我国证券集体诉讼的制度创制与初步实践研究

2019年修订的《证券法》确立了具有中国特色的证券集体诉讼制度,首单司法案件“康美药业案”也顺利结案。比较而言,境外证券集团诉讼本质上属于私人执法,尽管它具有一定公共性并在公共执法和私人执法的平衡调整过程中不断优化完善。而我国则在制度构建理念上,注重统筹发挥公和私的力量、主要以公的力量推动私利实现,有机混合了公共执法与私人执法,同时注重借鉴境外证券集团诉讼实践优点并发挥我国资本市场独特优势,呈现出混合式中国特色证券集体诉讼内涵及其特征。从“康美药业案”的执法实践来看,在执行定位、选案标准、案件重大疑难复杂问题处理等过程中,都充分体现了公共性特征,通过公共执法的私人化充分保护了投资者合法权益,避免了境外证券集团诉讼滥诉、律师费用暴增等弊端,体现了中国方案的优势。

The 2019 revision of the Securities Law established the securities class action institution with distinct Chinese characteristics,as demonstrated by the groundbreaking judicial case of the‘Kangmei Pharmaceutical’Case in 2021.From the perspective of comparative law,securities class actions in the U.S.and other common law countries,despite having some public aspects,are fundamentally rooted in private enforcement.In contrast,China dedicates itself to optimizing both public and private forces,facilitating the pursuit of private interests through public means.Drawing on the practices of securities class action in Western countries as well as the national conditions of China,such as a special political system,mixed economic structure,and unique judicial institutions,China has ultimately established a hybrid mode of securities class action with Chinese characteristics.The groundbreaking court judgment of the‘Kangmei Pharmaceutical’Case in 2021 exemplifies the public nature of Chinese securities class action through aspects such as regulatory enforcement orientation,case selection criteria,and the administration of the course of judicial procedures.The‘Chinese Solution’of securities class action provides more effective protection for investors while circumventing the major drawbacks of the‘Western style’securities class actions,such as frivolous litigation and soaring attorney fees.