证券市场投资者保护法律制度研究

【作者】 潘泳霖；

【导师】 许凌艳；

【作者基本信息】 复旦大学 ， 法律， 2011， 硕士

【摘要】 投资者保护理论是各国证券市场形成以来不变的核心问题,一国的法律制度直接影响了其投资者保护水平,进而影响到公司的股权结构、公司治理,并进一步影响一国的金融市场以及国民经济的发展水平。随着经济全球化水平的日渐加深,金融证券化与金融自由化潮流的影响日益扩大。在世界范围内,银行、证券、保险等金融机构之间的业务界限逐渐模糊起来,采取一个统一的监管体系来调整证券市场乃至资本市场,成为了世界各国不约而同的一种趋势。相比与国外,我国的证券市场起步较晚,相应的投资者保护法律制度也比较落后。但是随着近年来我国经济保持的持续高速增长,使得我国的证券投资市场的规模已经不亚于美国、欧洲、及日本等各大经济体,随着中国经济的继续发展,中国投资市场将更加吸引投资者的目光。然而与此相应的投资者保护制度作为证券投资市场的基本制度,却远远满足不了飞速发展的投资市场的需求。我国目前仍然实行着各行业分业监管的传统模式,缺乏统一的立法全面调整投资者保护法律问题,没有专门的机构综合负责投资者保护的市场监管。使得一些证券市场上不规范的现象屡屡发生,投资者的合法利益难以得到有效地保护。本文首先从投资者保护理论入手,阐述现有投资者保护法律制度的研究成果,分析投资者保护对证券市场乃至整体经济的意义；其次通过对国外先进的投资者保护法律制度进行整理与总结,分析其发展原因,吸取其有益精华为我国法律制度的制定提供参考；最后阐述了我国投资者保护法律制度的现状与不足,分析其原因,并针对之提出健全、完善我国投资者保护制度的对策意见。本文认为,为切实保障投资者合法利益,促进我国证券市场健康有序的发展,有必要统一投资者保护相关立法,并设立专门的机构负责证券市场的统一监管。更多还原

【Abstract】 The theory of investor protection has always been a core issue during the formation of security market all around the world. The legal system of a country can have direct impact on the protection of investors, and furthermore, on the equity structure and corporate governance of a company, or even on the development of the financial market and national economy. As economic globalization intensifies, financial securitization and liberalization have become increasingly influential. With gradually blurred differences of businesses among financial institutes, such as banks, securities agencies and insurance companies, a trend has been set that governments in the world now adopt a unified regulation system to govern the security market, or even the overall capital market.Despite the fact that China’s security market started late compared with those in other countries and related legal regulations to protect investors had not been well established, the scale of China’s security market is no smaller than those of developed economies such as the U.S., Europe and Japan, thanks to China’s economic boom during the recent years. As China’s economy continues to hum up, more investors will turn to the Chinese market. However, the absence of basic regulations in the legal system to protect investors can hardly meet the needs of the bullish investment market. Without a unified and comprehensive legal system and a specific regulatory institution to protect investors and address legal issues, China still adopts a traditional model supervising different industries with different regulatory boards. As a result, violations in the security market have been frequent, and the legal rights of investors cannot be secured.Starting from the theory of investor protection, this paper introduces existing research results of legal regulations to protect investors, and analyzes the significance of investor protection to the development of the security market, and even the entire economic system. Followed by the summarization of regulations in terms of investor protection in some other countries and the reasons behind it, this paper draws upon useful practices for China’s own reference. Last but not least, this paper points out the shortcomings of China’s existing regulations of investor protection, and analyzes its reasons, and contributes related solutions and suggestions to strengthen China’s investor-protection legal system. This paper holds the view that it is necessary to formulate a unified legal system and establish a designated institution to conduct unified regulation on the security market, so that investors’rights can be better protected and China’s security market can enjoy a healthier and better development.更多还原