- 學位論文
中國金融監管之法律問題研究— 以合格境內機構投資者制度為中心
The research of legal Issues for China's financial regulators – featuring the Qualified Domestic Institutional Investor system as research center.
摘要
本文首先闡述合格境內機構投資者制度(Qualified Domestic Institutional Investors,QDII)之基本概念與理論基礎，藉由法學觀點分析QDII之特徵、分類及其運作步驟；進而說明中國推行QDII制度之原因與對中國金融市場所帶來之影響。相較於台灣，當前中國並未完全開放資本市場，而對外匯管制下的資本項目仍實施嚴格的管理制度。然而，面臨著經濟全球化和金融一體化之浪潮衝擊之下，開放QDII一方面可使中國境內投資者覓得一條合適的海外投資之路；另一方面亦可保持適度適當的外匯管理制度，確保國際收支平衡，這對中國當前的金融崛起，具有相當積極與正面的意義。 藉由對QDII制度之分析，QDII制度應屬於金融信託法律關係，蓋QDII屬於海外證券投資範疇，大多採用證券投資基金的方式運作。換言之，國內投資者就是基金份額持有人，乃信託法律關係之委託人，同時也是受益人；而合格的境內機構投資者即為受託人。透過法律概念的分析，吾人嘗試澄清並明晰QDII制度中的法律關係與相關權利義務，惟制度之建立，仍應奠基於法律的規範；是以，本文將論述中國QDII制度中，具體實施的法律制度規範，包括「市場准入制度」、「託管人制度」、「資訊披露制度」、「外匯管制制度」以及「投資者權益保護制度」。 本文並借鑑台灣與韓國實施QDII制度之經驗，進而探討如何完善推展中國實施QDII制度，必須強化對合格境內機構投資者的市場准入，加強對外匯資金流入流出的監管措施。QDII 從經濟視角而言，QDII制度涉及中國外匯儲備的運用、中國資本市場的開放，以及境外投資的各種資產組合；從法律觀點而言，QDII制度的實行，又涉及到境內機構者的資格准入、外匯管理、投資者權益保護以及金融監管等法律制度。 QDII制度開啟中國經濟在崛起過程中，中國國內普通投資者投資境外資本市場的大門；值此歷史時刻，中國的大國崛起進程，正逐步漸進與國際市場接軌，熱錢的投入與輸出，正實現中國資本跨越國境的有序流動。在當前全球化浪潮席捲之下，經濟全球化與金融一體化的整合趨勢，可謂迅猛發展，銳不可當。從而，中國在積極面對國際金融市場的開放、競爭與挑戰之際，該如何大膽探索融入世界經濟一體的合適途徑，促進中國經濟全面、穩健、良好發展。此外，在這個「中國熱」的時代中，臺灣亦須瞭解QDII制度的轉變與適用，正所謂「知己知彼，百戰百勝」。
並列摘要
This study explained the basic concepts and theoretical basis of the qualified domestic institutional investors (QDII) system, and it analyzed the characteristics, classification, and operations of QDII from a legal perspective. The objectives of the study were to explain why China implemented the QDII system and to clarify the effects of the system on the Chinese financial markets. Compared with Taiwan, China’s capital market is less open, and a strict management system is implemented for capital accounts that are subject to foreign exchange–related controls. However, against the backdrop of economic globalization and financial integration, relaxing QDII controls can enable domestic Chinese investors to access suitable overseas investment options, maintain a moderate and appropriate foreign exchange management system, and ensure a balance between international revenue and expenditure. These benefits have marked positive effects on China’s current financial health. QDII system analyses have revealed that the QDII system should be governed by finance trust laws, can be classified under the category of overseas securities investments, and mostly operates in the form of securities investment funds. That is, domestic investors are fund holders and the settlors and beneficiaries of trust-based legal relationships. By contrast, QDIIs are trustees. Through legal concept analyses, the researchers of this study attempted to clarify the legal relationships and the relevant rights and obligations under the QDII system to verify that the system was established in accordance with legal norms. Accordingly, this study discussed the legal system norms implemented in China’s QDII system, including its market access system, custodian system, information disclosure system, foreign exchange control system, and investor right protection system. This study drew on the experiences of Taiwan and South Korea in implementing their own versions of the QDII system and investigated how to improve and promote the implementation of the QDII system in China. The measures explored included strengthening the market’s access to QDIIs and the regulatory measures governing the inflow and outflow of foreign exchange funds. From an economic perspective, the QDII system involves the use of China’s foreign exchange reserves, the opening up of China’s capital market, and the establishment of various overseas investment asset portfolios. From a legal perspective, the implementation of the QDII system also involves legal matters such as access to qualified domestic institutions, foreign exchange management, protection of investors’ rights, and financial supervision. The QDII system enables ordinary Chinese domestic investors to invest in overseas capital markets, signifying that China is gradually connecting with the international market and that the inflow and outflow of money are leading to the orderly flow of Chinese capital across borders. Globalization has facilitated economic globalization and financial integration. With China having to actively adapt to the opening up of the international financial market and the associated competition and challenges, the country must determine how it should boldly explore the appropriate methods to integrate into the world economy and promote the comprehensive, stable, and sound development of its economy. In addition, in the “China fever” era, Taiwan must also understand the transformation and application of the QDII system to ensure its success.