证券民事赔偿基金制度研究

发布时间：2018-09-14 12:50

【摘要】：改革开放以来，我国证券市场得到了很大的发展，很大程度上刺激了我国社会主义市场经济的发展，相关的经济法律法规也在逐步的健全和完善，资本市场渐渐繁荣。但是在投资者利益的保护方面仍然存在诸多弊端，一直以来，我国在投资者保护的相关制度方面都是重行政责任和刑事责任，而轻民事责任，这使得投资者的投资利益受损后很难得到有效的赔偿，而且有的投资者都不知道自己的利益受损，更谈不上去索赔，即使知道自己的投资利益受损，其求偿的过程也是漫长的，造成的维权成本也是相当的高，在这样的情况下有些投资者甚至直接放弃这一权益，这样的结果导致投资者的投资信心大大受损。为了挽回投资者的信心，保证证券市场的有序运行，迫切需要建立和完善证券民事赔偿基金制度。随着全球经济一体化的不断发展，即证券交易国际化、证券发行国际化、证券制度国际化、证券市场国际化及资金国际化，一国在资本市场上已经不能再固步自封、盲目闭关，必须关注国际资本市场上的一切发展动向。综观世界主要发达国家和地区的证券法规，多把证券交易中的证券民事赔偿基金制度作为一项重要制度加以规定。在西方国家让违法者胆战心惊的是民事赔偿而不是行政罚款和刑事责任。刑事可以假释保释，民事责任则使其倾家荡产，，身败名裂，甚至有精神赔偿。民事责任是一种成本小的监控措施，只有对没有支付能力的违法者才给予监禁和其他处罚。为了加快我国证券市场的国际化步伐，必然借鉴其他国家的立法经验与司法实践，建立完善的证券民事赔偿基金制度，对于将来国际金融市场一体化条件下投资者保护的国际协调具有重要的参考意义，因此建立这一制度是多功能的也是长远的。当然，这一制度的建立和完善并不是一蹴而就的，而是一个系统的工程，需要各个方面的配合和共同努力。本文在建立和完善证券民事赔偿基金制度方面，重点在于该基金制度如何具体运作，因此，对赔偿对象的认定，对赔偿事由的审核以及赔偿程序的构建等方面做了具体的论述，提出相关建议和解决措施；然后从法经济学的层面具体分析证券民事赔偿基金制度，分析证券民事赔偿基金制度的经济属性，可以从法经济学层面深刻地了解证券民事赔偿基金制度的特点；文章认识到该基金制度的完善关键还在于该基金制度的实行，因而提出一些保障措施的相关建议保障该制度的运行，当然这些措施的执行也是该制度有效运作的重要方面。建立和完善我国的证券民事赔偿基金制度，对于我国资本市场的发展是一个很大的保障，投资者利益得到维护，对资本市场的信心自然会得到回转，那样投资者才会积极参与到证券市场的投资中，证券市场的运作才会越来越有效率。另外，证券投资者赔偿基金制度并不能解决投资者利益保护的所有问题，投资者权益的保障还要依靠投资者自我保护、行业自律以及政府监管体系的健全等其他制度的配合。本文只是从证券民事赔偿基金制度的建立与完善这个层面来论述如何保护投资者的利益，至于其它方面的制度也是值得探讨的。
[Abstract]:Since the reform and opening up, China's securities market has been greatly developed, to a great extent, stimulated the development of China's socialist market economy, related economic laws and regulations are gradually improving and perfected, the capital market is gradually prosperous. But there are still many drawbacks in the protection of the interests of investors, China has been investing. The relevant system of investor protection emphasizes administrative responsibility and criminal responsibility, but neglects civil liability, which makes it difficult for investors to get effective compensation after their investment interests are damaged, and some investors do not know their interests are damaged, let alone claim, even if they know their investment interests are damaged, the process of claim is also very difficult. It is a long time and the cost of safeguarding rights is quite high. Under such circumstances, some investors even give up their rights and interests directly. As a result, their investment confidence is greatly damaged. Degree.
With the continuous development of global economic integration, that is, securities trading internationalization, securities issuance internationalization, securities system internationalization, securities market internationalization and capital internationalization, a country in the capital market can no longer be self-confident, blindly closed, we must pay attention to all developments in the international capital market. Securities laws and regulations at home and abroad mostly prescribe the civil compensation fund system for securities transactions as an important system. In western countries, what frightens lawbreakers is civil compensation rather than administrative fines and criminal liability. Civil liability is a kind of low-cost monitoring measure, and only those who break the law without the ability to pay are given imprisonment and other punishments. Under the condition of financial market integration, the international coordination of investor protection has important reference significance, so the establishment of this system is multi-functional and long-term. Of course, the establishment and improvement of this system is not achieved overnight, but a systematic project, which needs the cooperation and joint efforts of all aspects.
In this paper, the establishment and improvement of the securities civil compensation fund system, focusing on how the fund system to operate, therefore, the object of compensation, the review of compensation and compensation procedures to build a specific discussion, put forward relevant suggestions and solutions; and then from the level of law and economics of specific analysis By analyzing the economic attributes of the securities civil compensation fund system, we can have a deep understanding of the characteristics of the securities civil compensation fund system from the perspective of law and economics; the article recognizes that the key to the perfection of the fund system lies in the implementation of the fund system, and puts forward some relevant suggestions for safeguards. The establishment and improvement of China's securities civil compensation fund system is a great safeguard for the development of China's capital market, the interests of investors are safeguarded, and confidence in the capital market will naturally be reversed, so that investors will be able to. In addition, the securities investor compensation fund system can not solve all the problems of investor protection. The protection of investors'rights and interests also depends on the self-protection of investors, industry self-discipline and the perfection of government supervision system and other systems. This article only discusses how to protect the interests of investors from the establishment and improvement of the securities civil compensation fund system, as well as other aspects of the system is worth exploring.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287;D923

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