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1、硕 士 学 位 论 文融资融券交易担保法律问题研究Legal Study on Guarantee System of Margin Trading作 者 姓 名：指 导 教 师：杨 茹韦忠语西南政 法大 学Southwest University of Political Science and Law内容摘要融资融券交易,是证券公司向客户出借资金供其买入证券或者出借证券供其卖出,并由客户交存相应担保物的经营活动。融资融券交易是一种信用交易，如果客户违反约定，到期不偿还所融资金或证券，证券公司作为授予信用的债权人，将面临较大的风险，而由于证券市场的联动性，证券公司所受到的风险将会传递给整个证
2、券交易市场，因此，在融资融券交易中，对客户违约风险的控制极为重要，关系到融资融券交易甚至整个证券市场的安全。担保作为控制风险的一项有效制度，为各国融资融券交易制度所采纳，对维护交易安全与证券市场稳定起到了重要作用。融资融券交易高风险性的特点,需要高效、便捷、符合融资融券交易运行规律的担保制度,而我国当前担保法、物权法规定的动产质押担保制度,难以满足融资融券交易的需求,无法建立与融资融券交易相适应的担保关系。根据世界各国对融资融券交易担保制度的选择与检验，让与担保制度将所有权转移与担保权设定相结合，对债权提供双重保证，能够有效保证融资融券交易的安全、顺利进行。2006 年 8 月 1 日后，我国
3、引入了信托让与担保制度，但是，其规定被指责为过于保护债权人证券公司的利益，并且存在两方面的问题：一是利用了信托制度的具体功能却没有全部遵循信托基本原理，存在合法性上的瑕疵；二是我国相关的民事法律尚未确立让与担保制度，物权设定受法律规定的严格限制,其种类及内容不得由当事人依合同任意创设，在融资融券交易中引入让与担保制度违法物权法定原则。本文通过对融资融券交易构造的分析，对融资融券交易中的担保法律关系进行解析，研究在融资融券交易中信托让与担保制度的必要性与重要意义。同时，通过对国外较成熟的融资融券交易让与担保制度的构建经验进行研究，对证券公司监督管理条例创设信托让与担保制度对我国现行担保法律进行修
4、正与补充所涉及的信托行为合法性、信托让与担保制度在我国法律环境下的可行性等问题进行解疑与论证。本文共有五部分:第一部分对融资融券交易制度进行概论性说明。主要论述融资融券交易的概念、特征,以明确融资融券交易与普通证券交易的区别。1第二部分探讨融资融券交易的一般规则与法律构造，本章是本文的基础,对其他相关的问题的探讨都是建立在此之上。第三部分介绍融资融券交易中的风险及控制办法。首先，论述担保制度在融资融券交易中的重要作用。其次，介绍境外有关融资融券交易担保制度对让与担保制度的选择。第三，介绍让与担保制度的分类并讨论其在融资融券交易中的独特优势，得出信托让与担保制度是一项能够充分满足融资融券交易要求
5、的风险控制制度的结论。第四部分讨论我国现行担保法律制度存在的缺陷，得出现行担保法律制度无法适应融资融券交易要求的结论。第五部分对证券公司监督管理条例以法制创新适应并促进市场发展，引入信托让与担保制度的合法性解疑与论证。关键词:融资融券；信托；让与担保；合法性2AbstractMargin trading means that security companies lending money to customers for them tobuy securities or lending securities to customers for sale, and customers depos
6、it some items tothe security companies for security. Margin trading is a credit transaction, when the customerbreach the agreement between them and the security company and do not pay back the moneyor the security they have borrowed from the security company in margin transactions, thesecurity compa
7、ny ,as a creditor who gives credit to customers will face great risk. Mean while,because the great relevance of the stock market，the risk that security companies suffered willpassed on to the whole security market. So, in margin transactions, the control of credit risk ofcustomer is very important.
8、As a system that pays important role in risk control, guarantee hasbeen adopted by margin trading system in many countries and regions.Because of the high risk, margin trading need an efficient and convenient guaranteesystem that in line with its requirements. But Chinas current guarantee legal syst
9、em can notmeet the requirements of margin trading, and can not establish suitable security relations.According to the choice and inspection of margin transaction security system in manycountries and regions, transferring guarantee provide a double guarantee for the claims bycombining the transfer of
10、 ownership and the set of security.From 1 August, 2006 on, Chinas legislation allows the introduction of the transferringguarantee system which was accused of too much to protect the interests of creditors, securitycompanies. There are two main problems in the introduction of the transferring guaran
11、tee:first, transferring guarantee use the specific functionality of the trust system, but do not followthe basic principles of trust, so there are defects in Validity. Second, Chinas current civil lawhave no provisions of transferring guarantee, so the introduction of the transferring guaranteesyste
12、m is a violation of the law.Based on the analysis of financing structure of the margin trading, the analysis of thelegal relationship of the security in the margin trading, this article will do some research in thenecessity and the importance of introducing the transferring guarantee to Chinas margi
13、ntrading system. At the same time, this article will answer some questions on the validity of thetransferring guarantee and will discuss the feasibility of the transferring guarantee system inChinas legal environment, through the research of the experience of other countries inestablishing the trans
14、ferring guarantee system.This paper has 5 parts. In part 1, the author outlines the margin trading. This part focuses1on the description of the conception and features in order to definite the difference betweenthe margin trading and other securities.In part 2, the author discusses the rules and the legal structure of the margin trading. Andthis part is the bases of this paper, the discussion of other
