韩国资本市场法集合投资制度对中国的借鉴意义

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저널정보: 한중법학회 중국법연구 중국법연구 제25권

발행연도: 2016.1

수록면: 107 - 133 (27page)

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在资本市场中投资金融产品需要各种信息和技术, 而其中的个人投资者与机构投资者和金融机关相比, 在信息, 技术设备, 专业知识等方面都处于不利位置. 个人投资者为了克服各种不利因素, 有必要借助投资专家的力量配置适当的投资组合, 由此产生了集合投资和集合投资机构. 但中国市场的实际情况与一般的理论预测并不一致. 中国股市的股票交易量大部分来自一般投资者, 他们的投资方式一般寻求短期利益, 不看重公司的潜在成长价值. 但他们的交易量巨大, 导致一部分机构投资者也不履行正常的价值投资理念. 中国的一般投资者, 放弃在信息, 技术设备, 专业知识等方面都比自己先进的集合投资机构选择自行投资操作, 必有其理由, 其中对集合投资机构的不信任是根本原因. 反思为什么造成这种结果, 首先考虑的应是法律制度上的原因. 为了完善相关立法, 有必要从其他国家吸取经验. 国内有不少对欧美, 日本的立法研究成果, 但对韩国的研究并不多见. 本文通过研究韩国《资本市场与金融投资业法律》的相关内容, 试图给国内的立法机关和学者提供有益资料. 本文第二部分首先介绍韩国资本市场法上与集合投资相关的规定, 讨论其中存在的问题. 韩国现行资本市场法以“集合投资”代替了旧《间接投资资产运用业法》上的“间接投资”概念. 与过去的“间接投资”相比, 现行资本市场法第6条第5款对集合投资做了更广泛的规定. 集合投资由集合资产, 不接受日常运用指示, 资产运用方式, 资产运用结果分配四个要件构成. 同时, 韩国资本市场法第9条第18款至23款对集合投资机构, 私募集合投资机构, 集合投财产, 集合投资证券, 集合投资规约, 集合投资者总会等概念做了定义. 韩国的资本市场法经过社会各界的积极努力得以完成, 但仍不免存在这样那样的问题. 本文以集合投资机构为中心, 就其机构运营结构, 股权证券发行, 治理结构三个方面说明了其中存在的问题. 本文第三部分首先介绍英国, 欧美, 日本对集合投资的一般规定和中国法律法规中存在的与集合投资相关的用语. 可以明确看到, 中国到目前为止还没对集合投资做出统一立法. 中国资本市场上集合投资存在的问题是虽然没有统一的明确性立法规定, 但各主管机关对相关行为的行政立法广泛存在, 由此造成的集合投资中存在的交易与监管问题日趋严重. 概括起来大致有如下几点：第一, 金融法规上对理财等金融产品设定的法律关系不明确, 法规体系混乱；第二, 各监管部门对经营相同产品的不同机构设置了不同规则, 导致了不公平竞争；第三, 具有私募性质的金融产品得不到有效的法律规制；第四, 金融消费者保护不利问题日趋严重；第五, 大环境下的经济问题导致民间金融泛滥. 中国目前与集合投资相关的法规是《证券投资基金法》, 为了完善对集合投资的规制, 有必要将该法直接改编成《集合投资法》. 同时参照其他先进国家金融立法的经验, 加紧统合金融监管立法工作.

In the capital market, invest to the financial investment products requires a variety of information and technology. Compared with institutional investors and financial institutions, individual investors are in the weak position on information, technology equipment or professional knowledge. In order to overcome various unfavorable factors, it’s necessary to use the power of investment professionals and configure the appropriate portfolio. Thereby comes collective investment and collective investment schemes. But the reality of china’s market and the general theoretical predictions are not unanimous. China’s stock market trading volume mostly comes from retail investors. Their investment approach is generally seeking short-term interests, not valuing the potential value of the company’s growth. But due to the huge trading volume of their transactions, resulting in part of the institutional investors does not fulfill the normal value investment philosophy. Retail investors in china prefer choosing their own investment operations rather than rely on collective investment scheme that have more information, technological equipment and expertise. They must have their reasons. The collective investment scheme is the root cause of mistrust. Reflect on why this result is generated, the first consideration should be the legal institutional reasons. In order to improve the relevant legislation, it is necessary to learn from other countries. Lots of domestic legislative research on development of capital market and regulations in Europe, United States and Japan has been made, but research on Korea’s experience is so limited. This paper will focus on “Capital Market and Financial Investment Act” of Korea regarding to collective investment, try to provide useful information to china’s domestic legislatures and academics. The second part of this paper will introduce the provisions relating to collective investment on Korea’s capital market act and discuss existing problems. In force Korea’s capital market act with “collective investment” instead of the “indirect investment”, it is from the “Indirect investment asset management business act”. Compared with the past “indirect investment”, current capital market act Article 6, paragraph 5 of the collective investment made more abroad regulations. Collective investment by the collection of assets does not accept the daily use instruction, asset management approach, asset allocation using the results of four elements composing. And Korea’s capital market act Article 9, paragraph 18 to 23 set to concept of the collective investment scheme, private collective investment scheme, investment property collections, collective investment securities, collective investment contract and the investor conference. Korea’s capital market act is rich in contents, but still have many problems. This paper will focus on collective investment scheme, review the problems regarding operational structure of scheme, issuance of equity securities, corporate governance. The third part will introduce the general provisions of the UK, US and Japan on collective investment and China’s Law and regulations. We can clearly see that, China has not made unifying legislation on collective investment. Collective investment on China’s capital market presence of the problem is, although there have no unifying legislative provisions, but the competent authority of the relevant legislative acts of the executive is widespread. Trading and regulatory issues exist in collective investment have become increasingly serious. Generally there are the following points: First, provisions on financial instruments are not clear, and the legal system is disordered; Second, the various regulatory agencies operating on the same product in different settings with different rules, that resulting in unfair competition; Third, the private nature of financial products lack effective legal regulation; Fourth, the financial consumer protection problem was unfavorable and growing; Fifth, the economic environment problems resulted from the regulation of private finance. China’s current laws and regulations relating to the collection investment is the “Securities Investment Fund Act”. In order to improve the regulation of collective investment, it is necessary to adapt the method directly into a “Collective Investment Act”. While referring to the experience of other advanced countries financial legislation, it’s necessary to step up integration of financial supervision legislation.

#자본시장 #집합투자 #금융상품 #법률체제 #지배구조 #Capital Market #Collective investment #Financial products #Legal system #Corporate governance

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