后金融危机时代中小投资者保护范式的转变——以欧洲投资者保护范式最新转变趋势为借鉴

Der Wandel des Schutzparadigmas kleiner und mittlerer Investoren in der sp?teren Zeit der Finanzkrise——Den neuesten Wandeltrend des Paradigmas vom Anlegerschutz in Europa als Referenz nehmen

传统的投资者保护理念认为,由信息不对称所导致的市场失灵是妨碍投资者做出恰当决策的根本原因。因此,保护投资者的首要途径便是通过信息披露来修正该等市场失灵。这一点,其实暗含了期待投资者通过信息的武装自立起来的理念,即"投资者自立"的保护范式。这一范式在欧盟和我国的资本市场法律制度中均得到了充分的体现。它的理论前提是经济学中的经济人假设,然而,匮乏的投资知识与经验、非理性的行为模式,都使现实中的投资者往往与经济人形象相去甚远。是以,以该范式来保护投资者似乎并不能达到制度设计预期的效果。就这一点,次贷危机和欧债危机相继向立法者和监管者提出了挑战。危机之后,欧盟监管者痛定思痛,在反思以往"投资者自立"保护范式不足的基础上渐渐表现出了向中介机构规制与产品规制的倾斜。而相较欧盟的迅速反应,面对同样层出不穷的投资者受到侵害的问题,我国监管理念尚停留在"投资者自立"的阶段。在当前金融消费爆炸式增长和金融产品日益复杂的双重挑战下,这一范式在投资者保护方面已显得有些力有不逮。有鉴于此,笔者在分析三大范式各自侧重和利弊的基础上,借鉴欧盟在危机后重塑投资者保护机制的路径选择,提出了以信息披露为基础、结合中介机构规制和具有创新意义的产品管理规制的优势,构造出一套三重保护机制,使投资者获得更加全方位也更有的放矢的保护。

The traditional investor protection idea perceives the market failure brought about by information asymmetry as the root cause for investors’suboptimal decision-making.Therefore,the primary method to protect investors would be correcting such market failure through information disclosure.This implies the rationale of empowering investors with sufficient information,i.e.,the"investor empowerment"paradigm.This paradigm,whose prerequisite constitutes the homo economicus assumption,has been fully reflected in the capital market regulation in EU and in China.Nevertheless,the lack of investment expertise and experience,as well as the irrational investment behavior of the investors in reality,show us an image of investors which deviates significantly from the homo economicus model.As such,it seems to be rather difficult to achieve the expected outcome by means of this paradigm.Accordingly,in practice,the subprime crisis and the Eurozone debt crisis had also both posed a challenge to the EU legislators and regulators.Upon the crises,the EU regulators have reflected on their current regime,and recognized the deficiency of the empowerment paradigm in protecting the investors.On this basis,they have been adjusting the protection paradigm ever since,shifting from the traditional approach of investor-facing disclosure to the more paternalistic paradigms of distribution and product regulation.In contrast to the swift reaction in Europe,the Chinese regulators still put their emphasis on the conventional disclosure approach,which gradually shows its incompetence in the face of the explosive growth of individual financial consumption and the ever-increasing complexity of the financial products.In light of these,the thesis canvasses the merits and limits of the three paradigms,and proposes a triple protection mechanism building upon the respective strengths of the conventional disclosure paradigm,the distribution approach as well as the innovative product governance model to afford more targeted and comprehensive protection for the investors.