摘 要
证券无纸化在证券制度发展历史中，没有任何因素能够超越二十世纪后期因证券无纸化带给各国证券法制的冲击。这一因素所造成的巨大影响将会在今后很长一个时期中才会为经济社会所真正理解。90 年代初期，我国开始建立证券交易市场，虽然起步较晚，但一开始就搭上电子化的班车。90 年代末，我国证券发行和交易彻底摆脱了证券的纸质载体，完成了全面无纸化。尽管我国已率先在证券市场实行了强制性证券无纸化政策，但我国年轻的证券市场、证券法制乃至公司法制目前仍处在竭力摆脱传统有纸化证券对法律制度形成桎梏的初级阶段，与发达国家相比，我国的无纸化证券法律制度还不健全，无纸化证券相对于纸质证券的优点也没有引起充分重视，这将对我国证券市场乃至整个金融市场的稳定发展造成阻碍。
本文的正文主要分为四部分。第一章通过对无纸化证券的法律界定，无纸化证券对传统证券的挑战，无纸化背景下的法律关系三个方面的介绍，对无纸化证券进行概述。
本章通过分析无纸化背景下证券的内涵、特点，发现即使权利的载体发生了变化，证券的本质却并未改变，仍然是投资者证券权利的代表。其次，从无纸化证券对证券定义和传统交易方式的挑战两个方面阐述了无纸化证券给传统证券带来的挑战。最后，本章对无纸化背景下证券市场的参与主体间的法律关系进行了介绍，明确了不同持有模式下投资者和发行人、证券中介机构、中央证券存管机构之间的关系。
第二章是对无纸化证券取得制度、担保制度、监管制度及存在的问题进行了介绍和分析。首先，本章从原始取得和继受取得两个方面对无纸化证券的权利取得制度进行了介绍，指出了该制度中存在的证券发行成本高，投资者主体地位缺失等问题。其次，本章从多个方面介绍了无纸化证券担保制度，阐述了无纸化证券担保制度在整个无纸化法律体系中的重要作用，指出了我国在该制度中存在的问题，如设立标准不科学、实现方式单一等。最后，本章深入分析了无纸化证券的监管制度，包括监管体制、无纸化证券的发行监管和交易监管，指出了我国无纸化证券监管制度中存在的基础法律缺失，政府监管过泛等问题。
第三章是对国外无纸化证券法律制度的评介。本章主要介绍了发达国家较为完善的无纸化证券法律制度，以美国和日本为例，分别分析了其各自法律制度及在本国证券业发展趋势下所形成的无纸化证券法律制度。同时也对其先进经验对我国的无纸化证券法律制度的借鉴意义进行相关阐述，诸如：美国和日本都有专门立法的方式对无纸化证券进行了规制，都先后确立了证券的的间接持有模式，以及日本的无纸化证券权利转让方法等。以上国外无纸化证券的先进经验，对我国无纸化证券相关立法的完善，基本制度的构建，存在问题的解决具有非常重要的意义。
第四章详细阐述了对我国无纸化证券法律制度的完善构想。本章在对从无纸化证券的取得、担保、监管制度进行深入研究后，从这三个方面对我国无纸化证券法律制度的完善提出了建议。首先，在权利取得制度中，我国应积极构建网上直接发行取得和善意取得制度，完善无纸化证券混合持有体制，明确无纸化证券权利转让方法。其次，要完善无纸化证券的担保制度，就要明确担保契约的性质，增加让与担保方式，同时还要统一担保的设立标准，丰富我国证券担保权的实现方式。最后，提出了无纸化证券监管制度的完善建议，如完善监管法律体系，完善信息披露制度，构建合理的风险承担规则。
以上建议不仅能够改善我国无纸化证券的发展现状，完善我国无纸化证券法律制度，还能够加快我国证券市场的无纸化进程，促进我国证券业平稳快速地向前发展。
关键词：无纸化证券 原始取得 继受取得 担保制度 监管制度 完善
Abstract
In the development history of the securities system, paperless security brought thegreatest impact to the securities legal system all over the world in the end of twentieth century.
The influence of paperless security will not be understood until a long period. In the early of90s, China began to build the trading market. Although our country securities market startedlate, it took the electronic train in the initial. In 1999, our securities market thoroughly got ridof the form of paper, and realized the paperless publishing and trading. Although our countryhas took the lead in implementing the mandatory paperless securities policy in securitiesmarket, our young securities market, securities legal system, even company legal system arestill in the primary stage, which they are trying to get rid of traditional securities obstacle tothe legal system. Compared to developed countries, the legal system of paperless securities isstill a serious shortage in China, and its characteristic which is different from paper securitiesfailed to arouse sufficient attention. The above all will hinder the development both of oursecurities market and the whole financial market.
This article is divided into four chapters. In the first chapter, this article summarizes thepaperless securities by introducing the following three aspects: the legal definition of thepaperless securities, the challenges the paperless securities brought to traditional securitiesand the legal relationship in the background of paperless. By analyzing connotation andcharacteristics of paperless securities, we can find that even if the carrier of rights changed,the nature of the securities has not changed. Securities is still the representative of investors'
rights. Then, this paper expound the challenges the paperless securities brought to traditionalsecurities through the two aspects: challenges on definition of securities and traditional way totrade. Finally, this chapter combs the legal relationship about the subjects in the securitiesmarket, clear the relationship between investors and issuers, securities intermediaryinstitutions, the central securities depository institutions in different patterns.
In the second chapter, this article introduces acquisition, guarantee, regulatory regimeand the problem they have. Firstly, this chapter reveals the acquisition rules of the paperlesssecurities from the original and trading acquisition, points out the issues of high cost andInvestors lack of subject position. Secondly, this chapter reveals the guarantee system, includesubject, target, method effectiveness and implementation of guarantee. And analyze theproblems, such as that the standard is not scientific, implementation is monotonous. Thirdly,this chapter reveals the regulatory system, include the regulatory structure, the issueregulation and trade regulation of paperless securities. And refer to the problems: lack of basiclegislation, a wide regulation of government.
In the third chapter, this article focuses on the foreign paperless securities. This chaptermainly introduces the relatively perfect paperless securities ,such as America and Japan.
While point out the meaning of their advanced experience to our country. For instance, theUnited States and Japan have specific legislation for paperless securities, successivelyestablished securities indirect pattern and rights transfer method of Japan. All of aboveprovide the reference for development and improvement of our paperless securities.
In the forth chapter, this article expatiate how to perfect our country's paperless securities.
This chapter put forward the perfect proposal about our acquisition, guarantee, regulatoryregime. First of all, in the acquisition system, we should actively build online direct sales andgood faith acquisition, improve the paperless securities' mixed holding system, explicitpaperless securities rights transfer method. Second, in the guarantee institution, we shouldclear the property of guarantee, increase the relinquished security, as well as unify theguarantee standard, enrich the ways of implementation of our securities guarantee rights. Atthe end, in the regulatory regime, we should improve the regulatory legal system, improve thesystem of information disclosure, build a reasonable rule of risk-taking. All of these can notonly improve the present situation of paperless in our country, perfect the system of ourpaperless securities, but also accelerate the process of paperless securities market in ourcountry, promote security industry developed with a steadily and rapidly path in China.
Keywords: paperless securities, original acquisition, trading acquisition, guaranteeinstitution, regulatory regime, perfection
目 录
摘 要
Abstract
1 引言
1.1 选题背景和意义
1.2 国内外研究现状
1.2.1 国外研究现状
1.2.2 国内研究现状
1.3 研究方法及创新点
1.3.1 研究方法
1.3.2 创新点
2 无纸化证券的概述
2.1 无纸化证券的法律界定
2.1.1 无纸化证券的内涵
2.1.2 无纸化证券的特点
2.2 无纸化证券对传统证券的挑战
2.2.1 无纸化证券对证券定义的挑战
2.2.2 无纸化证券对传统证券交易方式的挑战
2.3 无纸化背景下的证券法律关系
2.3.1 投资人和发行人间的证券法律关系
2.3.2 投资人和证券中介机构之间的证券法律关系
2.3.3 投资人与中央证券存管机构之间的法律关系
3 无纸化证券的取得、担保、监管制度
3.1 无纸化证券的权利取得制度
3.1.1 无纸化证券的原始取得
3.1.2 无纸化证券的继受取得
3.1.3 我国无纸化证券权利取得制度中的问题
3.2 无纸化证券的担保制度
3.2.1 无纸化证券担保的主体和标的
3.2.2 无纸化证券担保的方式
3.2.3 无纸化证券担保的效力
3.2.4 无纸化证券担保权的实现
3.2.5 我国无纸化证券担保制度中的问题
3.3 无纸化证券的监管制度
3.3.1 无纸化证券的监管体制
3.3.2 无纸化证券的发行监管
3.3.3 无纸化证券的交易监管
3.3.4 我国无纸化证券监管制度中的问题
4 国外无纸化证券法律制度评介
4.1 国外无纸化证券法律制度的概况
4.1.1 美国无纸化证券法律制度
4.1.2 日本无纸化证券法律制度
4.2 国外无纸化证券法律制度对我国的借鉴意义
4.2.1 以专门立法的形式对无纸化证券进行规制
4.2.2 确立间接持有模式
4.2.3 无纸化证券权利转让方法确定
5 我国无纸化证券制度的完善
5.1 无纸化证券权利取得制度的完善
5.1.1 构建网上直接发行取得
5.1.2 构建我国的无纸化证券善意取得制度
5.1.3 完善无纸化证券混合持有体制
5.1.4 明确无纸化证券权利转让方法
5.2 无纸化证券担保制度的完善
5.2.1 明确担保契约的性质
5.2.2 增加让与担保方式
5.2.3 统一我国证券担保权的设立标准
5.2.4 丰富我国无纸化证券担保权的实现方式
5.3 无纸化证券监管制度的完善
5.3.1 完善无纸化证券监管法律体系
5.3.2 完善无纸化证券信息披露制度
5.3.3 构建无纸化证券的风险承担规则
结 论
参考文献
后 记
