强化监管背景下的中国证券市场禁入制度研究：基于实证与比较的视角 (Debarring Orders in the Chinese Securities Market against the Background of Tightened Regulation: An Empirical and Comparative Perspective)

Abstract

Chinese Abstract: 与遏制证券违法行为的其他行政手段相比，市场禁入具有相当的严厉性。它剥夺自然人担任上市公司董事、监事、高级管理人员或从事证券业务的权利,其正当性基础是公众利益保护的需要。我国市场禁入法律制度历经二十年的发展渐趋完备，但仍存在法律性质界定不明、行为约束司法缺失、制度设计粗糙等严重问题。美国市场禁入制度历经嬗变,呈现出实施依据法定化、作出主体多元化、判定标准简约化的特征。就其性质而言，市场禁入并非传统的惩罚性手段，也非单纯的补偿性手段，而是二者兼有的中间形态。就程序选择而言，在美国，对于如何选择司法审判与行政审裁方式作出市场禁入并无明晰标准，而且，它们自身也都存在亟待革除的弊病。我国应借鉴美国的有益经验，在市场禁入性质界定，强化对行政权的司法约束，构架体系化的法律制度等方面继续向前推进。

English Abstract: In comparison to other administrative penalties against securities market misconduct, debarring orders are very severe. They deprive individuals of the right to serve as directors, supervisors, senior management of listed companies or the right to do securities businesses, on the grounds of protecting public interest. China’s regime for debarring orders has become relatively complete after the development for twenty years, but there are still problems, including the unclear legal status of debarring orders, the lack of judicial checking and the vagueness of the mechanism. The US experience has important features, such as sound legal basis, multiple entities with power to impose debarring orders and clear application criteria. In the US, debarring orders have a mixture of punitive and compensatory functions, and they can be imposed by either the judiciary or the regulator, which may sometime cause problems. China is advised to critically learn from the US experience to clarify the legal status of debarring orders, strengthen judicial review, improve the regime for debarring orders.

Note: Downloadable document is in Chinese.

Keywords: 证券市场禁入；任职禁入；业务禁入；行政处罚；证券监管; securities market debarring; disqualification orders; debarring orders on securities businesses; administrative penalty; securities regulation

JEL Classification: K22