我国股指期货市场的法律监管研究
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摘要
20世纪70年代,世界金融体制发生了重大变化。布雷顿森林体系的解体,导致各国货币和美元脱钩,并建立了浮动汇率制。由于西方国家放松了对金融市场的管制,汇率、利率和股票价格波动加剧。这些金融指标波动,增加了投资风险。为了有效规避风险,金融期货应运而生。1972年5月,芝加哥商业交易所推出了历史上第一个外汇期货。此后,国债期货和股指期货陆续出现。
有经济学家形象的称金融衍生品为毒药,当资本市场节节攀升,牛气冲天时,金融衍生品便随波逐流;而当资本市场一落千丈,门可罗雀时,金融衍生品也销声匿迹。我国资本市场结构并不健全,专门的金融衍生品市场并未建立,股指期货作为重要的金融衍生品种,其推出虽早已被提上议事日程,但具体施行的时间却无法确定。在憧憬之余,股指期货自身的风险怎样监督与防范成为了当务之急。
任何重要的金融监管规定最终都要通过法律来保证其实施。科学的设计股指期货风险的法律监管体系是使股指期货能够充分发挥其作用的根本保障和基础。本文在追溯股指期货产生和发展历史的基础上,借鉴发达国家股指期货发展的成功经验,以我国规范股指期货制度文件陆续出台为背景,对股指期货的法律监管进行深入探讨。本文主要分为四个部分:第一部分是对股指期货与股指期货市场的基本信息介绍;第二部分是对股指期货市场法律监管的前提进行分析,包括股指期货市场的风险成因、股指期货市场的风险类型和股指期货市场法律关系构成;第三部分通过对比研究,总结了美国、英国和日本股指期货市场法律监管的立法情况及其模式,并以此作为对我国股指期货市场法律监管体系建设的重要启示;第四部分是在分析我国资本市场监管现状以及国外成功监管经验的基础上,对我国股指期货市场法律监管体系进行设计,包括法律监管的目标和原则、监管主体、监管权配置和监管法律责任。最后得出结论认为股指期货市场的法律监管是我国股指期货市场监管体系构建的重要环节和基石,完善的法律监管体系可为经济监管手段和政府宏观调控提供坚实保障和依据。
In the 1970s, the world's financial system has undergone major changes. The disintegration of the Bretton Woods system, resulting in national currencies getting away from the dollar link, and establishing the floating exchange rate system. As the Western countries have relaxed controls on financial markets, exchange rates, interest rates and stock price volatility. These fluctuations in financial index increase the risk of investment. In order to effectively avoid risks, financial futures came into being. In May 1972, the Chicago Mercantile Exchange launched the first foreign exchange futures. Since then, Treasury futures and stock index futures successively show up.
Some economists called the financial derivatives as poison, when the capital markets climb up, bullish, financial derivatives will follow the crowd; and when the capital markets plummeted, financial derivatives have also disappeared. China's capital market structure is not sound, specialized financial derivatives market is not established, stock index futures as an important financial derivative products, although its launch has already been put on the agenda, but the detail schedule could not be established. In looking forward to, the risks of its own stock index futures and supervision to guard against what has become a top priority.
Any important financial regulatory requirements are ultimately passed the law to ensure its implementation. The scientific design of the legal risks of stock index futures regulatory system is to make the stock index futures able to give full play to their role in the protection and basic of the fundamental. On the basis of the history and development of the stock index futures, learn the success of the development of stock index futures from developed countries, stock index futures in order to standardize our system of paper being put in the background, stock index futures on the legal supervision to carry out in-depth discussions.
This article is divided into four main parts: the first part is a brief introduction of the stock index futures and stock index futures market; the second part is a analysis of the stock index futures market's prerequisite for the legal supervision system, including the risk causes types and the legal relationship constituted; the third part is by comparing of the study, summed up the United States, Britain and Japan stock index futures market regulatory law and its legislative mode, as on China's stock index futures market, legal system construction monitor An important inspiration; in the fourth part of the analysis of the status quo of China's capital market supervision, as well as monitoring the success of the experience of foreign countries on the basis of China's stock index futures market regulatory legal system design, including the objectives and principles, the main supervision, the Legal Liability.
Finally, concluded that legal supervision of stock index futures market of our country is an important link and cornerstone in building a perfect supervision system, and a perfect legal supervision of stock index futures market can provide a solid basis and guarantee to economic regulation and the government macro-control.
有经济学家形象的称金融衍生品为毒药,当资本市场节节攀升,牛气冲天时,金融衍生品便随波逐流;而当资本市场一落千丈,门可罗雀时,金融衍生品也销声匿迹。我国资本市场结构并不健全,专门的金融衍生品市场并未建立,股指期货作为重要的金融衍生品种,其推出虽早已被提上议事日程,但具体施行的时间却无法确定。在憧憬之余,股指期货自身的风险怎样监督与防范成为了当务之急。
任何重要的金融监管规定最终都要通过法律来保证其实施。科学的设计股指期货风险的法律监管体系是使股指期货能够充分发挥其作用的根本保障和基础。本文在追溯股指期货产生和发展历史的基础上,借鉴发达国家股指期货发展的成功经验,以我国规范股指期货制度文件陆续出台为背景,对股指期货的法律监管进行深入探讨。本文主要分为四个部分:第一部分是对股指期货与股指期货市场的基本信息介绍;第二部分是对股指期货市场法律监管的前提进行分析,包括股指期货市场的风险成因、股指期货市场的风险类型和股指期货市场法律关系构成;第三部分通过对比研究,总结了美国、英国和日本股指期货市场法律监管的立法情况及其模式,并以此作为对我国股指期货市场法律监管体系建设的重要启示;第四部分是在分析我国资本市场监管现状以及国外成功监管经验的基础上,对我国股指期货市场法律监管体系进行设计,包括法律监管的目标和原则、监管主体、监管权配置和监管法律责任。最后得出结论认为股指期货市场的法律监管是我国股指期货市场监管体系构建的重要环节和基石,完善的法律监管体系可为经济监管手段和政府宏观调控提供坚实保障和依据。
In the 1970s, the world's financial system has undergone major changes. The disintegration of the Bretton Woods system, resulting in national currencies getting away from the dollar link, and establishing the floating exchange rate system. As the Western countries have relaxed controls on financial markets, exchange rates, interest rates and stock price volatility. These fluctuations in financial index increase the risk of investment. In order to effectively avoid risks, financial futures came into being. In May 1972, the Chicago Mercantile Exchange launched the first foreign exchange futures. Since then, Treasury futures and stock index futures successively show up.
Some economists called the financial derivatives as poison, when the capital markets climb up, bullish, financial derivatives will follow the crowd; and when the capital markets plummeted, financial derivatives have also disappeared. China's capital market structure is not sound, specialized financial derivatives market is not established, stock index futures as an important financial derivative products, although its launch has already been put on the agenda, but the detail schedule could not be established. In looking forward to, the risks of its own stock index futures and supervision to guard against what has become a top priority.
Any important financial regulatory requirements are ultimately passed the law to ensure its implementation. The scientific design of the legal risks of stock index futures regulatory system is to make the stock index futures able to give full play to their role in the protection and basic of the fundamental. On the basis of the history and development of the stock index futures, learn the success of the development of stock index futures from developed countries, stock index futures in order to standardize our system of paper being put in the background, stock index futures on the legal supervision to carry out in-depth discussions.
This article is divided into four main parts: the first part is a brief introduction of the stock index futures and stock index futures market; the second part is a analysis of the stock index futures market's prerequisite for the legal supervision system, including the risk causes types and the legal relationship constituted; the third part is by comparing of the study, summed up the United States, Britain and Japan stock index futures market regulatory law and its legislative mode, as on China's stock index futures market, legal system construction monitor An important inspiration; in the fourth part of the analysis of the status quo of China's capital market supervision, as well as monitoring the success of the experience of foreign countries on the basis of China's stock index futures market regulatory legal system design, including the objectives and principles, the main supervision, the Legal Liability.
Finally, concluded that legal supervision of stock index futures market of our country is an important link and cornerstone in building a perfect supervision system, and a perfect legal supervision of stock index futures market can provide a solid basis and guarantee to economic regulation and the government macro-control.
引文
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