【作者】 王凤丽；

【导师】 常健；

【作者基本信息】 华中师范大学 ， 经济法学， 2013， 硕士

【摘要】 目前我国证券市场交易基本实现了无纸化发行、登记、存管和结算,成为无纸化程度较高的国家之一。尽管我国证券市场改革搭上了无纸化班车,但相对国外较完善的证券监管体制来说,中国的无纸化证券监管仍然存在严重不足,比如当证券市场无纸化的进程与建立在纸质凭证观念上的证券法之间不同步时,证券市场和证券投资者对于相应风险的担忧,证券市场监管的阻碍重重,要求证券监管制度必须对无纸化证券市场作出回应。本文旨在通过对我国无纸化证券市场监管的若干法律问题进行探讨,提出相应的修改建议,以期完善我国无纸化证券的特有监管制度。本文主要从四个方面对无纸化证券监管问题进行分析：第一部分,主要对无纸化证券进行理论分析,从无纸化证券的崛起与发展的基础上界定无纸化证券的内涵。第二部分,主要是无纸化证券持有制度,一种互助监管的模式。通过介绍无纸化证券持有模式的演变历程,阐述证券持有对互助监管的法律关系的重构,即证券发行人、投资者与中介机构问互相监督的法律关系。从而重点研究我国无纸化证券互助监管的现状并提出完善性建议。第三部分,主要是无纸化证券的登记与存管制度,即第三方监管。通过三集中制对第三方监管的法律关系的梳理,提出我国无纸化证券第三方监管尚存的缺陷及改进思路。第四部分,回归至无纸化证券的政府监管,即无纸化证券的“裁判员”。在确立我国独特的政府监管模式的前提下,透析我国无纸化证券政府监管的缺陷,并提出完善我国无纸化证券政府监管的法律路径。本文的创新之处在于：首先,将比较分析法与实证分析与规范分析法贯穿全文,可以对我国无纸化证券监管存在的主要问题有个更加清晰透彻的认识,从而在吸取国外先进的监管经验的基础上结合我国独特的证券市场特色,为无纸化证券的研究拓展出一个全新的、更富有社会意义的监管制度。其次,采取独特的分析思路,从互助监管、第三方监管、政府监管三种监管角度出发研究我国无纸化证券的监管问题。看似无关联的三方监管却因投资者的深入其中,使得互助监管、第三方监管、政府监管存在千丝万缕的联系,共同构成我国无纸化证券监管的特有体系。更多还原

【Abstract】 Nowadays, our country securities market has realized the paperless publishing, registration, depository and settlement. Our country has become the highest degree of the paperless countries. Although the reform of our country securities market took the paperless train, compared to the regulation system of more perfect abroad securities system, the regulation of the paperless securities is still a serious shortage in China. For example, when the paperless process of securities market is out-sync with Securities Law based on the concept of paper certificate, securities market and investors have the concerns of the corresponding risk. Many regulatory hinders in the securities market require that it must respond to the paperless securities market. The purpose of this paper is putting forward the corresponding amendments to complete the own regulation system of the paperless securities market in China, through discussing the several legal issues in the regulation of the securities market. This paper is mainly from four aspects to analyze the regulatory problems of the paperless securities market.The part one is mainly to the theory analysis about paperless securities. Firstly, this part will define the connotation of the paperless securities on the basis of introducing the rise and development of the paperless securities.The part two is mainly the paperless securities’holding system, namely a pattern of mutual supervision by means of introducing the development of a paperless securities’ holding system, the part sets out that securities’holding is the reconstruction of legal relationship to the mutual supervision. This legal relationship is between securities issuers, investors and agencies. This part is focused on researching the present situation of the paperless securities’mutual supervision and put forward suggestions for the perfection in china.The part three is mainly the system of the paperless securities’registration and depository, namely a pattern of the third-party supervision. The part will submit the flaws and improvement ideas of the third-party supervision in our country through three centralisms comb the legal relationship of the third-party supervision.The part four returns to the paperless securities’government regulation, namely the paperless securities’referees. This part dialysis defects and puts forward the perfect law path about the paperless securities’government regulation on the condition that establishing the unique model of government regulation in our country.The innovation of this paper is that firstly making a combination of comparative analysis and empirical analysis and normative analysis throughout the paper so it could have a more clear and thorough understanding of the main problems of the paperless securities’ supervision in China. On the basis of absorbing foreign advanced regulatory experience, this paper combines with our unique market characteristics to expand to a new and more social significance of the regulatory for the paperless securities. Secondly, this paper adopts unique thinking to study the paperless securities’ regulatory problems from three kinds of angles about mutual supervision, the third-party supervision and government regulation. Even though the three kinds of supervision seem to be unrelated, because of the involvement of investors makes mutual supervision, the third-party supervision and government regulation have a very complex connection. It constitutes the unique system of paperless securities’ regulation in our country.更多还原