我国自然人型证券经纪人法律问题研究

【作者】 陈婷；

【导师】 方乐华；

【作者基本信息】 华东政法学院 ， 法律， 2007， 硕士

【摘要】 自然人型证券经纪人作为证券市场发展到一定阶段的产物,它不仅在国外证券市场的发展过程中起到了关键作用,同时也是发达国家证券市场成熟的重要标志之一。中国证券市场十几年的发展,已经造就一批较为成熟的法人型证券经纪人(即证券公司)。但随着市场运行机制的提高和投资者能力的增强,使得证券公司不得不告别以提供通道服务为主的粗放式经纪模式,朝着更为精细和更高层次的方向发展。因此,自然人型证券经纪人就应运而生。我国现行法律法规规定的证券经纪人存在的基本形式就是证券公司。但随着中国证券市场不断成熟和对外开放的不断发展,在未来我国的证券市场中自然人型证券经纪人必将成为市场竞争中的重要力量。因此,站在与国际规则接轨的高度上认识我国自然人型证券经纪人法律制度建设问题就显得尤为重要。目前,我国学者对自然人型证券经纪人多从经济学角度进行研究,较少从法律的角度进行研究,更少在市场调研基础上结合法律基本理论进行实证研究。而且,我国证券监督机构对自然人型证券经纪人的监管更注重运用行政手段,而较少运用法律手段。因此,在市场调研基础上探讨自然人型证券经纪人的相关法律问题是十分重要的。本文从自然人型证券经纪人产生的背景与意义出发,在对我国典型地区和城市自然人型证券经纪人现行业务模式进行剖析的基础上,首先对证券经纪人的相关法律概念、法律内涵进行了分析;其次,在对各种学说进行评析的基础上,分别探讨了法人型证券经纪人与投资者的法律关系、自然人型证券经纪人与经纪商的法律关系,总结出我国法人型证券经纪人与投资者的法律关系为行纪关系,自然人型证券经纪人与经纪商的法律关系应为代理关系;再次、对当前我国自然人型证券经纪人模式存在的问题和潜藏的法律风险进行了分析;最后,对如何完善我国自然人型证券经纪人制度建设提出了若干立法建议,指出在完善自然人型证券经纪人制度时有必要结合我国实际,从宏观和微观两个层面进行规范。即在宏观方面从自然人型经纪人的法律地位、资格认定与注册管理制度、行为准则和职业操守准则、建立诚信档案制度、推行风险保证金制度、成立自然人型经纪人行业协会、提高行业自律水平等方面完善经纪人管理制度;微观方面则应从规范薪金制度、细化经纪商对自然人型经纪人的管理措施、持续培训制度等方面加强经纪人的管理。当然,由于时间和水平的限制,本人对相关问题的学习与研究有待今后进一步深化。更多还原

【Abstract】 As the outcome of the growth of the securities market, individual securities brokers not only play a key role in the development of foreign securities markets, but are also regarded as one of the important symbols of the maturity of the securities markets of developed countries. The development of China’s securities market in the past more than one decade has given rise to a number of fairly established corporate securities brokers, i.e., securities companies. However, with the enhancement of market operation mechanisms and improvement of investors’ investment ability, securities companies have to shift from the extensive brokering model of providing passage services to a more intense and advanced service models. As a result, individual securities brokers come to the fore. Under China’s existing laws and regulations, the only form of securities brokers is securities companies. As China’s securities market grows more and more mature and the opening up and reform program forges further ahead, individual securities brokers will be an important competitive power in China’s securities market. Therefore, from the crucial perspective of alignment with international rules, it looks particularly important to consider the construction of China legal system of individual securities brokers.Currently, most Chinese scholars study individual securities brokers from economic perspective but less from legal perspective. Even more scarce are empirical researches that combine legal theories on the basis of market surveys. Moreover, China’s securities regulators resort more to administrative measures rather than legal means to regulate individual securities brokers. Thus, it is very important to probe into the legal issues regarding individual securities brokers based on market surveys. This paper starts with a review of the backgrounds and significance of individual securities brokers, and after a discussion of the individual securities broker models adopted currently in a few typical cities and regions in China, it analyzes some legal concepts and legal implications related to individual securities brokers. Then, based on the author’s comments on different theories on the issue, the paper respectively delves into the legal relationship between corporate securities brokers and investors and that between the individual securities brokers and brokerage houses, and summarizes the first relationship as brokerage relationship and the second as agency relationship. After that, the paper discusses the problems and potential risks that exist in China’s individual securities broker models. Finally, the author proposes legislative suggestions on how to perfect China’s system of individual securities brokers, i.e., when perfecting the system of individual securities brokers, it is necessary to take into account China’s specific situations, give consideration to both the short-term and long-term development objectives, and regulate individual securities brokers at both macro and micro levels. At the macro level, the broker management system should be perfected through the legal status of individual securities brokers, the qualification and registration system of individual securities brokers, and the code of conduct and code of ethics for individual securities brokers, establishing the trade association of individual securities brokers, and increasing the self-regulatory level of the industry as a whole. At the micro level, the institutional building of individual securities brokers should be reinforced by supervising the compensation system, establishing the archives of good faith, implementing the risk guarantee fund system, and formulating the code of conduct, and by strengthening brokerage houses’ responsibilities for management of individual securities brokers, and continuous training system for individual securities brokers. Undoubtedly, given the limitation of time and the author’s knowledge level, the research and analysis in this paper has yet to be deepened and enriched in the futures.更多还原