保荐人先行赔付制度研究

发布时间：2018-03-03 05:31

本文选题：保荐人　切入点：先行赔付制度　出处：《天津师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：证券市场先行赔付制度即是在证券上市过程中存在虚假陈述或其他欺诈行为时,于行政和司法救济之前,由相关发行人、保荐人、保荐代表人以及发行人管理层先行向投资者承担连带赔偿责任,然后由先行赔付者向其他责任主体追偿的一种制度1。在涉及证券发行的各类案件中,鲜有投资者能获得充分救济,其根本原因在于我国投资者保护制度的不完善,以至于投资者在维权过程中只能被动接受"和解"式的解决途径。此外,在制定和解赔偿方案、赔付方式过程中,投资者也缺乏有效参与,这不仅有违《证券法》中"公开"原则,更与"公平"原则相去甚远。因而,为完善我国证券市场责任体系,弥补在证券发行过程中投资者保护救助不足的困境,应在《证券法》修改过程中,引入"先行赔付制度",对于完善我国证券投资机制以及推行"注册制"有重要意义。本文从保荐制度入手,分析保荐人先行赔付制度的功能和性质,分析其理论意义。同时,借鉴保荐人先行赔付制度在实践中的运用,分析保荐人先行赔付制度在实际中运用的模式、作用以及不足。在此基础上,结合我国的实践案例,从保荐人先行赔付制度的赔付主体、赔付标准和赔付方式等方面对保荐人先行赔付制度提出建议,以期在面对证券市场中的欺诈等问题时,保荐人赔付制度能够合理灵活的解决谁来赔,赔多少,怎么赔等问题,从而及时化解群体纠纷,妥善维护投资者合法权益,保障证券市场稳定运行。
[Abstract]:The advance indemnity system in the securities market is that, in the event of false statements or other fraudulent acts in the course of listing, the relevant issuers and sponsors shall, before the administrative and judicial relief, A system whereby the sponsor representative and the management of the issuer first assume joint and several liability to the investor, and then the advance payer recovers from other responsible parties 1.In all kinds of cases involving the issuance of securities, Few investors can get adequate relief, the fundamental reason is that the investor protection system in our country is not perfect, so that investors can only passively accept the "settlement" solution in the process of safeguarding their rights. In the process of compensation payment, investors also lack effective participation, which is not only contrary to the principle of "openness" in the Securities Law, but also quite different from the principle of "fairness." therefore, in order to perfect the liability system of China's securities market, To make up for the plight of insufficient protection and rescue for investors in the process of issuing securities, we should in the process of amending the Securities Law, The introduction of "advance indemnity system" is of great significance to the perfection of the securities investment mechanism and the implementation of the "registration system" in China. This paper, starting with the sponsorship system, analyzes the function and nature of the sponsor's advance indemnity system, and analyzes its theoretical significance. Referring to the application of sponsor advance indemnity system in practice, this paper analyzes the mode, function and deficiency of sponsor advance indemnity system in practice. On this basis, combined with the practice case of our country, In order to face the problems of fraud in the securities market, some suggestions are put forward from the aspects of the indemnity subject, the standard of indemnity and the way of indemnity in advance payment system of sponsor, and so on, in order to solve the problems of fraud in the securities market. The sponsor indemnity system can solve the problems of who will compensate, how much and how to compensate, so as to resolve the group dispute in time, safeguard the legitimate rights and interests of investors, and ensure the stable operation of the securities market.
【学位授予单位】：天津师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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