证券市场资产存管与结算模式研究
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摘要
我国证券市场目前正处于新兴加转轨阶段,资产存管与结算模式作为证券市场的基础性制度,面临着变革的迫切需要。本文正是以证券市场资产存管与结算模式为研究对象,不仅比较分析了国际上主要证券市场资产存管与结算模式的特点,还从宏观上论述了资产存管与结算模式对证券市场运行安全与效率的影响,并进而提出适合我国证券市场发展阶段性特征的资产存管与结算模式。本文的研究不仅为评估资产存管与结算模式构建了一个分析框架,也为资产存管与结算有关方面的后续研究提供了参考依据。全文分为6章,共14余万字。
第一章证券持有体系经济关系分析。本章从证券持有体系的经济特征,提出了证券持有体系的内涵、属性和类型,从经济学和法学等角度分析了不同证券持有体系下证券市场参与者之间的基本经济关系。主要内容包括:(1)证券持有体系的类型分析。可以从不同角度对证券持有体系进行划分,从证券登记角度,可将其划分为证券直接持有与证券间接持有;从证券存管角度,可将其划分为证券透明持有与证券非透明持有。(2)证券持有体系的经济特征比较。在证券直接持有下,证券持有人的证券登记在其个人名义账户下,权属关系清晰,证券权益是完全的、可溯源的权利;在证券间接持有下,证券所有人持有的证券以名义持有人进行登记注册,享有的权利是间接的。证券间接持有相比于证券直接持有,在降低市场运行成本和提高市场效率方面有相当优势,而在投资者的资产安全则相对不足。(3)证券持有体系的经济关系分析。证券市场是一种复杂关系的集合体,分析证券市场参与各方经济关系,最直接方法就是看其在交易过程中的合约关系。证券市场参与人之间的经济关系中,最为重要是投资者与证券中介机构与存管结算机构以及证券中介机构与存管结算机构之间的关系。存管结算机构与投资者间不直接发生经济关系,投资者与证券中介机构之间存管关系,而证券中介机构与存管结算机构之间为代理结算关系。(4)证券持有体系的国际立法进展。为统一证券持有体系的实体法规范,降低证券跨境交易法律风险,提高投资者交易可预期度,保护市场参与人利益和金融体系安全运转,提高跨境证券交易效率,国际组织积极倡议建立国际证券持有体系统一法律规范,最有代表性的是国际统一私法协会制定的《中介持有证券的实体法公约》。
第二章客户资金存管模式研究。本章经对境外证券市场客户资金的具体形态、存放方式以及管理模式进行研究,分析了客户资金存管模式的基本特征,并基于安全性与运行效率角度,对我国客户资金存管模式的历史沿革、作用机制、存在问题进行具体分析。内容包括:(1)境外主要证券市场的客户资金存管模式主要有证券中介机构存管、第三方存管和混合存管三类。客户资金存管模式与证券中介机构融资方向具有内在逻辑关系,并与证券存管与结算模式密切关联。证券中介机构存管模式是客户资金存管模式发展方向,客户资金存管模式是在资金安全与市场效率间寻求平衡,在市场诚信体系比较健全的国家和地区,在强调市场效率和满足客户需要的前提下,基本实行的是证券中介机构存管模式;而在市场诚信体系相对不健全的国家和地区,更为强调客户资产安全,实行第三方存管模式。(2)从客户资金存管制度发展历程来看,历史上我国客户资金存管制度历经了混合存管模式、三号令存管模式和独立存管模式。这三种模式均为证券中介机构存管,是基于强化证券中介机构治理结构、内部控制角度保障客户资金安全,市场运行效率相对较高,但不能从根本上解决缺乏诚信的证券中介机构恶意侵害客户资金行为。(3)我国证券市场目前实行的是客户资金第三方存管模式,我国第三方存管模式与台湾地区第三方存管模式存在本质不同,不是严格意义上的第三方存管模式,证券中介机构仍然对客户资金负有存管义务和职责,并引入商业银行监督机制,这是基于保障客户资金安全与维护市场效率权衡下的选择。(4)我国现行客户资金第三方存管模式存在客户资金总分平衡校验功能未能实现、客户资金封闭运行尚未实现、存管银行和证券中介机构职责定位不准确等问题,对证券市场长期稳定发展也存在诸多不利影响。
第三章证券存管模式研究。本章对国际上主要证券市场的证券存管模式进行了比较,指出了证券存管模式发展趋势,并对我国证券市场证券存管模式的具体特征以及存在的主要问题进行了分析。主要内容有:(1)从发展历程看,国际上主要发达证券市场的证券存管模式经历了分散式存管、集中式存管和证券存管国际化三个不同的发展阶段。证券存管模式的三个发展阶段,体现了证券从移动化到非移动化、从有纸化到无纸化、从区域性存管机构到中央集中存管机构的演变历程。(2)对美国、英国、日本和台湾等国家或地区的证券存管模式进行分析表明,随着资本国际化发展潮流,在强化市场效率和风险管控水平的情形下,世界上各国的证券市场存管与结算组织体系基本上呈现出集中化、国际化、银行化、多样化等发展趋势。证券存管模式与证券形式密切相关,证券间接持有是国际上证券市场证券存管模式主流方向。证券存管模式是在资产安全与市场效率间寻求均衡,在发达证券市场,注重于市场运行效率,主要采用证券间接持有及非透明持有;而在欠发达证券市场,更加侧重于保障客户资产安全,证券直接持有或证券间接持有及透明持有居主流地位。(3)在判断我国证券市场的证券持有类型时,从不同的角度可能会得出不同的结论,从现行法规规定看,我国证券市场更多的具有证券间接持有及第二类透明持有的特征;从证券存管与结算业务规则看,在证券账户维护的实务操作中,登记结算公司事实上承担着主要职责,证券中介机构的职责相对弱化,更多的具有证券直接持有及第一类透明持有的特征。(4)我国证券存管模式对我国证券市场发展起着重要作用,通过对其特征进行的分析,仍存在证券存管模式的非单一性、证券存管主体之间权利与义务关系不明确等问题或待完善领域。
第四章证券结算模式研究。本章从规范分析的角度,分析了证券结算的内涵和功能,对境外证券市场证券结算模式进行了比较研究,并对我国证券结算模式的特征以及存在的问题进行了具体分析。主要内容包括:(1)在对证券结算模式进行分析研究时,既要考虑市场运行的效率,但更重要的是要确保市场运行的安全。根据风险成因的不同,可以将证券结算风险大致分为证券结算的对手方风险、运作环境风险和系统性风险三类。(2)不同的证券市场,其证券结算的功能和服务有所不同,但一般包括证券交易平台、中央交收对手方、证券交易清算、证券交收等在内的主要功能。(3)通过对境外证券市场的证券结算模式进行分析,尽管各个国家或地区的证券结算运作模式不同,但均朝着统一金融市场这一趋势发展,在构建适合自身特点证券结算模式时,主要采取证券结算与证券登记功能明确区分、中央交收对手方、银货对付(DVP)制度、证券结算担保制度、结算参与人管理制度、证券非移动化和无纸化、融资融券制度等相关制度和风险控制措施。(4)作为20世纪末新兴的证券市场,我国证券结算体系在技术系统上具有后发优势,利用信息技术的快速发展,建立了全国集中统一的证券结算体系。为了防范和控制证券结算风险,维持证券市场的正常运转,我国证券结算体系在发展过程中逐步建立了包括建立CCP交收机制、结算参与人准入制度、结算保证金制度等风险管理制度和控制措施。(5)尽管我国证券市场已针对证券结算风险,制订一些风险控制措施和制度,但通过与国际标准进行对比分析后发现,我国证券结算模式尚不完善,证券结算风险管理和控制能力相对较弱。
第五章我国资产存管与结算模式选择。本章从近年来我国证券市场发生的变化以及不变的角度,对我国证券市场现阶段特征进行了具体分析。通过国债回购这一实例,具体分析了资产存管与结算模式对证券市场运行安全与效率的作用机制。并针对我国证券市场资产存管与结算模式存在的主要问题,结合我国证券市场新兴加转轨的阶段性特征,提出资产存管与结算模式的改进方向。主要内容有:(1)推动我国证券市场稳定健康发展的有利因素正在积累,市场改革发展的内外部环境正逐步完善,但长期影响证券市场健康发展的内外部因素并没有从根本上得到改变,我国证券市场目前仍处于新兴加转轨阶段。(2)我国债券流通市场经历了实物券柜台市场、证券交易所场内债券市场和银行间场外债券市场三个主要发展过程,其国债回购有关制度设计、业务流程等方面的不同,对债券市场运行安全和效率的作用机制也不相同。(3)借鉴国外经验,进行制度创新,设立独立的证券金融公司,确立客户资金信托化的第三方存管模式。为从根本上解决我国目前证券存管体系存在的突出问题,在保障客户资产安全和提高市场运行效率的前提下,对现有证券持有体制进行改革,其核心是建立第二类透明证券持有模式。进一步完善制度与风险控制措施是我国证券结算模式改革的工作重点,核心内容是实行银货对付(DVP模式三)证券结算制度,并进一步建立证券结算风险管理制度与控制措施。
第六章研究结论和展望。本章对证券市场资产存管与结算模式的整体研究进行了总结,给出了研究结论,并指出进一步研究的方向。
本文的创新之处体现在以下三点。
第一,运用比较分析和历史研究等方法,剖析国际上主要证券市场的资产存管与结算模式的具体特征,总结归纳资产存管与结算模式的内在规律以及国际经验,为我国资产存管与结算模式的改革提供依据和指引性方向。
第二,依据制度变迁以及交易成本、金融安全等方面理论,在研究资产存管与结算模式时综合考虑证券市场运行安全与效率,以及在基于我国证券市场现阶段特征改进资产存管与结算模式等方面的研究均具有独创性。
第三,针对证券市场资产存管与结算模式进行系统性研究,结合证券市场运行实践的特殊性,深入分析资产存管与结算模式对证券市场运行安全与效率的作用机制。
China’s stock market is currently in an emerging and transitional stage where assets depository and settlement model, as a basic system of stock market, face the urgent need for change. This essay takes the assets depository and settlement model of the stock market as the research objects. It not only comparatively analyzes the characteristics of assets depository and settlement model in major international stock markets but also discuss the influences of them on stock markets’operational safety and efficiency in a macro-level. It therefore comes up with the assets depository and settlement model which are suitable for the development features of the China’s stock market. This study not only builds an analytical framework of assets depository and settlement model evaluation, but also provides the relevant reference for follow-up studies of related aspects. Full-text is divided into six chapters and a total of more than 140,000 words.
Chapter 1 The economic-relation analysis of Security Holding System (SHS)。
This chapter addresses the meaning, attribute and types of SHS from its economic characteristic, and analyze from the economic and regulatory points of views the fundamental economic-relation among stock markets’participants under different SHS. The main content includes the following 4 aspects:(1) The analysis of the types of the SHS. SHS can be divided through different angles. From the security registration point of view, it can be classified as direct and indirect security holding; from the security depository point of view, it can be classified as transparent and non-transparent security holding. (2) The comparison of economic characteristics of SHS. Under the direct security holding circumstance, stock holder’s security is registered under his/her personal nominal account. The ownership is clear and the interest of the security is complete and traceable; while under the indirect security holding circumstance, the security held by the stock owner is registered under the nominal holder and thus the rights entitled are indirect. Compared to direct security holding, indirect security holding has considerable advantage in reducing market operating cost and improving market efficiency, but has the shortage of asset safety for the investors. (3) The analysis of economic-relation of SHS. The stock market is a collection of complex relations and the straightest way to analyze the aspects of economic-relation from stock market’s participatory parties is to look at the contractual relationship during transaction. The most important relation is the relation among investors, security intermediaries, and depository and settlement agencies as well as the security intermediaries and depository and settlement agencies. There is no direct economic relationship between investors and depository and settlement agencies. The relationship between investors and security intermediaries is depository relationship, but the relation between security intermediaries and depository and settlement agencies is only acting settlement relation. (4) The international legislation progress of SHS. In order to unify the substantive legal norms of SHS, reduce the legal risk of cross-border security transactions, improve the expected degree of investors’transaction, protect the interest of market participants and ensure the safety operation of financial system as well as improve the efficiency of cross-border security transactions, the international organization are actively advocating the establishment of unified legal norms for international SHS. The most representative one is the“substantive legal Convention of intermediary holding securities”, which is constituted by International Unification and Private Legal Association.
Chapter 2 Research on Client Fund Depository Model (CFDM).
This chapter studies the concrete form, depository method and management model of the client fund in foreign stock markets and analyzes the basic characteristics of the CFDM. From the safety and operating efficiency point of view, it also analyzes the history, mechanism and problems of CFDM. The content includes the following 4 aspects: (1) The CFDM in foreign major stock markets has three types: security intermediary depository, third-party depository and mixed depository. CFDM has inherent logical relation with the security intermediary’s financing direction, and has close relation with security depository and settlement model. The depository and settlement model of security intermediary is the development direction of CFDM. CFDM is executed in the countries and regions under the precondition that fund safety and market efficiency are balanced, market credit system is relatively sound, market efficiency is emphasized and client need is satisfied. On the other hand, in the countries and regions where market credit system is not sound and client fund safety is emphasized, third-party depository model is implemented. (2) The client fund depository system in China experienced three models, i.e. mixed depository model, three orders depository model and independent depository model. These three models are all security intermediary depository. They aim to strengthen the governance structure of the security intermediaries, protect client fund safety through internal control and keep the market operating in the relatively high efficient manner, but it cannot radically solve the problem of those security intermediary with lack of credit that maliciously invade client funds. (3) China’s stock market currently uses the third-party depository model for client funds. However, it is different from Taiwan’s model and it is not the third-party depository model in strict sense, but security intermediaries still have obligation and responsibility of depository for client funds and introduce commercial bank supervision mechanism. This choice is made based on the trade-off of protection of client fund safety and maintenance of market efficiency. (4) China’s existing third-party depository model of client funds has some problems, such as the function of total client funds balance calibration is not yet realized, the close operation of client funds is not yet achieved, and the responsibility positioning between depository bank and security intermediary is not accurate. These issues have many adverse effects on the long-term stable development of stock market.
Chapter 3 Study on Security Depository Model (SDM).
This chapter compares the SDM in major international stock market and indicates the trend of it. It also analyze the characteristic of SDM in China’s stock market and the main issues. The content includes the following 4 aspects:(1) From the development process aspect, SDM of the major advanced international stock market experienced three different development stages: i.e. distributed depository, centralized depository and internationalized depository. These three stages of development reflect the evolution process of security from mobile to non-mobile, from paper-based to paperless, from regional to central depository institutions. (2) The analysis of SDM in the countries like US, Britain, Japan and Taiwan shows that with the trend of capital internationalized and in the situation of strengthened market efficiency and enhanced risk control, the depository and settlement organizational system of stock markets in various countries in the world demonstrates the tendency of centralization, internationalization, bank-like and diversification. SDM and the form of securities are closely related and security indirect holding is the mainstream direction of the SDM in the international stock markets. SDM is seeking balance between assets safety and market efficiency. In the developed stock market, market operating efficiency is the focus and SDM adopts security indirect and non-transparent holding. In contrast, in the less developed stock market, more emphasis is on the protection of client assets safety and SDM adopts security direct/indirect holding as well as transparent holding. (3) In judging the security holding types of China’s stock market, different perspectives may lead to different conclusions. From the existing regulation point of view, China’s stock market possesses more features of security indirect holding and second-type transparent holding. From the security depository and settlement regulation point of view, on the other hand, China’s stock market has more features of security direct holding and first-type transparent holding. In the practical operation of the security account maintenance, the registration and settlement company bears the primary responsibility while the responsibility of security intermediary is weakened.(4) China’s SDM plays an important role in the development of China’s stock market. However, through the analysis of its characteristic, there are still issues to be solved and areas to be improved, e.g. non-unitary of SDM and unclear relation of the rights and obligations of the principal part of security depository.
Chapter 4 Study on Security Settlement Model (SSM).
From the perspective of normative analysis, this chapter shows the meaning and function of security settlement and comparison of our SSM with the one in the foreign stock markets. Meanwhile, it provides the specific analysis of the characteristics and issues of China’s SSM. The main content includes the following 5 aspects: (1) In the study of SSM, market operating efficiency should be considered, but more importantly the market operational safety needs to be ensured. According to different risk origin, security settlement risk can be roughly divided into three types, i.e. counterparty risk, operational risk and systematic risk. (2) The function and service of security settlement vary in different stock markets, but it normally includes the main function such as security trading platform, central clearing counterparty, security transaction clearing and security settlement. (3) The analysis of SSM in foreign stock market demonstrates that although SSM in different countries and regions vary, the developments are all towards the tendency of unified financial markets. In the process of building SSM that suit its own features, we mainly adopt the systems and risk control measures such as distinction of security settlement function and security registration function, central clearing counterparty, DVP system, security settlement guarantee system, settlement participant administration system, non-mobile and paperless security as well as financing system and other related systems. (4) As the emerging stock market in the late 20th century, China’s security settlement system has advantage in technology system. Using the rapid development of information technology, we have established national centralized security settlement system. In order to prevent and control security settlement risk and maintain orderly operation of stock market, China’s security settlement system gradually builds several risk management systems and control measures, e.g. the establishment of CCP settlement mechanism, settlement participant access system and settlement margin system.(5) Although China’s stock market has formulated a few risk control measure and system for security settlement risk, it is found through comparative analysis with international standard that our SSM is not perfect and the ability of managing and controlling security settlement risk is relatively weak.
Chapter 5 The choice of China’s Asset Depository and Settlement Model (ADSM).
This Chapter analyzes the characteristics of China’s stock market at present from the perspective of the changes of our stock market in recent years. Using the example of national debt buy-back, it specifically analyzes the function of ADSM to the operational safety and efficiency of the stock market. It also puts forward the direction for improvement of ADSM aiming at the problem of ADSM of China’s stock market and taking consideration of the characteristic of our stock market that is in the emerging and transitional stage. The main content includes the following 3 aspects: (1) The favorable factors that promote the China’s stock market’s stable and sound development are accumulating. Although the internal and external environment of market’s reform and development is gradually improving, it has not completely changed for the stock market’s long-term healthy development. China’s stock market is still in the emerging and transactional stage.(2) China’s bond market has undergone three key development process, i.e. physical vouchers counter market, stock exchange floor internal bond market and the inter-bank external bond market. The different bond repurchase system design and business process result in different functional mechanism for the bond market’s operational safety and efficiency. (3) We need to carry out insititutional innovation by learning from the foreign experience in order to set up independent security company and financial institution, and therefore establish third-party depository model of client fund trust. In order to fundamentally solve the prominent problems of current security depository system, we need to carry out reform of current security holding system in the way that client asset safety is ensured and market operating efficiency is improved. The core reform is to establish second-type transparent security holding model. The focus of the reform of China’s security settlement model is to further improve system and risk control measures and the key to that is to implement DVP (model 3) security settlement system and further set up security settlement risk management system and control measures.
Chapter 6 Conclusion and outlook.
This chapter summaries the study on asset depository and settlement model of stock market and points out the direction for further research. Innovation for this essay as follows:Firstly, this essay is based on the theories of institutional change, transaction costs, financial security, Nash equilibrium etc. and uses the methods of historical research, comparative study, system analysis and economic analysis. Through the comparative analysis of the characteristics for the various kinds of ADSM in major international stock markets, this essay summaries the inherent patterns and international experiences of ADSM and provides the guiding direction of reform for asset depository and settlement system.Secondly, this essay first ever provides the systematic research on ADSM of stock market and attempts to broaden the space for theoretical research in this regard. It adopts comparative analysis research method not the current dominant empirical analysis. Considering the special nature of the stock market operation, it analyzes in-depth the functional mechanism of ADSM to the safety and high efficient operation of stock market. The study to some extent has certain degree of originality as it applies the theory of financial security and efficiency to the analysis on ADSM and integrates the characteristics of the stock market in present stage to improve ADSM.
第一章证券持有体系经济关系分析。本章从证券持有体系的经济特征,提出了证券持有体系的内涵、属性和类型,从经济学和法学等角度分析了不同证券持有体系下证券市场参与者之间的基本经济关系。主要内容包括:(1)证券持有体系的类型分析。可以从不同角度对证券持有体系进行划分,从证券登记角度,可将其划分为证券直接持有与证券间接持有;从证券存管角度,可将其划分为证券透明持有与证券非透明持有。(2)证券持有体系的经济特征比较。在证券直接持有下,证券持有人的证券登记在其个人名义账户下,权属关系清晰,证券权益是完全的、可溯源的权利;在证券间接持有下,证券所有人持有的证券以名义持有人进行登记注册,享有的权利是间接的。证券间接持有相比于证券直接持有,在降低市场运行成本和提高市场效率方面有相当优势,而在投资者的资产安全则相对不足。(3)证券持有体系的经济关系分析。证券市场是一种复杂关系的集合体,分析证券市场参与各方经济关系,最直接方法就是看其在交易过程中的合约关系。证券市场参与人之间的经济关系中,最为重要是投资者与证券中介机构与存管结算机构以及证券中介机构与存管结算机构之间的关系。存管结算机构与投资者间不直接发生经济关系,投资者与证券中介机构之间存管关系,而证券中介机构与存管结算机构之间为代理结算关系。(4)证券持有体系的国际立法进展。为统一证券持有体系的实体法规范,降低证券跨境交易法律风险,提高投资者交易可预期度,保护市场参与人利益和金融体系安全运转,提高跨境证券交易效率,国际组织积极倡议建立国际证券持有体系统一法律规范,最有代表性的是国际统一私法协会制定的《中介持有证券的实体法公约》。
第二章客户资金存管模式研究。本章经对境外证券市场客户资金的具体形态、存放方式以及管理模式进行研究,分析了客户资金存管模式的基本特征,并基于安全性与运行效率角度,对我国客户资金存管模式的历史沿革、作用机制、存在问题进行具体分析。内容包括:(1)境外主要证券市场的客户资金存管模式主要有证券中介机构存管、第三方存管和混合存管三类。客户资金存管模式与证券中介机构融资方向具有内在逻辑关系,并与证券存管与结算模式密切关联。证券中介机构存管模式是客户资金存管模式发展方向,客户资金存管模式是在资金安全与市场效率间寻求平衡,在市场诚信体系比较健全的国家和地区,在强调市场效率和满足客户需要的前提下,基本实行的是证券中介机构存管模式;而在市场诚信体系相对不健全的国家和地区,更为强调客户资产安全,实行第三方存管模式。(2)从客户资金存管制度发展历程来看,历史上我国客户资金存管制度历经了混合存管模式、三号令存管模式和独立存管模式。这三种模式均为证券中介机构存管,是基于强化证券中介机构治理结构、内部控制角度保障客户资金安全,市场运行效率相对较高,但不能从根本上解决缺乏诚信的证券中介机构恶意侵害客户资金行为。(3)我国证券市场目前实行的是客户资金第三方存管模式,我国第三方存管模式与台湾地区第三方存管模式存在本质不同,不是严格意义上的第三方存管模式,证券中介机构仍然对客户资金负有存管义务和职责,并引入商业银行监督机制,这是基于保障客户资金安全与维护市场效率权衡下的选择。(4)我国现行客户资金第三方存管模式存在客户资金总分平衡校验功能未能实现、客户资金封闭运行尚未实现、存管银行和证券中介机构职责定位不准确等问题,对证券市场长期稳定发展也存在诸多不利影响。
第三章证券存管模式研究。本章对国际上主要证券市场的证券存管模式进行了比较,指出了证券存管模式发展趋势,并对我国证券市场证券存管模式的具体特征以及存在的主要问题进行了分析。主要内容有:(1)从发展历程看,国际上主要发达证券市场的证券存管模式经历了分散式存管、集中式存管和证券存管国际化三个不同的发展阶段。证券存管模式的三个发展阶段,体现了证券从移动化到非移动化、从有纸化到无纸化、从区域性存管机构到中央集中存管机构的演变历程。(2)对美国、英国、日本和台湾等国家或地区的证券存管模式进行分析表明,随着资本国际化发展潮流,在强化市场效率和风险管控水平的情形下,世界上各国的证券市场存管与结算组织体系基本上呈现出集中化、国际化、银行化、多样化等发展趋势。证券存管模式与证券形式密切相关,证券间接持有是国际上证券市场证券存管模式主流方向。证券存管模式是在资产安全与市场效率间寻求均衡,在发达证券市场,注重于市场运行效率,主要采用证券间接持有及非透明持有;而在欠发达证券市场,更加侧重于保障客户资产安全,证券直接持有或证券间接持有及透明持有居主流地位。(3)在判断我国证券市场的证券持有类型时,从不同的角度可能会得出不同的结论,从现行法规规定看,我国证券市场更多的具有证券间接持有及第二类透明持有的特征;从证券存管与结算业务规则看,在证券账户维护的实务操作中,登记结算公司事实上承担着主要职责,证券中介机构的职责相对弱化,更多的具有证券直接持有及第一类透明持有的特征。(4)我国证券存管模式对我国证券市场发展起着重要作用,通过对其特征进行的分析,仍存在证券存管模式的非单一性、证券存管主体之间权利与义务关系不明确等问题或待完善领域。
第四章证券结算模式研究。本章从规范分析的角度,分析了证券结算的内涵和功能,对境外证券市场证券结算模式进行了比较研究,并对我国证券结算模式的特征以及存在的问题进行了具体分析。主要内容包括:(1)在对证券结算模式进行分析研究时,既要考虑市场运行的效率,但更重要的是要确保市场运行的安全。根据风险成因的不同,可以将证券结算风险大致分为证券结算的对手方风险、运作环境风险和系统性风险三类。(2)不同的证券市场,其证券结算的功能和服务有所不同,但一般包括证券交易平台、中央交收对手方、证券交易清算、证券交收等在内的主要功能。(3)通过对境外证券市场的证券结算模式进行分析,尽管各个国家或地区的证券结算运作模式不同,但均朝着统一金融市场这一趋势发展,在构建适合自身特点证券结算模式时,主要采取证券结算与证券登记功能明确区分、中央交收对手方、银货对付(DVP)制度、证券结算担保制度、结算参与人管理制度、证券非移动化和无纸化、融资融券制度等相关制度和风险控制措施。(4)作为20世纪末新兴的证券市场,我国证券结算体系在技术系统上具有后发优势,利用信息技术的快速发展,建立了全国集中统一的证券结算体系。为了防范和控制证券结算风险,维持证券市场的正常运转,我国证券结算体系在发展过程中逐步建立了包括建立CCP交收机制、结算参与人准入制度、结算保证金制度等风险管理制度和控制措施。(5)尽管我国证券市场已针对证券结算风险,制订一些风险控制措施和制度,但通过与国际标准进行对比分析后发现,我国证券结算模式尚不完善,证券结算风险管理和控制能力相对较弱。
第五章我国资产存管与结算模式选择。本章从近年来我国证券市场发生的变化以及不变的角度,对我国证券市场现阶段特征进行了具体分析。通过国债回购这一实例,具体分析了资产存管与结算模式对证券市场运行安全与效率的作用机制。并针对我国证券市场资产存管与结算模式存在的主要问题,结合我国证券市场新兴加转轨的阶段性特征,提出资产存管与结算模式的改进方向。主要内容有:(1)推动我国证券市场稳定健康发展的有利因素正在积累,市场改革发展的内外部环境正逐步完善,但长期影响证券市场健康发展的内外部因素并没有从根本上得到改变,我国证券市场目前仍处于新兴加转轨阶段。(2)我国债券流通市场经历了实物券柜台市场、证券交易所场内债券市场和银行间场外债券市场三个主要发展过程,其国债回购有关制度设计、业务流程等方面的不同,对债券市场运行安全和效率的作用机制也不相同。(3)借鉴国外经验,进行制度创新,设立独立的证券金融公司,确立客户资金信托化的第三方存管模式。为从根本上解决我国目前证券存管体系存在的突出问题,在保障客户资产安全和提高市场运行效率的前提下,对现有证券持有体制进行改革,其核心是建立第二类透明证券持有模式。进一步完善制度与风险控制措施是我国证券结算模式改革的工作重点,核心内容是实行银货对付(DVP模式三)证券结算制度,并进一步建立证券结算风险管理制度与控制措施。
第六章研究结论和展望。本章对证券市场资产存管与结算模式的整体研究进行了总结,给出了研究结论,并指出进一步研究的方向。
本文的创新之处体现在以下三点。
第一,运用比较分析和历史研究等方法,剖析国际上主要证券市场的资产存管与结算模式的具体特征,总结归纳资产存管与结算模式的内在规律以及国际经验,为我国资产存管与结算模式的改革提供依据和指引性方向。
第二,依据制度变迁以及交易成本、金融安全等方面理论,在研究资产存管与结算模式时综合考虑证券市场运行安全与效率,以及在基于我国证券市场现阶段特征改进资产存管与结算模式等方面的研究均具有独创性。
第三,针对证券市场资产存管与结算模式进行系统性研究,结合证券市场运行实践的特殊性,深入分析资产存管与结算模式对证券市场运行安全与效率的作用机制。
China’s stock market is currently in an emerging and transitional stage where assets depository and settlement model, as a basic system of stock market, face the urgent need for change. This essay takes the assets depository and settlement model of the stock market as the research objects. It not only comparatively analyzes the characteristics of assets depository and settlement model in major international stock markets but also discuss the influences of them on stock markets’operational safety and efficiency in a macro-level. It therefore comes up with the assets depository and settlement model which are suitable for the development features of the China’s stock market. This study not only builds an analytical framework of assets depository and settlement model evaluation, but also provides the relevant reference for follow-up studies of related aspects. Full-text is divided into six chapters and a total of more than 140,000 words.
Chapter 1 The economic-relation analysis of Security Holding System (SHS)。
This chapter addresses the meaning, attribute and types of SHS from its economic characteristic, and analyze from the economic and regulatory points of views the fundamental economic-relation among stock markets’participants under different SHS. The main content includes the following 4 aspects:(1) The analysis of the types of the SHS. SHS can be divided through different angles. From the security registration point of view, it can be classified as direct and indirect security holding; from the security depository point of view, it can be classified as transparent and non-transparent security holding. (2) The comparison of economic characteristics of SHS. Under the direct security holding circumstance, stock holder’s security is registered under his/her personal nominal account. The ownership is clear and the interest of the security is complete and traceable; while under the indirect security holding circumstance, the security held by the stock owner is registered under the nominal holder and thus the rights entitled are indirect. Compared to direct security holding, indirect security holding has considerable advantage in reducing market operating cost and improving market efficiency, but has the shortage of asset safety for the investors. (3) The analysis of economic-relation of SHS. The stock market is a collection of complex relations and the straightest way to analyze the aspects of economic-relation from stock market’s participatory parties is to look at the contractual relationship during transaction. The most important relation is the relation among investors, security intermediaries, and depository and settlement agencies as well as the security intermediaries and depository and settlement agencies. There is no direct economic relationship between investors and depository and settlement agencies. The relationship between investors and security intermediaries is depository relationship, but the relation between security intermediaries and depository and settlement agencies is only acting settlement relation. (4) The international legislation progress of SHS. In order to unify the substantive legal norms of SHS, reduce the legal risk of cross-border security transactions, improve the expected degree of investors’transaction, protect the interest of market participants and ensure the safety operation of financial system as well as improve the efficiency of cross-border security transactions, the international organization are actively advocating the establishment of unified legal norms for international SHS. The most representative one is the“substantive legal Convention of intermediary holding securities”, which is constituted by International Unification and Private Legal Association.
Chapter 2 Research on Client Fund Depository Model (CFDM).
This chapter studies the concrete form, depository method and management model of the client fund in foreign stock markets and analyzes the basic characteristics of the CFDM. From the safety and operating efficiency point of view, it also analyzes the history, mechanism and problems of CFDM. The content includes the following 4 aspects: (1) The CFDM in foreign major stock markets has three types: security intermediary depository, third-party depository and mixed depository. CFDM has inherent logical relation with the security intermediary’s financing direction, and has close relation with security depository and settlement model. The depository and settlement model of security intermediary is the development direction of CFDM. CFDM is executed in the countries and regions under the precondition that fund safety and market efficiency are balanced, market credit system is relatively sound, market efficiency is emphasized and client need is satisfied. On the other hand, in the countries and regions where market credit system is not sound and client fund safety is emphasized, third-party depository model is implemented. (2) The client fund depository system in China experienced three models, i.e. mixed depository model, three orders depository model and independent depository model. These three models are all security intermediary depository. They aim to strengthen the governance structure of the security intermediaries, protect client fund safety through internal control and keep the market operating in the relatively high efficient manner, but it cannot radically solve the problem of those security intermediary with lack of credit that maliciously invade client funds. (3) China’s stock market currently uses the third-party depository model for client funds. However, it is different from Taiwan’s model and it is not the third-party depository model in strict sense, but security intermediaries still have obligation and responsibility of depository for client funds and introduce commercial bank supervision mechanism. This choice is made based on the trade-off of protection of client fund safety and maintenance of market efficiency. (4) China’s existing third-party depository model of client funds has some problems, such as the function of total client funds balance calibration is not yet realized, the close operation of client funds is not yet achieved, and the responsibility positioning between depository bank and security intermediary is not accurate. These issues have many adverse effects on the long-term stable development of stock market.
Chapter 3 Study on Security Depository Model (SDM).
This chapter compares the SDM in major international stock market and indicates the trend of it. It also analyze the characteristic of SDM in China’s stock market and the main issues. The content includes the following 4 aspects:(1) From the development process aspect, SDM of the major advanced international stock market experienced three different development stages: i.e. distributed depository, centralized depository and internationalized depository. These three stages of development reflect the evolution process of security from mobile to non-mobile, from paper-based to paperless, from regional to central depository institutions. (2) The analysis of SDM in the countries like US, Britain, Japan and Taiwan shows that with the trend of capital internationalized and in the situation of strengthened market efficiency and enhanced risk control, the depository and settlement organizational system of stock markets in various countries in the world demonstrates the tendency of centralization, internationalization, bank-like and diversification. SDM and the form of securities are closely related and security indirect holding is the mainstream direction of the SDM in the international stock markets. SDM is seeking balance between assets safety and market efficiency. In the developed stock market, market operating efficiency is the focus and SDM adopts security indirect and non-transparent holding. In contrast, in the less developed stock market, more emphasis is on the protection of client assets safety and SDM adopts security direct/indirect holding as well as transparent holding. (3) In judging the security holding types of China’s stock market, different perspectives may lead to different conclusions. From the existing regulation point of view, China’s stock market possesses more features of security indirect holding and second-type transparent holding. From the security depository and settlement regulation point of view, on the other hand, China’s stock market has more features of security direct holding and first-type transparent holding. In the practical operation of the security account maintenance, the registration and settlement company bears the primary responsibility while the responsibility of security intermediary is weakened.(4) China’s SDM plays an important role in the development of China’s stock market. However, through the analysis of its characteristic, there are still issues to be solved and areas to be improved, e.g. non-unitary of SDM and unclear relation of the rights and obligations of the principal part of security depository.
Chapter 4 Study on Security Settlement Model (SSM).
From the perspective of normative analysis, this chapter shows the meaning and function of security settlement and comparison of our SSM with the one in the foreign stock markets. Meanwhile, it provides the specific analysis of the characteristics and issues of China’s SSM. The main content includes the following 5 aspects: (1) In the study of SSM, market operating efficiency should be considered, but more importantly the market operational safety needs to be ensured. According to different risk origin, security settlement risk can be roughly divided into three types, i.e. counterparty risk, operational risk and systematic risk. (2) The function and service of security settlement vary in different stock markets, but it normally includes the main function such as security trading platform, central clearing counterparty, security transaction clearing and security settlement. (3) The analysis of SSM in foreign stock market demonstrates that although SSM in different countries and regions vary, the developments are all towards the tendency of unified financial markets. In the process of building SSM that suit its own features, we mainly adopt the systems and risk control measures such as distinction of security settlement function and security registration function, central clearing counterparty, DVP system, security settlement guarantee system, settlement participant administration system, non-mobile and paperless security as well as financing system and other related systems. (4) As the emerging stock market in the late 20th century, China’s security settlement system has advantage in technology system. Using the rapid development of information technology, we have established national centralized security settlement system. In order to prevent and control security settlement risk and maintain orderly operation of stock market, China’s security settlement system gradually builds several risk management systems and control measures, e.g. the establishment of CCP settlement mechanism, settlement participant access system and settlement margin system.(5) Although China’s stock market has formulated a few risk control measure and system for security settlement risk, it is found through comparative analysis with international standard that our SSM is not perfect and the ability of managing and controlling security settlement risk is relatively weak.
Chapter 5 The choice of China’s Asset Depository and Settlement Model (ADSM).
This Chapter analyzes the characteristics of China’s stock market at present from the perspective of the changes of our stock market in recent years. Using the example of national debt buy-back, it specifically analyzes the function of ADSM to the operational safety and efficiency of the stock market. It also puts forward the direction for improvement of ADSM aiming at the problem of ADSM of China’s stock market and taking consideration of the characteristic of our stock market that is in the emerging and transitional stage. The main content includes the following 3 aspects: (1) The favorable factors that promote the China’s stock market’s stable and sound development are accumulating. Although the internal and external environment of market’s reform and development is gradually improving, it has not completely changed for the stock market’s long-term healthy development. China’s stock market is still in the emerging and transactional stage.(2) China’s bond market has undergone three key development process, i.e. physical vouchers counter market, stock exchange floor internal bond market and the inter-bank external bond market. The different bond repurchase system design and business process result in different functional mechanism for the bond market’s operational safety and efficiency. (3) We need to carry out insititutional innovation by learning from the foreign experience in order to set up independent security company and financial institution, and therefore establish third-party depository model of client fund trust. In order to fundamentally solve the prominent problems of current security depository system, we need to carry out reform of current security holding system in the way that client asset safety is ensured and market operating efficiency is improved. The core reform is to establish second-type transparent security holding model. The focus of the reform of China’s security settlement model is to further improve system and risk control measures and the key to that is to implement DVP (model 3) security settlement system and further set up security settlement risk management system and control measures.
Chapter 6 Conclusion and outlook.
This chapter summaries the study on asset depository and settlement model of stock market and points out the direction for further research. Innovation for this essay as follows:Firstly, this essay is based on the theories of institutional change, transaction costs, financial security, Nash equilibrium etc. and uses the methods of historical research, comparative study, system analysis and economic analysis. Through the comparative analysis of the characteristics for the various kinds of ADSM in major international stock markets, this essay summaries the inherent patterns and international experiences of ADSM and provides the guiding direction of reform for asset depository and settlement system.Secondly, this essay first ever provides the systematic research on ADSM of stock market and attempts to broaden the space for theoretical research in this regard. It adopts comparative analysis research method not the current dominant empirical analysis. Considering the special nature of the stock market operation, it analyzes in-depth the functional mechanism of ADSM to the safety and high efficient operation of stock market. The study to some extent has certain degree of originality as it applies the theory of financial security and efficiency to the analysis on ADSM and integrates the characteristics of the stock market in present stage to improve ADSM.
引文
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27.迪欣,2004:《CSD在中国》,中国证券登记结算有限责任公司,研究报告。
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31.叶青,2001:《证券结算系统最佳运行模式研究》,《证券时报》,10月20日。
32.毛祈财,2005:《集中保管制度参加人角色及功能之探讨》,台湾证券集中保管股份有限公司,研究报告。
33.刘铁峰,2007:《结算托管业务别有洞天—明讯银行运作借鉴及启示》,《当代金融家》,第5期。
34.郭雳、廖凡,2007:《我国证券登记结算法律的进展与疑惑》,《证券市场导报》,第2期。
35.袁东,2005:《中国债券市场托管结算系统的问题及改进途径分析》,《中国证券业研究》,第4期。
36.刘世峰,2007:《资产托管经营的制度经济学分析》,吉林大学博士学位论文。
37.余元全、周孝华、杨秀苔,2007:《资产影响消费的财富效应研究述评》,《消费经济》,第1期。
38.牛冠兴、卢兴前,2003:《对客户交易结算资金存管模式改革的建议》,《证券市场导报》,第9期。
39.巴曙松、杨如彦,2003:《证券公司融资渠道的比较研究》,《当代财经》,第2期。
40.戚伟雄,2005:《证券公司客户资金独立存管模式探讨》,《证券市场导报》,第6期。
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