我国证券投资者保护基金法律问题研究
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摘要
我国证券投资者保护基金是证券投资者保护体系的重要组成部分。它重在事后补偿,但不乏事前防范性。从赔付机制和资金的运作的角度看,它兼备券商保险性和信托财产性。我国证券投资者保护基金的基本宗旨是树立投资者信心,维护证券市场稳定大局。它基本功能在于基金的筹集、管理和使用,由此才能保障其他具体功能如赔付功能、风险监控与处置的实现。未来保护基金还应具备维权代理功能和教育功能。
保护基金资金来源是最基本的问题。解决本源问题,目前我国保护基金制度还缺乏统一、细化的缴费标准体系,建议利用经营管理、风险控制、资产负债状况等指标进行综合评估,确定不同证券公司的风险级别,由此形成有管科学的浮动会率征收体系。就保护基金规模而言,其上下限应该随着市场状况的变化进行适当调节。目前亟需改善保护基金资金来源的比例结构,具体包括降低央行再贷款和认购发行冻结资金利息所占的比重,提高会费和投资管理获益的比例。最后,我国保护基金还可向券商之外的潜在侵害主体收取费用,向央行专项再贷款等渠道扩大资金供给。
我国保护基金赔偿制度具有“过渡性”,缺乏系统性和可操作性。应当按层次进行赔偿,放宽保护基金的赔偿条件,明确赔偿对象,扩大赔偿所涉及的投资工具。关于完善赔偿限额,建议在认定非法投资不予以保护前提下,以个人中小投资者平均投资额度为限,划定全额赔偿和比例赔偿的界限。在赔偿程序方面,应该尽量减少行政主体过多的参与,增强赔偿机构的独立性、专业性、稳定性,赋予保护基金在赔偿过程中的更多实权。同时增强赔偿程序的透明度,加强对赔偿程序的监督。对赔偿过程中的争议处理机制应主要规定协商和仲裁的方式。
我国证券投资者保护基金在外部监督和内部监管上具有行政性和计划性。应该改变多头监督格局,实行证监会一元化监督模式,同时强化证券市场自律组织监管。更重要的是,构建与保护基金性质和功能相匹配的公司组织体系和决策体系。
Securities investor protection fund, an important part in the investors’protection system, is a securities investor transaction protection system in essence. It emphasizes on the compensation after the event and gives the attention to the prevention beforehand at the same time. It has the characteristics of securities dealers’insurance system and can be regarded as trust properties as well. The basic purposes of Chinese securities investor protection fund are to ensure investors’confidences and maintain the certainty of securities market. The basic functions of it are rising and managing funds and which ensure the compensation system and handle the risk supervision. Besides, securities investor protection fund of China should carry out the functions as protecting the lawful interests of investors and educating investors in the future.
The source of the fund is a fundamental issue. Nowadays, in China, the protection fund system is short of a united and delicate paying standard. It is suggested that sensible management, risk control, the situation of debts and the ability to gaining profit should be synthetically considered according the different risk levels of different companies. As to the scale of it, the upper and lower limits should be adjusted according to the change of market environment. A reform in the proportion structure of its source is badly needed at present, which include reducing the proportion of relocation from People's Bank of China and the interests of the capital frozen when the stock is launched and increasing the membership dues and the proportion investment incomes. Finally, it is ought to charge from other potential infringement subject and get loan from People's Bank of China.
The system of securities investor protection fund in China is transitional, which is less systematic and operatic. It is suggested to compensate according to the gradation, to relax the compensation requirement, to make the subject clear and to expand the invest instrument concerning the compensation. As to the consummate of the compensation limit, it is advised that to establish such system: in the premise of no protection of illegal invest, make the invest rate of secondary and small investors as the limit;Within the limit, all damage is to be compensated, while beyond the limit, proportion compensation is permitted. As to the procession of compensation, the participation of government should be limited to make the system more independent, professional and stable, in which way, more real power is offered to the protection fund. Meanwhile, increase the transparence of such process and strength the supervision. It is the best way to deal the compensation conflict by discussion and arbitration.
In China, Securities investor protection fund has characteristic of administration and arrangement in the aspects of the fund external supervision and the company internal supervision. The Securities Regulatory Commission should be the only supervisor, at the same time, the supervision from market self-discipline organization should be strengthened. In this period, administration pay is still the most important path. Company function should be partly used. In the future, market function is the final form. In the end, the structure of the protection fund company should match to the function.
保护基金资金来源是最基本的问题。解决本源问题,目前我国保护基金制度还缺乏统一、细化的缴费标准体系,建议利用经营管理、风险控制、资产负债状况等指标进行综合评估,确定不同证券公司的风险级别,由此形成有管科学的浮动会率征收体系。就保护基金规模而言,其上下限应该随着市场状况的变化进行适当调节。目前亟需改善保护基金资金来源的比例结构,具体包括降低央行再贷款和认购发行冻结资金利息所占的比重,提高会费和投资管理获益的比例。最后,我国保护基金还可向券商之外的潜在侵害主体收取费用,向央行专项再贷款等渠道扩大资金供给。
我国保护基金赔偿制度具有“过渡性”,缺乏系统性和可操作性。应当按层次进行赔偿,放宽保护基金的赔偿条件,明确赔偿对象,扩大赔偿所涉及的投资工具。关于完善赔偿限额,建议在认定非法投资不予以保护前提下,以个人中小投资者平均投资额度为限,划定全额赔偿和比例赔偿的界限。在赔偿程序方面,应该尽量减少行政主体过多的参与,增强赔偿机构的独立性、专业性、稳定性,赋予保护基金在赔偿过程中的更多实权。同时增强赔偿程序的透明度,加强对赔偿程序的监督。对赔偿过程中的争议处理机制应主要规定协商和仲裁的方式。
我国证券投资者保护基金在外部监督和内部监管上具有行政性和计划性。应该改变多头监督格局,实行证监会一元化监督模式,同时强化证券市场自律组织监管。更重要的是,构建与保护基金性质和功能相匹配的公司组织体系和决策体系。
Securities investor protection fund, an important part in the investors’protection system, is a securities investor transaction protection system in essence. It emphasizes on the compensation after the event and gives the attention to the prevention beforehand at the same time. It has the characteristics of securities dealers’insurance system and can be regarded as trust properties as well. The basic purposes of Chinese securities investor protection fund are to ensure investors’confidences and maintain the certainty of securities market. The basic functions of it are rising and managing funds and which ensure the compensation system and handle the risk supervision. Besides, securities investor protection fund of China should carry out the functions as protecting the lawful interests of investors and educating investors in the future.
The source of the fund is a fundamental issue. Nowadays, in China, the protection fund system is short of a united and delicate paying standard. It is suggested that sensible management, risk control, the situation of debts and the ability to gaining profit should be synthetically considered according the different risk levels of different companies. As to the scale of it, the upper and lower limits should be adjusted according to the change of market environment. A reform in the proportion structure of its source is badly needed at present, which include reducing the proportion of relocation from People's Bank of China and the interests of the capital frozen when the stock is launched and increasing the membership dues and the proportion investment incomes. Finally, it is ought to charge from other potential infringement subject and get loan from People's Bank of China.
The system of securities investor protection fund in China is transitional, which is less systematic and operatic. It is suggested to compensate according to the gradation, to relax the compensation requirement, to make the subject clear and to expand the invest instrument concerning the compensation. As to the consummate of the compensation limit, it is advised that to establish such system: in the premise of no protection of illegal invest, make the invest rate of secondary and small investors as the limit;Within the limit, all damage is to be compensated, while beyond the limit, proportion compensation is permitted. As to the procession of compensation, the participation of government should be limited to make the system more independent, professional and stable, in which way, more real power is offered to the protection fund. Meanwhile, increase the transparence of such process and strength the supervision. It is the best way to deal the compensation conflict by discussion and arbitration.
In China, Securities investor protection fund has characteristic of administration and arrangement in the aspects of the fund external supervision and the company internal supervision. The Securities Regulatory Commission should be the only supervisor, at the same time, the supervision from market self-discipline organization should be strengthened. In this period, administration pay is still the most important path. Company function should be partly used. In the future, market function is the final form. In the end, the structure of the protection fund company should match to the function.
引文
[1] 周杰来.试论证券投资者权益保护法律制度.湖南公安高等专科学校学报, 2003(2):30-34
[2] 李国旺.我国证券公司退出机制研究.上证联合研究计划第 10 期课题.
[3] 夏兴国.证券市场中小投资者保护研究评述.财经政法资讯,2005(2):55-56
[4] 国泰君安伍永刚,梁静,许立军.我国证券公司退出机制研究.深圳交易所第五届会员单位.基金公司研究成果.
[5] 卢国聪.证券投资者保护基金法律问题研究:[西南政法大学硕士论文]:中国期刊网.2006,32
[6] SEC V. Packer, Wilbur &Co.498 F.2d 978,984,985(2d cir.1974).
[7] 汪毅慧,廖理,邓小铁.不对称信息、交易成本与投资者保护:内地(中国大陆)和香港的比较研究.金融研究,2003(10):62
[8] Miller .G. . Deposit Insurance for Economics in Transition, 1997 yearbook of International Financial and Economic Law: 1999:103- 138
[9] 巍振瀛主编.民法.北京:北京大学出版社,2000,542
[10] 黄丹.行为金融学与基金投资策略分析.长江证券研究所,2004,41
[11] 徐妍,林捷.证券投资基金投资行为对市场影响研究.申银万国证券有限公司,2003,78
[12] 鲁篱,梁远航.论对投资者的诉讼保护.西南民族大学学报,2005(5):28
[13] Financial Service Compensation Scheme Draft Rules, Consultation Paper 2000,58 ,the FSA Compensation paper , 10
[14] 丁鹏.证券市场的投资者保护研究—理论与实践.理论月刊,2003(11):39-40
[15] 拉菲.拉波塔,弗洛伦西奥 ,安德烈.施莱弗等.投资者保护与公司治理.丁开杰译.载经济社会体制比较,2001(6):47
[16] 彭虹.保险法.广州:中山大学出版社,2003,22-23
[17] Securities Investor Protection Act of 1970 15 U.S.C §78aaa-111, as amended through December 4, 1987
[18] 志勇.证券民事侵权诉讼前置程序研究.长沙电力学院学报,2003(3):30
[19] 唐波.应建立证券投资者保护教育基金.证券天地,2004(2):52
[20] Financial Services in the United Kingdom: a New Framework for Investor Protection . Paperback 1985 ,Cmnd: 9432
[21] Guido Ferrarini and Eddy Wymeersch .Investor Protection in Europe: RegulatoryCompetition and Harmonization . Hardcover, 2006(7):31
[22] Sri Ram Khanna. Financial Markets in India and Protection of Investors , ISBN: 8177080768,2000-07-12
[23] 欧阳瑞.从台湾实践看中国大陆证券市场中小投资者保护.特区经济,2005-8-25
[24] 河本一郎,大武泰南著. 证券交易法概论.侯水平译:北京,2001,234
[25] Canadian investor protection fund financial statement 2001—2004
[26] 陈红.证券投资者保护基金:海外立法经验及中国内地制度设计.中国证券期货,2006(3):101-102
[27] 赵海阔,李继超.美国证券投资者保护制度发展及其对我国的借鉴.湖北经济学院学报, 2005(6):12
[28] 桂衍民.2007 年打新资金贡献近 24 亿保护基金.http://xg.stock.cnfol.com/ 070928/148,1310,3389659,00.shtml ,2007-09-28
[29] 香港证券投资者赔偿基金成立 18 个月回顾.香港证券.2004-9-10
[30] 刘晓,孙军,赵宁.借鉴美国经验切实保护投资者.投资与合作,2000(1):73-74
[31] 盛学军主编.欧盟证券法研究.北京:法律出版社,2005,231
[32] 傅浩.证券投资者赔偿制度国际比较研究.证券市场导报,2002(1)
[33] 刘洁.海外投资者保护基金制度及借鉴.证券导报,2005-8-10
[34] 马君.从美国实践看我国证券投资者保护基金.集团经济研究,2006(3),233
[35]Annual report 2001—2005, SIPC
[36] Canadian investor protection fund financial statement 2001—2004
[37]U . S . General Accounting Office.Securities Investor Protection: Following –Up on Gao Recommendation Concerning the SIPC. Washington, D.C. 2004,9
[38] 孔 华 , 杨 欣 . 个 人 债 权 及 客 户 证 券 交 易 结 算 资 金 收 购 意 见 前 日 出 台 . http://news.sina.com.cn/o/2004-11-06/09434159244s.shtml,2004-11-6
[39] Annual report of the financial services compensation scheme 2001-2005
[40] 吴秋实,陈锐.从投资者保护角度看我国金融结构与金融监管.武汉金融, 2004(7):103
[41] 胡敬艳.证券投资者保护基金:不能承受央行再贷款之重. 21 世纪经济报道, 2005-11-3
[42] 罗培新.解读证券投资者保护基金公司.南方周末,2005-9-15
[43] 何孝星,朱奇峰.中国证券业重组模式及发展趋势.金融研究,1999(8):69
[44] 张钰新.法律、投资者保护和金融体系的新发展.经济评论,2004(3):117
[2] 李国旺.我国证券公司退出机制研究.上证联合研究计划第 10 期课题.
[3] 夏兴国.证券市场中小投资者保护研究评述.财经政法资讯,2005(2):55-56
[4] 国泰君安伍永刚,梁静,许立军.我国证券公司退出机制研究.深圳交易所第五届会员单位.基金公司研究成果.
[5] 卢国聪.证券投资者保护基金法律问题研究:[西南政法大学硕士论文]:中国期刊网.2006,32
[6] SEC V. Packer, Wilbur &Co.498 F.2d 978,984,985(2d cir.1974).
[7] 汪毅慧,廖理,邓小铁.不对称信息、交易成本与投资者保护:内地(中国大陆)和香港的比较研究.金融研究,2003(10):62
[8] Miller .G. . Deposit Insurance for Economics in Transition, 1997 yearbook of International Financial and Economic Law: 1999:103- 138
[9] 巍振瀛主编.民法.北京:北京大学出版社,2000,542
[10] 黄丹.行为金融学与基金投资策略分析.长江证券研究所,2004,41
[11] 徐妍,林捷.证券投资基金投资行为对市场影响研究.申银万国证券有限公司,2003,78
[12] 鲁篱,梁远航.论对投资者的诉讼保护.西南民族大学学报,2005(5):28
[13] Financial Service Compensation Scheme Draft Rules, Consultation Paper 2000,58 ,the FSA Compensation paper , 10
[14] 丁鹏.证券市场的投资者保护研究—理论与实践.理论月刊,2003(11):39-40
[15] 拉菲.拉波塔,弗洛伦西奥 ,安德烈.施莱弗等.投资者保护与公司治理.丁开杰译.载经济社会体制比较,2001(6):47
[16] 彭虹.保险法.广州:中山大学出版社,2003,22-23
[17] Securities Investor Protection Act of 1970 15 U.S.C §78aaa-111, as amended through December 4, 1987
[18] 志勇.证券民事侵权诉讼前置程序研究.长沙电力学院学报,2003(3):30
[19] 唐波.应建立证券投资者保护教育基金.证券天地,2004(2):52
[20] Financial Services in the United Kingdom: a New Framework for Investor Protection . Paperback 1985 ,Cmnd: 9432
[21] Guido Ferrarini and Eddy Wymeersch .Investor Protection in Europe: RegulatoryCompetition and Harmonization . Hardcover, 2006(7):31
[22] Sri Ram Khanna. Financial Markets in India and Protection of Investors , ISBN: 8177080768,2000-07-12
[23] 欧阳瑞.从台湾实践看中国大陆证券市场中小投资者保护.特区经济,2005-8-25
[24] 河本一郎,大武泰南著. 证券交易法概论.侯水平译:北京,2001,234
[25] Canadian investor protection fund financial statement 2001—2004
[26] 陈红.证券投资者保护基金:海外立法经验及中国内地制度设计.中国证券期货,2006(3):101-102
[27] 赵海阔,李继超.美国证券投资者保护制度发展及其对我国的借鉴.湖北经济学院学报, 2005(6):12
[28] 桂衍民.2007 年打新资金贡献近 24 亿保护基金.http://xg.stock.cnfol.com/ 070928/148,1310,3389659,00.shtml ,2007-09-28
[29] 香港证券投资者赔偿基金成立 18 个月回顾.香港证券.2004-9-10
[30] 刘晓,孙军,赵宁.借鉴美国经验切实保护投资者.投资与合作,2000(1):73-74
[31] 盛学军主编.欧盟证券法研究.北京:法律出版社,2005,231
[32] 傅浩.证券投资者赔偿制度国际比较研究.证券市场导报,2002(1)
[33] 刘洁.海外投资者保护基金制度及借鉴.证券导报,2005-8-10
[34] 马君.从美国实践看我国证券投资者保护基金.集团经济研究,2006(3),233
[35]Annual report 2001—2005, SIPC
[36] Canadian investor protection fund financial statement 2001—2004
[37]U . S . General Accounting Office.Securities Investor Protection: Following –Up on Gao Recommendation Concerning the SIPC. Washington, D.C. 2004,9
[38] 孔 华 , 杨 欣 . 个 人 债 权 及 客 户 证 券 交 易 结 算 资 金 收 购 意 见 前 日 出 台 . http://news.sina.com.cn/o/2004-11-06/09434159244s.shtml,2004-11-6
[39] Annual report of the financial services compensation scheme 2001-2005
[40] 吴秋实,陈锐.从投资者保护角度看我国金融结构与金融监管.武汉金融, 2004(7):103
[41] 胡敬艳.证券投资者保护基金:不能承受央行再贷款之重. 21 世纪经济报道, 2005-11-3
[42] 罗培新.解读证券投资者保护基金公司.南方周末,2005-9-15
[43] 何孝星,朱奇峰.中国证券业重组模式及发展趋势.金融研究,1999(8):69
[44] 张钰新.法律、投资者保护和金融体系的新发展.经济评论,2004(3):117