论我国证券欺诈群体诉讼制度的构建与完善

发布时间：2019-05-21 18:40

【摘要】：新中国的证券市场诞生于上世纪90年代，是随着我国市场经济的不断发展而逐步壮大的。在这20多年的发展进程中，我国证券交易经过了最初的快速发展和繁荣昌盛，开始逐渐趋于平稳。在这一过程中，欺骗投资者、虚假陈述、内部交易等大规模证券欺诈纠纷频频发生，极大危害了投资者的合法权益，也严重阻碍了我国证券市场的持续健康发展。证券市场的发展状况是国民经济发展的重要指标，而投资者的合法权益是证券市场快速发展的根本保障。然而，立法的现状却无法很好地解决当前所面临的群体性证券纠纷：传统的诉讼模式无法应对“小额多数”的证券纠纷，而出台的司法解释又将我国代表人诉讼制度排斥在外，因此，为了最大限度地解决证券欺诈群体性纠纷，恢复投资者对于证券市场的信心，维护证券市场的正常秩序，实现国民经济又好又快的发展，有必要重新思考证券欺诈群体性纠纷的解决方案，构建和完善证券欺诈群体诉讼的制度体系。鉴于此，，本文从近期发生的现实案例“光大证券案”出发，通过对证券市场和群体诉讼制度介绍，对比国内既有群体诉讼制度和域外证券欺诈群体诉讼制度的优劣情况，进行利弊分析，提出适合我国国情的证券欺诈群体诉讼制度的建议，希冀能对未来我国立法有所裨益。全文除引言和结语外，共分为四章：第一章是概述。本章以光大证券案为例引出人们对证券欺诈群体性纠纷的关注和思考，从而简要介绍证券欺诈和证券群体诉讼的概况，最后指出目前我国证券市场运行的状况以及构建完善证券群体诉讼制度的重大意义。第二章是我国证券欺诈民事诉讼的立法模式。一方面，本章重点分析介绍了我国目前的两大群体性纠纷解决机制——代表人诉讼制度和公益诉讼制度，突出两大制度存在的问题，从而明确这两种制度都无法直接适用于群体性证券欺诈纠纷领域。另一方面，本章也对当前法律规定的证券欺诈纠纷解决方式进行简要阐述，论证了目前我国司法解释规定的单独诉讼和共同诉讼方式亦无法很好地解决证券欺诈群体性纠纷，从而为借鉴域外经验埋下伏笔。第三章是域外证券欺诈群体诉讼模式研究。本章主要介绍其他国家和地区在证券欺诈群体性纠纷解决上的制度经验。不同国家和地区根据各自的具体情况构建了相应的证券诉讼模式，其中重点介绍了具有代表性的三个国家的三种制度，分别为：美国的集团诉讼制度、德国的示范性诉讼制度和我国台湾地区的团体诉讼制度。文章从每种制度的历史发展、程序内容以及制度缺陷三方面进行比较分析，最后得出结论：在当前形势下，传统单一式的群体诉讼制度无法很好地解决问题，应该借鉴其他国家和地区制度的优势，构建一个多元化的证券欺诈群体诉讼制度体系。第四章是完善我国证券欺诈群体诉讼制度的具体构想。本章立足于我国的实际情况，从我国证券欺诈群体性纠纷的现实状况出发，适当借鉴域外证券欺诈群体诉讼制度，提出了完善我国证券欺诈群体诉讼制度的基本原则、路径选择和具体程序设计，构建和完善了一套以人数不确定的代表人诉讼为主，以示范性诉讼和团体诉讼为辅，借鉴美国集团诉讼的合理因素的证券欺诈群体诉讼制度体系，为我国未来立法建设提供切实可行的制度方案。
[Abstract]:The new China's securities market is born in the 1990s, and is gradually expanded with the development of the market economy in our country. During the two decades of development, the stock exchange of our country has passed the initial rapid development and the prosperity, and the beginning of the stock exchange is gradually becoming more and more stable. In this process, the frequent occurrence of large-scale securities fraud, such as the fraud of investors, false statements and internal transactions, has greatly endangered the legitimate rights and interests of the investors, and also seriously hindered the sustainable and healthy development of the securities market in China. The development of the securities market is an important index of the development of the national economy, and the legitimate rights and interests of the investors are the fundamental guarantee of the rapid development of the securities market. However, the current situation of the legislation can't well solve the current group securities dispute: the traditional litigation mode can't deal with the "micro-majority" 's securities dispute, and the judicial interpretation issued in the present invention is repelled by the legal system of the representative of our country, so, In order to solve the group disputes of securities fraud to the maximum extent, to restore the investor's confidence in the securities market, to maintain the normal order of the securities market and to realize the good and fast development of the national economy, it is necessary to rethink the solution of the securities fraud group dispute, To construct and perfect the system of securities fraud group lawsuit. In view of this, this paper, based on the recent "Everbright Securities" of the real case, analyzes the advantages and disadvantages of the litigation system of both the existing group and the outside securities fraud group through the introduction of the securities market and the group litigation system. This paper puts forward the suggestion of the securities fraud group lawsuit system, which is suitable for China's national conditions, and it can be beneficial to our country's legislation in the future. In addition to the introduction and the conclusion, the full text is divided into four parts: Chapter 1 This chapter is an overview of securities fraud and group litigation by taking the case of Everbright Securities as an example. In this chapter, the paper briefly introduces the general situation of securities fraud and group litigation, and finally points out the current situation of China's securities market and the re-establishment of a perfect securities group lawsuit system. The second chapter is the civil litigation of securities fraud in our country. On the one hand, this chapter mainly analyzes the two large group dispute settlement mechanism, the representative litigation system and the public interest litigation system in our country, and the problems existing in the two major systems, so that the two systems can't be applied directly to the group-based securities fraud. On the other hand, this chapter also gives a brief description of the settlement mode of the securities fraud in the current law, and proves that the individual lawsuit and the co-action method stipulated in the judicial interpretation of our country can not well solve the group dispute of the securities fraud, so as to learn from the extraterritorial application The third chapter is an extraterritorial securities fraud group. Research on the model of body litigation. This chapter mainly introduces other countries and regions in the solution of the group dispute of securities fraud On the basis of their respective specific circumstances, different countries and regions have built the corresponding model of securities litigation, with the emphasis on three systems of representative three countries, namely: the United States The Group's Litigation System, the Model Litigation System in Germany and Taiwan's Taiwan Region The article makes a comparative analysis from the historical development, the procedural content and the system defect of each system, and concludes that under the current situation, the traditional single-type group lawsuit system can not solve the problem well, and should draw on other countries and The advantages of the regional system and the construction of a diversified securities fraud group The fourth chapter is to perfect the securities fraud group in our country. Based on the actual situation of our country, this chapter is based on the reality of our country, and from the reality of the group dispute of the securities fraud in our country, the author puts forward the basic principle and path of perfecting the litigation system of the securities fraud group in our country. The choice and the specific programming, the construction and the improvement of a set of representative litigation which is not determined by the number of people, taking the demonstration action and the group lawsuit as the auxiliary, using the securities fraud group lawsuit system system of the reasonable factor of the American group lawsuit, provides the future legislative construction of our country
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D925.1

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