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同学们大家好
hello everyone

今天我们来讲讲证券监管制度
today let's talk about the securities regulatory system

说到证券
when it comes to securities

你可能马上想到股票
you may think of stocks right away


yes

股票属于证券
stocks belong to securities

证券法上的证券
securities in securities law

除了股票以外
in addition to stocks

还有公司债券
also includes corporate bonds

和国务院依法
and other securities

认定的其他证券
recognized by the state council according to law

证券是财产性权利凭证
securities are certificates of property rights

它的发行
and their issuance

交易活动
and trading activities

必须遵守法律
must comply with laws

行政法规
and administrative regulations

禁止欺诈
fraud

内幕交易
insider trading,

和操纵证券市场的行为
and manipulation of the securities market are prohibited

一个规范有序的证券市场
a regulated and orderly securities market

是保证交易公平的条件
is the condition to guarantee the fairness of trading

因此
therefore

必须设置法律监管制度
it is necessary to set up a legal supervision system

在我国
in our country

由国务院证券监督管理机构
the securities regulatory body under the state council

也就是证监会
that is, the CSRC

对全国证券市场
the national securities market

实行集中统一
exercises centralized and unified

监督管理
supervision and management over

那今天呢我们来讲两个问题
so today we're going to talk about two questions

一个是为什么要监管
one is why it should be supervised

一个是监管什么
one is what’s to supervise

那首先我们看第一个问题
first of all, let's look at the first question

为什么要监管
why should it be supervised

我举个著名的
i would like to illustrate a well-known case of

英国南海泡沫案来说明
the South Sea Bubble

在18世纪的时候
in the 18th century

英国模仿荷兰的东印度公司
the British imitated east India company in Holland

搞了一个南海公司
and founded a South-Sea company

来做国际贸易
to do international trade

当时
at that time

英法战争刚刚结束
the Hundred Years' War had just ended

英国政府一直债台高筑
the British government was heavily indebted

这个时候呢有人想出了个办法
at that time, someone came up with an solution

让南海公司来搞一次
let South-Sea company make a

债转股的金融创新
financial innovation of debt-to-equity swap

具体做法就是
specifically

南海公司把英国政府
South-Sea company takes over

900多万的债务
more than 9 million debts of the British government

全部接收下来转成股权
and converted them into equity

这样一来
in this way

英国国债的债权人就变成了
the creditors of British government bonds become

南海公司的股东
the shareholders of South-Sea company

由南海公司负责
the company is responsible for

向股东支付股息
paying dividends to the shareholders

这么一来
and that

就把英国政府
freed the British government

从债务的枷锁里面给解放出来了
from the shackles of debt

你们应该懂得
you should understand

债权跟股权的差别
the difference between debt and equity

债是需要还的
debt needs to be repaid

但是股权不需要还的
but equity does not

这样就把债权的相对关系
in this way, the relative relationship of creditor's rights

转变成了风险共担
is transformed into a equity relationship of risk sharing

利益共享的股权关系
and benefit sharing.

也就是说
that is to say

企业的还债压力没有了
there is no pressure for enterprises to repay their debts

这种做法算是南海公司
this practice was a help to the British government

给英国政府帮了一个忙
from the South-Sea company

那么产生了两个效果
there were two effects

一个是英国政府
one is that the British government

赋予了南海公司
gave the South-Sea company

南美海域的专属贸易权
the exclusive trade rights in South American waters

另一个是
the other is that

由于政府和南海公司的利益
because the interests of the government and

被绑在了一起
the South-Sea company are tied together

很多人就开始利用政府信用
many people began to use the government's credit

背书来对南海公司的股票
endorsement to speculate on the shares

进行概念炒作
of the South-Sea company.

说到概念炒作
when it comes to concept hype

各种小道消息
all kinds of gossip

比如南海海域
for example, the South-Sea waters

像秘鲁
like Peru

墨西哥等等
Mexico and so on

这样的地区呢都发现了黄金
gold had been found in such places

那个时候呢
back then

通讯不发达
communication was underdeveloped

于是市场一下就被炒得火热
as a result, the market was fired up

南海公司的股价就开始飞涨起来
South-Sea company's share price began to soar

不到一年多的时间
in less than a year

上涨了十多倍
it had risen more than ten times

到了1160多英镑
it's more than 1,160 pounds

18世纪初的1000多英镑
more than 1000 pounds at the beginning of the 18th century

相当于现在的30多万英镑
is worth more than 300,000 pounds now

整个英国一下子都疯狂了
the whole of England went mad at once

当时的科学家牛顿
Newton, the scientist of the time

都陷入了股票致富的梦想里头
also fell to the dream of becoming rich in stocks

南海公司达到了一股难求的地步
The South-Sea company had reached the point of stock shortage

大量的资金涌到市场上
a great deal of money was poured into the market

想买南海公司的股票
to buy shares in South-Sea company

股票被严重泡沫化
the stock was severely bubbled

同时
at the same time

在南海公司的带动下
driven by the South-Sea company

整个英国的资产都在泡沫化
all of Britain's assets were bubbling

这时候对泡沫和对危机
at this time,

进行监管的呼声就出现了
the voice of supervising bubbles and crisis appeared.

政府这个时候也担心
at the same time, the government was also worried that

这样下去会让国家的经济彻底泡沫化
this would make the country's economy completely a bubble

于是
so

在1720年的时候
in 1720

英国通过了
Britain passed

泡沫法案
bubble act

对这种遍地开花的股份公司
this kind of joint-stock company that blooms everywhere

进行了严厉的整顿
had been severely rectified.

结果
as a result

整个监管的初衷
as a result, the original intention of the whole supervision

本来是要对股市进行治理整顿
was to rectify the stock market,

但是
but

监管者没有想到的是
what the regulators didn't expect was that

股民担心
the shareholders were worried about

持股的公司被整顿
the rectification of the holding companies

于是拼命地抛售股票
so they sold the stocks desperately

造成踩踏出逃事故
causing stampede and escape accidents

同样地呢
in the same way

也影响到了本来
it also affected the.

政府要保护的南海公司
South-Sea company that the government wanted to protect

南海公司的那个泡沫
the South-Sea company's bubble

一下子被这种情绪轻易地刺破了
was easily punctured by this sentiment

股价就呈现出雪崩式的下滑
and the share price showed an avalanche slide

几个月时间
in a few months,

从一千多英镑跌到
the stock fell from more than a thousand pounds to

不足100英镑
less than a hundred pounds

牛顿当时把自己的后半生的积蓄
Newton had put in all his savings for the rest of his life

全部给搭进去了
into the stock market

所以
that's why

整个英国市场动荡
the turmoil in the UK market.

很多投资者都是倾家荡产
had put an end to many investors’ life savings

这次危机
this crisis

对后来英国的金融监管的
had a great impact on the financial supervision

影响是很大的
in the UK later.

英国政府觉得
the British government felt that

这是股份制闹出来的事儿
this was caused by the shareholding system

所以采取严格的监管
so it adopted strict supervision

当然
of course

这也影响了后续英国的
this also affects the development of

股份公司的发展
the follow-up British stock companies

当然这是后话
of course, this is the latter part

所以你看
so you see

一个债转股
a debt-to-equity swap

引出了股市膨胀
had led to a stock market inflation

金融资产泡沫化
and the bubbling of financial assets

进而开始金融监管
and thus to start financial regulation

这个案例就是金融史上的著名的案例
this case is a famous case in financial history

那么从中我们可以看到
then we see from it is

对股市要实行严格的
that the stock market should be strictly

和科学的监管
and scientifically supervised

那么同学们
so students

今天我们也在经历着股市的变动
today we are also experiencing changes in the stock market

比如
for example

2015年股灾
stock market disaster in 2015

我们深切得感受到离开了
we felt deeply that

有效监管的股市
a stock market without effective supervision

必将是股市的疯狂和混乱
would be crazy and chaotic.

背离了股市
it deviated from the original intention

设立的初衷
of stock market establishment

股市
the stock market

本来是为企业提供融资服务的
is supposed to provide financing services for enterprises

是为投资者提供投资机会的
and investment opportunities for investors

而不是赌场
rather than a casino

如果这个市场里充满了证券欺诈
if the market is full of securities fraud

内幕交易
insider trading

操纵价格
price manipulation

等不正当行为
and other improper behaviors

这样的股市还能为企业
can such stock market still

提供融资服务么
provide financing services for enterprises?

所以
that's why

我们必须对证券市场监管
we must supervise the securities market

那下面呢我们就说说如何监管
then let's talk about how to supervise

如何监管呢
to supervise

我们要解决两个问题
we need to solve two problems

谁来管
who's to supervise

管什么行为
what's to supervise

那么先看第一个
so first look at the first one

谁来管
who's in charge

监管主体是谁
who is the main body of supervision

我国证券法明确规定
China's securities law clearly stipulates that

国务院证券监督管理机构
the securities regulatory authority under the state council shall

依法
in accordance with the law

对证券市场实行监督管理
supervise and manage the securities market

维护证券市场秩序
maintain the order of the securities market

保障其合法运行
and guarantee its lawful operation

1998年8月
in August 1998

国务院批准了
the state council approved

证券监管机构体制改革方案
securities regulatory institutional reform programme

正式建立目前的
and formally established the current

集中型的证券管理体制
centralized securities management system

也就是说
that is to say

由证监会实行
a unified management system

统一的集中管理
is implemented by the CSRC

同时在部分中心城市
and meanwhile, a management system of CSRC

设立中国证监会派出机构
is established

这样的一种管理体制
in some central cities

也就是说
that is to say

证监会是我国的证券监管主体
CSRC is the main body of securities supervision in China

那么再看第二个呢
then look at the second one

监管什么
what's to supervise

从监管的对象来看
from the perspective of regulatory objects

主要包括了证券的发行
it mainly includes securities issuance

证券承销
securities underwriting

证券交易
securities trading

持续信息公开
continuous information disclosure

上市公司收购
acquisition of listed companies

等证券市场行为
and other securities market behaviors

这些行为有些是合同关系
some of these acts are contractual relations

受合同法调整
and are regulated by contract law.

由于这些行为对国家的金融秩序
because these behaviors have an important influence on the

社会公众具有重要影响
financial order of the country and the public

所以呢
so

还要受公法约束
they should be restricted by public law

也就是说
that is to say

要接受证券法调整
we should accept the regulation of securities law

属于被监管的对象
and it belongs to the regulated object

没有法律责任监管
no legal liability supervision

不是有效的监管
is not an effective supervision

因此呢
therefore

也必须要对
we must also have

违反证券监管的行为
strict legal liability

规定严格的法律责任
for the violation of securities supervision

我国证券市场
China's securities market has been

建立时间短
established for a short period of time

在快速发展的同时呢
with the rapid development of China's securities market

存在着许多违法情形
there are many illegal cases

严重破坏了证券市场
which seriously undermine the basic principles of

公平
fairness,

公开
openness

公正的基本原则
and justice in the securities market

影响了市场机制的正常作用
and affect the normal function of the market mechanism

因此
therefore

我们必须加重证券市场的
we must increase the efforts to

违法行为打击力度
crack down on illegal acts in the securities market

追究违法者的
and investigate the legal responsibility of those

法律责任
who violate the law

那下面我们说一下
now let's talk about it

几种典型的证券违法行为
several typical securities violations

这个呢是证券监管的重点
this is the focus of securities regulation

第一个
first

虚假陈述行为
act of false statement

所谓虚假陈述
the so-called false statement

是指证券信息
refers to the statement that

披露义务人
the securities information disclosure obligor

违反信息披露义务
violates the information disclosure obligation

在证券发行和交易过程中
and makes false,

对证券活动的事实
misleading and omitted statements on the facts

性质
nature,

前景等事项做出不实
prospects and other matters of securities activities

误导
in the process of

遗漏的陈述
securities issuance and trading.

致使投资者不明真相
the illegal act of causing investors to lose their investment

而产生投资损失的违法行为
due to their ignorance of the truth

信息披露本来是要求真实
information disclosure is supposed to be true

全面
comprehensive

及时
timely

容易获得和容易理解才对
easy to obtain and understand

如果发行人或上市公司
if the issuer or listed company

上市公司中的董监高责任主体
the high responsibility subject in the listed company

证券承销商
securities underwriter

保荐人
sponsor

以及
and

证券专业服务机构
securities professional service institution

有故意制造虚假信息
have the intention to make false information

提供不完全真实信息等行为
and to provide incomplete real information, etc

则需要承担民事责任
they shall bear civil liability

行政责任
administrative responsibility

和刑事责任
and criminal responsibility

这方面的案例不可谓不多
there are not many cases in this aspect

比如
for example

这两年媒体关注的
a case that gained media attention these two years

龙薇传媒信息披露违规案
Longwei media information disclosure violation case

案件的主角呢就是演员赵薇
the main character of the case is actor Vicki Zhao

大家可以上网搜索了解一下
you can search on the internet to find out

第二个
second

是内幕交易行为
it's insider trading

所谓内幕交易行为
so-called insider trading behavior

是指内幕信息的知情人
is insider's source of information.

利用获取的内幕信息
make use of the inside information obtained

进行证券交易活动的行为
to carry out securities trading activities

内幕信息的知情人
insiders of inside information

有上市公司的董监高
include directors and supervisors of listed companies

控股股股东的董监高
directors and supervisors of controlling shareholders

证券监管机构工作人员
and staff of

证券公司
securities companies

证券交易所的工作人员等等
and securities regulatory agencies, etc

内幕信息呢就是那些可能影响
insider information is what might affect

公司股价的信息
the company's share price

比如
for example

股利分配计划
dividend distribution plan

股权结构调整方案
equity structure adjustment scheme

公司重要的人事变动
important personnel changes in the company

公司的并购方案等等
the company's m&a plan and so on

同学们
students

股票之所以能够交易的原因
the reason why stocks can be traded

是买卖双方
it is the buyers’ and sellers’

对股市的认识不同
different understandings of the stock market

如果一方知晓了内幕信息
if one party knows the inside information

然后做出交易决定
then make a trade decision

则是对交易对方的极大欺骗和伤害
it is a great deception and injury to the other party

因此必须严厉打击
therefore, it is necessary to crack down on

维护市场的公正
so as to safeguard the justice of the market

第三个呢
third

是操纵市场行为
it is the manipulation of the market

操纵证券交易市场
manipulation of the securities market

主要是通过一定的手段影响
is mainly through a certain means of influencing

证券交易价格或证券交易量
stock exchange price or securities trading volume

制造虚假繁荣
to create false prosperity

虚假价格
false price

诱导
inducement

或者迫使其他投资者
or force other investors to do so

在不了解真相的情况下
without knowing the truth

做出错误的投资决定
and make the wrong investment decision

使操纵者获利
actions that make manipulators profit or

或减少损失的行为
reduce losses from it

比如这样的行为
such behaviors, for example

就是操纵市场行为
is the manipulation of the market

单独或者合谋利用资金优势
make use of the advantage of funds alone or in collusion

信息优势
information advantage

联合购买
joint purchase

或者连续购买
or continuous buying

进而操纵证券交易价格
to manipulate the price of securities trading

再比如
again, for example

在自己实际控制的账户之间
to trade securities among accounts under one's

进行证券交易
actual control,

影响证券交易价格
to influence the price of securities trading

或者证券交易量
or the volume of securities trading

等等
etc.

这样的行为
If such behavior

给投资者造成损失的
causes losses to investors

要成承担民事责任
civil liability

行政责任
administrative responsibility

甚至是刑事责任
even criminal responsibility will be resumed

我给大家说个典型的案例
let me tell you a typical case

你们也可以百度一下
you can also check it on Baidu

就是2015年股市比较疯狂那时候
that's when the stock market was crazy in 2015

徐翔
Xu Xiang

王巍等利用信息优势
and Wang Wei used information

资金优势操纵证券市场
and capital advantages to manipulate the stock market

拉抬股价的违法行为
and raised the stock price.

他们影响了13家公司的股票交易价格
they affected the stock prices

和交易量
and trading volumes of 13 companies

累计使用人民币424亿余元
using 42.4 billion yuan in total

非法获利近百亿元
and making illegal profits of nearly 10 billion yuan

最终徐翔被处以罚金110亿元的处罚
in the end, Xu Xiang was fined 11 billion yuan

判处有期徒刑5年6个月
and sentenced to five years and six months in prison

那么其他人也同样被处罚
other involved were also punished

你们可以去了解这个案件
you can get to know the case

会让你感觉到触目惊心
it will make you feel shocked

除了上面我讲的这三种行为
in addition to the above three behaviors

还有欺诈客户的行为
there are also the behaviors of cheating customers

主要是
mainly

证券公司
the behaviors of securities companies

及其从业人员
and their employees

在证券交易活动中
in securities trading activities

诱骗投资者买卖证券
to lure investors to buy and sell securities

以及其他违背投资者真实意愿
and other behaviors against the real will of investors

损害其利益的行为
to damage their interests.

这些行为都是法律所严厉禁止的
these acts are strictly prohibited by law

证券监管的内容很多
there are many contents of securities supervision

那我概括的讲以上的内容
so i will summarize

在这里总结一下
the above contents here

证券市场必须接受监管
the securities market must be supervised

我国对证券市场的监管主要由
the supervision of the securities market in China

证监会负责
CSRC is mainly responsible for

证监会对证券市场实施全方位
the CSRC implements a full range

全流程监管
full process supervision of the securities market

以此呢来保障证券市场的公平
so as to ensure the fair

公开
open

公正运行
and just operation of the securities market

对虚假陈述行为
it is the guarantee

内幕交易行为
of the stability and order of the stock market

操纵证券交易市场等行为呢给予严厉打击
to crack down on the behavior of false statement

是证券市场稳定有序的保证
insider trading and manipulation of the stock market

另外
in addition

随着人工智能的发展
with the development of artificial intelligence

科技监管也将成为
technology supervision will also become an

监管的重要手段
important means of supervision

那我们也相信
we also believe that

证券市场会越来越健康
the securities market will become more and more healthy

也必将为实体经济的发展
and will provide

提供更加有力的支持
stronger support for the real economy development


ok

关于证券监管制度
that’s all for the securities regulatory system

我们就讲到这里
for today

再见
goodbye

Economic law课程列表:

1 General theory of economic law

-1.1 Meaning and characteristics of economic law

--1.1

-1.2Adjusting object and system of economic law

--1.2

-1.3 Relations between economic law and adjacent law

--1.3

-1.4Origin and development of economic law

--1.4

-1.5.Basic principles of economic law

--1.5

-1.6Subject and types of Economic Law

--1.6

-1.7The rights of the subjects of economic law and their obligations and responsibili

--1.7

-1.8The formulation and implementation of economic law

--1.8

--Chapter homework

2. Antitrust Law

-2.1The basic issues of Anti-Monopoly Law

--2.1

-2.2Related markets and their definitions

--Discussion Question

--2.2

-2.3Legal regulation of monopoly agreement

--2.3

-2.4Legal regulation on abuse of market dominance 2.4

--2.4

-2.5 Centralized legal regulation of operators

--2.5

-2.6 Legal regulation of administrative monopoly

--2.6

-2.7 Enforcement system of antimonopoly law

--2.7

-Chapter homework

--章节习题exercises

To discuss the topic

-discussion

3. Anti-unfair Competition Law

-3.1The basic problem of Anti-Unfair Competition Act

--3.1

-3.2 Regulation of Market Confusion Act

--3.2

-3.3 Regulation of Commercial Bribery

--3.3

-3.4 Regulation of False Publicity Act

--3.4

-3.5 Regulation and Defamation of Goodwill

--3.5

-3.6 Regulation of the Infringement of Trade Secrets

--3.6

-3.7 Regulation of Improper Sales with Prizes

--3.7

-3.8 Regulation of Unfair Competition in Network Field

--3.8

-Chapter homework

--exercises

4. Consumer Rights and Interests Protection Act

-4.1 Overview of Consumer Rights and Interests Protection Act

--4.1

-4.2 The Right of Consumers

--4.2

-4.3 Operator's Obligation

--4.3

-4.4 The Protection of Consumers' Rights and Interests Made by the State and

--4.4

-4.5 Legal Liability

--4.5

-4.6 The Category of Civil Liability

--Chapter homework

--4.6

5. Finance and Tax Law

-5.1 overview of Finance and Tax Law

--5.1

-5.2 Budget Preparation

--5.2

-5.3 budget review and preparation

--5.3

-5.4 Budget Implementation and Adjustment

--5.4

-5.5 scope of application in the Government Procurement Law

--5.5

-5.6 principles and policies of government procurement

--5.6

-5.7 government procurement procedures and methods

--5.7

-5.8 government procurement contract

--5.8

-5.9 government procurement relief mechanism

--5.9

-5.10 principle of law-based taxation

--5.10

-5.11 taxpayer's right

--5.11

-5.12 tax constitutive requirements

--5.12

-5.13 the principles of the turnover tax law

--5.13

-5.14 principle of income tax law

--5.14

-5.15 principle of Property Tax Law

--Chapter homework

--5.15

6. Financial Law

-6.1 the concepts of finance and Financial Law

--6.1

-6.2 China's financial institutions and regulatory agencies

--6.2

-6.3 central bank law

--6.3

-6.4 commercial bank law system

--6.4

-6.5the securities regulatory system

--Chapter homework

--6.5

final exam

-Final Examination

6.5笔记与讨论

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