Earticle

Abstract

중국어

1998年证券法制定以来, 已经走过了20年的发展, 它作为资本市场的根本大法, 直接关系到整 个资本市场的稳定和发展。 2019年4月《证券法》修订草案三次审议稿颁布以后, 2019年12月28日通 过了《证券法》第四次审议稿, 新证券法将于2020年3月1日起施行。 我国一直以来的证券法的制定与 修改都是在贯彻证券法的基本原则, 本文选择其中的两个基本原则, 对我国的证券立法的演进和立 法动向进行评价, 并提出相关建议。 “鼓励市场自治与政府干预相结合原则”的视角来看, 对中国的证券立法可以做出三点评价。 第 一, 证券经营规制中政府干预逐渐放宽。 我国的证券法制定于1998年, 也就是中国证券市场比较动 荡和亚洲金融危机的背景下制定出来的, 其不可避免地带有非常严厉的监管色彩。 证券法通过不断 放宽证券经营规制, 以此推进证券市场的创新和发展。 第二、 监管政策的干预处于不断规范的过程 中。 在过去, 中国的金融政策对证券市场的影响较大, 近年来中国也不断完善金融政策制定机制, 完善监管政策的合法性与适当性。 第三、 政府监管权力与监管程序逐渐规范化。 通过完善立法, 防 止证券监管权力的滥用, 同时为监管权限的有效实施做出制度保障。 从“投资者保护原则”的视角来看：首先, 中国不断构建和完善证券诉讼救济机制和调节机制。 2005年证券法修改中, 引入了对证券违法行为的民事赔偿制度；在新证券法中引入了证券纠纷的 调解机制以及投资者保护机构的股东代表诉讼制度, 不断完善对投资者的救济。 其次, 引入与投资 者保护直接相关的专门制度。 2005年引入了证券投资者保护基金制度；在新证券法中, 将投资者区 分为普通投资者和专业投资者；并且引入投资者适当性管理义务。 总体来说, 中国通过长期的修法完善政府监管的同时, 不断加强投资者保护。 在今后的立法改 进中, 应该加强证券交易所、 证券业协会等自律监管机构的监管作用, 引入社会监督机制；在投资 者保护立法中, 应充分考虑法律规定之间的逻辑性, 并处理好证券法与公司法之间的协调与兼容。

영어

Chinese SecuritiesLaw has come through 20 years’ development since its first enactment in 1998. As a major stipulation regulating the capital market, the Securities Law concerns the overall capital market’s stability and development. After the Third Draft of Securities Law’s publicity, the Law’s Fourth Draft was passed on Oct 28th, 2019, and a new Securities Law(hereinafter referred to as the “2019 Revision”) is to be announced on Mar 1st, 2020. It can be said that the Law’s legislation has been processed under the guidance of its basic legal principles.The research looks into the legislative process and trend of Chinese Securities Law from the perspectives of two basic principles: the principle of self-discipline with centralized supervision and the principle of investor protection, and gives suggestions. The principle of self-discipline with centralized supervision discloses the following three points. Firstly, China slackened the severe regulations on the stock market, which were laid down in the context of the Asian Economic Crisis and the market’s turbulence, and established several legal systems for the market’s renovation and development. Secondly, China gradually standardized the government’s intervention implemented through financial supervision policies that had a great influence on the stock market in the past. Recently, the nation formalized financial policy making procedures and perfected the legality and propriety of the supervision policies. Last but not least, China prevented itself from the abuse of power in terms of securities supervision by perfecting the legislation, and offered an institutional guarantee for the validity of supervision. On the other hand, the principle of investor protection unveils below two points. For one thing, China continued to build up and improve the litigation and mediation mechanisms. The 2005 Amendment of the Securities Law brought in the civil compensation system aimed at securities violations. And the 2019 Revision tried to build up the remedy for investors by proposing the mediation mechanism for securities related disputes and the shareholder(of Investor Protection Corporation) representative lawsuit system. For another, China imported investor protection related specialized systems. The 2005 Amendment constructed the securities investor protection fund system. In the 2019 Revision, investors were even divided into the ordinary and professional investors. The Third Draft also suggested the investor’s adequacy management obligation. As can be seen from the panorama, not only has china been completing the central supervision, but it has been strengthening the investor’s protection by 20 years’ legislation. Henceforth, the legislation should emphasize the regulatory roles of such self-discipline corporations as stock exchange markets and securities associations; set up social supervision mechanisms; take logicality among different legislation into full consideration as well as handle coordination and compatibility between the Securities Law and the Company Law properly.

Contents

摘要
Ⅰ. 中国证券立法的演进
Ⅱ. 《证券法》立法原则的反思：“两个原则”的突出
Ⅲ. 证券法基本原则下的审视与评价
Ⅳ. 证券立法进路与完善建议
参考文献

Authors

• 李鲜花 [ 이선화 | 延边大学法学院讲师, 法学博士。 ]

Reference