【作者】 王禹；

【导师】 张辉；

【作者基本信息】 哈尔滨商业大学 ， 法律（法学）， 2023， 硕士

【摘要】 2019年12月新修订的《中华人民共和国证券法》正式通过,在其中增加了对投资者保护的章节,首先在立法上规定了先行赔付制度。实践中,普通投资者因为无法获得充分的信息和不具备相关专业素质,往往会因证券不法行为遭受侵害,如选择通过诉讼途径来解决证券纠纷,存在周期长、难以获得有效赔付的问题。因此,为确保证券市场得以平稳运行,对普通投资者的权益保护势在必行。先行赔付作为诉讼外的民事和解,是根据我国现今实践中的证券市场活动得出来的有益制度,在维护普通投资者利益的过程中发挥了显著作用。探究我国证券市场的发展历程,万福生科所先运行的赔付制度尚属首次,由其保荐人平安证券设立专项赔偿基金进行赔付,后面引起了诸多学者对这一领域的关注与探索。由于先行赔付制度的孕育实践在前,理论在后,再加之立法层面空白较大,实践当中操作困难较大。为此,文章首先从介绍域外对于投资者保护的有关机制入手,介绍其制度背景、内涵和性质,从理论意义和实践根基两部分对证券市场先行赔付制度作了全面分析。以国外的证券投资者保护制度为基础,对比提炼出对我国在此领域制度构建的有益经验。在探讨完我国证券市场先行赔付制度在主体规则、制度的实施细则以及赔偿权保障三部分存在的问题,并针对以上问题指出了区分合格投资者、明确赔付对象、扩大赔付资金来源、保证追偿权的落实等一系列措施,为先行赔付制度在证券市场投资者保护方面发挥重要作用。更多还原

【Abstract】 In December 2019,the newly revised "Securities Law of the People’s Republic of China"was officially adopted,adding a chapter on investor protection.Firstly,the system of advance compensation was legislated.In practice,ordinary investors often suffer from illegal securities acts because they cannot obtain sufficient information and do not possess relevant professional qualities.For example,resolving securities disputes through litigation has a long cycle and is difficult to obtain effective compensation.Therefore,in order to ensure the smooth operation of the securities market,it is imperative to protect the rights and interests of ordinary investors.As a civil settlement outside litigation,advance compensation is a beneficial system derived from the securities market activities in China’s current practice,and has played a significant role in safeguarding the interests of ordinary investors.To explore the development process of China’s securities market,the compensation system first operated by Wanfu Biotechnology is still the first time.Its sponsor,Ping An Securities,established a special compensation fund to compensate for the loss.Later,many scholars have paid attention to and explored this field.Due to the fact that the breeding practice of the advance compensation system is prior to the theory,and the large gap in the legislative level,it is difficult to operate in practice.To this end,the article starts with an introduction to the relevant mechanisms for investor protection outside the region,introducing its institutional background,connotation,and nature.It makes a comprehensive analysis of the advance compensation system in the securities market from both theoretical and practical aspects.Based on foreign securities investor protection systems,this paper compares and extracts useful experiences for China’s institutional construction in this field.After discussing the problems existing in the main rules,implementation rules,and protection of compensation rights of the advance compensation system in China’s securities market,this paper points out a series of measures to distinguish qualified investors,clarify compensation targets,expand the source of compensation funds,and ensure the implementation of the right of recourse,in order to play an important role in the protection of investors in the securities market.更多还原