【作者】 周睿；

【导师】 彭真明；

【作者基本信息】 华中师范大学 ， 民商法学， 2009， 硕士

【摘要】 目前我国大陆证券市场交易基本实现了无纸化发行、登记、存管和结算,无纸化证券程度走在世界前列。然而在如此高程度的无纸化交易状态下,其特点却并未引起人们足够的重视。基于无纸化证券的持有模式、交易过程以及投资者权利的保护等衍生出的法律问题并未在我国现行的法律法规中体现出来。由于无纸化证券方面的立法空白给我国证券市场的稳定发展带来的影响也日益突出,理论和实践的脱节导致各类无纸化证券交易活动无法直接适用现行法律法规。本文旨在通过法律视角对无纸化证券交易涉及的法律问题进行探讨,提出对现行法律法规进行修改和完善的意见,为无纸化证券交易提供更为可靠的法律保障。本文主要从四个方面对无纸化证券交易中涉及的法律问题进行分析。第一部分,主要对无纸化证券进行法律界定。目前我国没有任何一部法律法规对它进行完整的概念上的界定,使得无纸化证券的法律地位不明晰,为无纸化证券在法律上的适用带来一定的困扰。第二部分,主要从无纸化证券登记着手进行研究。重点分析了证券登记的概念、特点、效力、证券登记同证券存管的区别。通过对证券登记和证券权利变动关系进行法律分析,指出证券登记是证券权利变动的公示生效要件。笔者希望通过对证券登记的研究对该理论研究发展有所贡献。第三部分,主要探讨无纸化证券持有模式的法律问题。笔者主要采用对比分析法,通过对直接持有模式和间接持有模式各主体法律关系的比较,得出两种持有模式各有长处。由此进一步的设想在间接持有模式下,通过对无纸化证券所有者的权利性质进行分析,查找到我国在这方面的立法空白。而这一立法的缺失,会直接导致当证券公司破产时,投资者的证券权益将无法获得优先保护。因此,根据我国大陆证券市场目前持有模式的现状,建议我国《证券法》应在完善直接模式的情况下,支持间接模式的发展,并制定与之相关的法律法规及配套制度。第四部分,重点讨论在无纸化证券交易中投资者利益的保护。投资者是证券市场的基石,证券市场的繁荣有赖于投资者的积极参与,因此各国证券立法的各项制度的核心内容都是围绕投资者保护开展的。从我国证券市场交易现状来看,因为无纸化证券交易特殊情况以及法律法规的不完善,造成投资者与券商以及证券存管机构地位不对等,在证券交易的风险承担上处于完全的劣势地位。笔者提出通过利用明确投资者法律地位、加强市场监管、制定无纸化证券交易风险承担规则、完善无纸化证券投资者保护基金制度等手段,完善无纸化证券交易中的投资者利益保护制度的构想,从而维护整个无纸化证券交易的稳定、公平、健康发展。更多还原

【Abstract】 Nowadays,China’s securities market have made tremendous achievements,basic achieved uncertificated securities,registration,depository and settlement.However,in such a high level of uncertificated securities trading conditions,its characterized failed to arouse sufficient attention.Holders of securities based on the uncertificated securities hold pattern,the transaction process,as well as the protection of the rights of investors and those derived from the legal problem does not exist in China’s existing laws and regulations reflected.China’s legislative gaps to the stable development of China’s securities market impact is increasingly prominent,and the theory out of the practice led to some types of uncertificated securities trading can not be directly applicable to existing laws and regulations.The purpose of this paper is through the legal perspective on the uncertificated securities to improve the existing laws and regulations and improve the views provide more reliable legal protection.In this paper,four aspects of the uncertificated Securities essues involved in the analysis.In the first part,mainly on the legal definition of uncertificated securities.At present, China has no laws and regulations to delifit on this issue,which made the legal status of uncertificated securities is not clear,for uncertificated securities law applicable in certain problems.In the second part,mainly from the uncertificated securities registration to proceed with the study.Focused on analyzing the concept of securities registration,characteristics, effectiveness,securities registered with the distinction between securities registration and securities depository.Analysis the realationship between securities registration and securities rights,pointing out that the securities registration is the promulgated efficient factor of change of the registration rights.Through the study of the securities registered,I hope to contribute to the development of the theory.In the third part,focused on securities hold pattern through expatiating held by investor and intermediary.I mainly compare the realationship of the main comparison from the direct and indirect holding pattern,pointing out that China should maintain the direct holding pattern and to encourage the development of the indirect holding pattern.Furthermore,analysis the owner’s securities rights to find out that China’s legislation in this area blank.The lack of this legislation will directly lead to that when the securities companies bankrupt,securities rights of investors will not be able to be given priority protection.Thus,according to China’s mainland securities market parrern, "Securities Law" should be thedirect pattern in the perfect circumstances,and support the development of indirect pattern.In the fourth part,focused on how to protect the rights of investors on uncertificated securities market.Investors is the cornerstone of the securities market,it takes a important roal in prosperity of the securities market.Therefore the securities legislation of most countries in the core of the system are carried out focusing on investor protection.From the current situation of China’s securities market,we can find that because of the special circumstances in securities and exchange scripless,as well as imperfect laws and regulations,causing investors and brokerages,as well as the status of securities depositories in the wrong body and so on,to bear the risks of securities trading at a complete disadvantage.I made clear through the use of the legal status of investors, strengthen market supervision,the development of risk-taking scripless securities trading rules,perfect paperless system for the Securities Investor Protection Fund and other means of improving the scripless securities trading system of protection of the interests of investors and so on,thus maintaining the overall stability of the securities and exchange scripless,fair and healthy development.更多还原