成为开设最晚但增长最快的金融期货产品。作为国际资本市场成熟的风险管理工具，股指期货具有更高的流动性和时效性。在经济全球化和金融自由化的趋势下，各国竞相上市股指期货，以争夺金融资产定价权，维护国家金融安全，增强在国际金融市场的竞争力。中国资本市场的发展，需要完善的金融期货市场配套。“股指期货是一把双刃剑”，包括巴林银行、长期资本管理基金、中国万国证券公司、日本大和银行、法国兴业银行等在内的著名金融机构折戟沉沙，暴露出金融期货监管制度的缺陷和不足。全球金融期货风险事件的频繁发生，要求政府监管将法律作为调整金融期货市场最有效的监管措施。本文主题的确定一是受到国际国内系列金融期货风险事件的启发，二是基于我国即将上市股指期货的大背景。本文的中心主题是探讨在法律层面如何构建我国金融期货市场的监管制度。论文认为中国金融期货市场从建立时无处不体现政府干预的“身影”，金融期货监管制度的最高目标应该是政府监管和行业自律管理相结合的体系，其成功的关键在于保证政府监管与行业自律的动态平衡，惩治期货市场违法违规行为，最大限度地保护期货市场中小投资者的合法权益。第一章金融期货市场监管的理论基础。本章首先从金融监管理论出发，结合金融期货市场特点，阐述了期货市场监管的市场失灵理论、公共利益监管理论、功能性监管理论。其次，从法学角度就“公开、公平、公正”原则、尊重意思自治，注重监管、自律和自治的协调原则、安全与效率原则进行了详尽地分析。第二章金融期货市场法律关系。本章分析了金融期货交易法律关系的特征是平等、双务有偿、法律强制效力、法律关系的多样化、交易主体的特定化和相对性、金融期货交易客体的特定化、受国家监管机关直接监管；质疑了金融交易所的企业法人性质，指出自律管理的特征；在探讨期货公司与投资者法律关系的基础上，明确期货公司从事期货经纪行为的法律属性为行纪行为。着重论证了股指期货交易的客体是股指期货合同。第三章海外股指期货市场监管制度比较研究。本章首先分析了美国期货监管模式为与证券监管分割、合作模式；其次探讨了日本独特的“三省归口管理”体制；再次考察了香港将自律监管与商业利益有机结合的特点；最后介绍了英国高度自律管理的特色。本章结尾对不同监管模式进行了中肯的评价：论述了上述市场监管的特点，美国期货市场三级市场管理体系秩序井然又不失活力；日本三省归口的监管制度独一无二；香港政府适度干预的监管模式是对金融自由化的合理修正；英国期货市场体现高度自律的特色。第四章股指期货运作模式与跨市场法律监管。本章介绍了全球股指期货上市地点的三种模式：在商品期货交易所上市；在证券、期货交易所同时交易；单独组建金融期货交易所。随后分析了我国股指期货上市地点归属期货交易所的必然性。接着阐述了股指期货需要配套的相关制度。为建立适合股指期货推出的法律环境，论述了股指期货立法的合法性、后发性利益和市场创新原则，就扩大商品外延、构建期货法框架、大力培育股指期货的投资主体、依法确认净额结算制度、赋予期货交易所交易规则的法律效力提出了具体的立法意见。最后，阐述了构建跨市场监管协调机制，需要发挥跨市场监管组织协同作用；建立股票断路机制；完善信息披露制度；启动共同风险控制和联合调查机制；完善反操纵制度。第五章我国股指期货三级监管法律制度。本章首先分析了在股指期货多层次的监管体系中，如何进一步科学构建监管机构、更新监管理念、加快市场化进程。其次，针对交易所的一线监管，提出从法律性质、交易所体制、自律监管职能、治理结构、协调公众利益与商业利益等角度完善交易所的监管。最后，从期货业协会入手，通过加强协会的独立性、合理划分自律管理组织的职权、强化期货业协会对会员日常监管的职权、打造适应金融企业要求的期货公司等方面，确保金融期货市场自律管理体系的健全。第六章股指期货风险控制制度。本章首先介绍了股指期货的风险内涵。其次分析了股指期货的风险特征，指出风险的客观性、来源的复杂性、风险的放大性、风险的相关性和对称性是是股指期货市场风险的主要特征。再次，设计了交易所风险监管制度的核心架构：市场主体准入制度；保证金制度；价格限制制度；限仓制度；大户报告制度；每日结算制度、会员分级结算制度、结算担保金制度、现金交割制度、稽查制度、风险准备金制度。最后，总结了“3、27国债期货”事件有关方面在监管职责、交易规则、系统、信息披露等方面的不足，加强市场的风险防范。第七章期货投资者保护的法律制度。本章以期货投资者保护为中心，研究投资者保护的法律监管制度。在分析期货投资者保护必要性的基础上，剖析了我国期货投资者保护的法律法规体系。其次，惩治违法违规行为与保护投资者合法权益并举，界定了期货内幕交易、操纵市场、欺诈客户等违法违规行为，阐述了当前法律规制的现状，针对不同违法行为提出了针对性的完善意见。最后批判性地分析我国期货投资者保障基金法律制度，保障基金具有开创性、补偿性和救济性的特点，但没有建立公司化的组织结构、难以把握保障基金的保护尺度、缺乏操作性的理赔程序和理赔预期。只有建立公司化的保障基金运作模式、着手制定和实施《期货投资者保护条例》、引入集团诉讼制度、加强投资者教育，建立投资者教育基金等多项制度，才能推进期货投资者保障基金配套制度的建设。更多还原

【Abstract】 In the 1980s, Kansas City Board of Trade took the lead inintroducing stock index futures which became the latest created butfastest growing financial futures products. As a mature riskmanagement tool of in the international capital market, stock indexfutures enjoy higher level of liquidity and time efficiency.With the trend of economic globalization and financialliberalization, many countries are taking great efforts to developstock index futures in order to obtain financial asset pricingauthority, safeguard national financial safety and strengthen theircompetitiveness in the international financial market. A fullyimproved financial futures market is a necessity for the developmentof Chinese capital market.“Stock index futures are a double-edgedsword”. Failure of several famous financial institutions in thisarea including Bahrain bank, Long Term Capital Management Fund,Chinese Wanguo Securities Company, Daiwa Bank and Societe GeneraleBank uncovered limitation and deficiency in relation to supervisionand management system of financial futures market. The fact thatfinancial futures risk events frequently occur all over the world is requiring the governments to take legal supervision and management asthe most effective supervision and management measures for adjustmentof financial futures market.The subject of this thesis is enlightened by series of financialfutures risk events occurring domestically and all over the world andit is also set against the background that stock index futures areabout to be introduced into China. This thesis will focuses on how toestablish supervision and management system in the Chinese financialfutures market from the legal perspective. As governmental influencehas been everywhere since Chinese financial futures market isestablished, the highest target of financial futures supervision andmanagement system is to achieve a system composed of governmentregulation and industry self-discipline, among which the key tosuccess is to ensure dynamic balance between government regulationand industry self-discipline and serious punishment of illegal andirregular activities so that the legal interests of minorityinvestors in the futures market will be safeguarded to the largestextent.Chapter One Theoretical Basis of Supervision and Management ofFutures Market. This chapter explains, from the perspective offinancial supervision and management as well as consideringcharacteristics of financial futures market, market failure theory insupervision and management of futures market, public benefit theory,functional supervision and management theoryChapter Two Civil Legal Relationship of Financial Futures.This thesis analyzes the features of civil legal relationships offinancial futures including equality, bilateral contract, contractwith consideration, legal enforcement, varieties of legalrelationship, relativity and specialization of parties to the transaction, specialization of subject of the transaction, subject todirect supervision and management by state supervision and managementauthorities, etc.；questions the nature of legal person of financialexchange and points out the characteristics of self-regulation. Basedon discussion of legal relationship between futures companies andinvestors, the writer believes that the futures activities of futurescompanies are of broker nature. In particular the thesis demonstratesthat the object of stock index futures transaction is stock indexfutures contracts.Chapter Three A Comparative Study of Supervision andManagement Systems of Overseas Stock Index Futures Markets. Thischapter firstly explains that the model of supervision and managementof U.S. futures market is a model of segmentation and cooperation；secondly it discusses about the special system of centralizedmanagement by three specialized departments in Japan；then it reviewsthe characteristics of combination of self-regulation and commercialinterests in Hong Kong；lastly it introduces high level of selfregulationin U.K. At the end of this chapter, the writer providesproper appraisal in relation to different supervision and managementmodels and summarizes the features of the above markets as follows:The three-level management system of U.S. futures market is wellorderedas well as flexible；the centralized management by threespecialized departments in Japan is highly unique；the moderateinterfere from Hong Kong Government is reasonable modification offinancial liberation；and the U.K. futures market shows high level ofself-regulation.Chapter four The operation mode and legal supervision andcontrol of the stock index. This chapter has introduced three kindsof modes of the listing place of the global stock index futures: listed on futures exchange; trading on both stock exchange andfutures exchange; established financial futures exchange especially.Then this chapter has analyzed the necessity of the designation ofthe listing place of China stock index futures to the futuresexchange. Afterward has explained the relevant system is necessaryfor the stock index futures. In order to set up a coordinatingmechanism of across-market supervision, the following aspects arerequired: calling across-market supervisory organization into play;setting up the broken circuit mechanism of stocks; improving theinformation announcing system; starting the mechanism of common riskcontrol and joint investigation; improving the anti-manipulationsystem. After describing exhaustively the legitimacy, late cominginterests and innovative principle of market of the stock indexfutures legislation, this chapter has offered concrete legislativeproposals on expanding the goods epitaxy, constructing the futureslaw frame, cultivating stock index futures investors, confirming netsettlement system legally, entitling trading rules of futuresexchange a legal effect.Chapter five Construction of legal system frame of China stockindex futures supervision. Firstly this chapter has analyzed that inthe stock index futures multi-level supervisory system, how toconstruct the regulatory organization , upgrade the management idea,and accelerate the market-based process. Secondly, this chapter hasgiven suggestions for improving the supervision of the exchange byanalyzing the legal nature and system of exchange, self-regulatoryfunction, administration structure, coordination of public interestsand commercial interest, etc. Finally, this chapter has explained howto ensure the financial futures market self-regulatory system sound.For example, strengthen the independence of the association of futures industry, divide rationally the functions and powers of selfregulatoryorganization, strengthen the functions and powers ofassociation of futures industry to member’s daily supervision, enablethe futures company to meet the requirement of financial enterprise,etc.Chapter six Risk control system of the stock index future.Firstly, this chapter has introduced the legal characteristic of thestock index futures. Secondly, pointed out that general risks andspecial risks of the stock index futures. Thirdly, this chapter hasdesigned the core frame of the risk supervisory system of theexchange: market subject access system, margin system, price limitsystem, position limit system, large trader report system, dailysettlement system, multi-tiered clearing system, security depositsystem, cash delivery system, audit system, and risk reserve fundsystem. Finally, this chapter has emphasized the importance of marketrisk management by summarizing the deficiency in supervising duty,trading rules, system, disclosure of information, etc. in the“3.27national debt futures affairs".Chapter seven The Legal supervision and management to protectthe futures investors. This chapter has focused on the protection forthe futures investors, and studied the legal supervisory system. Byshowing the necessity of protection for futures investors, thischapter has analyzed the legal system of our country on this subject.Then, in order to punish the unlawful practice and protect investor’slegitimate rights and interests, this chapter had defined theunlawful practices, such as inside trade of futures, rigging market,swindling customers, etc. After explaining the current situation ofthe present legal structure, this chapter has put forward thepertinent suggestions on different illegal activities. Finally, this chapter has analyzed critically China legal system of security fundfor futures investors. The current security fund is initiative,compensatory and relieving. It has such defects: the corporatizationinstitutional framework has not been established; the protectionyardstick of the fund is hard to hold; it is lack of operationalclaims settlement procedure and claims settlement expectancy. It isnecessary to set up following multiple systems to push forward theconstruction of the security funds related system for futuresinvestors: establishing corporatization security fund operation mode;enactment and implementation of Regulation on Futures InvestorProtection; introducing group lawsuit system; strengthening educationon investors; establishing education fund for investors, etc.更多还原