证券先期赔付：法理辨析与制度构建 (Advance Compensation for Securities Market Misconduct: Jurisprudential Analysis and Legal Construction)
2019 (8) 法学(Law Science) 368-380
13 Pages Posted: 28 Oct 2019 Last revised: 23 Mar 2020
Date Written: October 18, 2019
Chinese Abstract: 证券先期赔付是我国实践中的创新机制，已有万福生科等三起案件适用，总体效果良好，有效促进了民事责任优先原则的实现。《证券法》修订稿草案正式确认了先期赔付制度，为其适用提供了法律依据，但相关条文过于笼统，尚需细化和完善。从法理基础上看，先期赔付是私法主体行为与公法权威共同作用的结果，在私法层面上将先期赔付人的侵权之债转化为合同之债，而在公法层面上契合于行政和解。在制度的构建和完善上，鉴于我国目前的国情，先期赔付的适用范围可以暂时限定在虚假陈述领域，待以后不断积累经验和时机成熟后再逐渐拓展；应当以自愿作为先期赔付的基础，将对先期赔付人的从轻减轻处罚作为激励机制，并通过对相关时间节点的规定形成制约机制；先期赔付应当以全额赔付为原则，只有在能够事先确定各方责任份额的情况下才可以按份先期赔付；公益性投资者保护机构在先期赔付中应当加强统筹协调，以保障先期赔付的公开、公平和公正。
English Abstract: Advance compensation for securities market misconduct is an innovative mechanism China develops in practice, and has been applied in three cases such as the case of Wanfu Biotech, whose effect is generally good and helps realize the goal of prioritizing civil liability against securities market misconduct. The draft amendment bill of the Securities Law has tried to recognize the mechanism, providing a legal basis for its application, but relevant provisions are couched in overly broad terms and need further details. From the jurisprudence perspective, the mechanism is the result of private law action, which turns the tortious liability into contractual liability for the perpetrator, and public authority, which bears close resemblance to administrative settlement. In light of the current conditions in China, its application may be currently limited to securities misstatement cases, and gradually expands to other types of cases in future. It should be based on consensual agreement with the possibility of leniency in penalization as incentives and the control of relevant points of time as constraints. The advance payment should usually be full, and only when it is possible to divide liability amongst relevant perpetrators can the payment be proportional. Public interest investor protection agencies should improve their coordination to ensure the transparency, fairness and equity of the process.
Note: Downloadable document is in Chinese.
Keywords: 证券先期赔付； 民事责任优先； 行政和解；刑事认罪认罚从宽；投资者保护; Advance Compensation for Securities Market Misconduct; Prioritization of Civil Liability; Administrative Settlement; Leniency for Criminal Confession; Investor Protection
JEL Classification: K22; K42
Suggested Citation: Suggested Citation