中国特色证券集体诉讼的治理效果研究——基于全国首例证券纠纷普通代表人诉讼的案例研究

Governance Effectiveness of Securities Class Actions with Chinese Characteristics:A Case Study of the Nation's First Securities Representative Litigation

完善中小股东集体诉讼制度是保障投资者合法权益的重要途径,也是践行党的二十大“坚持以人民为中心的发展思想”的关键举措。鉴于新《证券法》实施后的全国首例证券纠纷普通代表人诉讼案件——飞乐音响案,分析中小股东集体诉讼对公司治理产生的影响和作用机制。研究表明,中小股东集体诉讼具有显著的司法震慑效应,这一效应通过加大司法惩罚力度和增加赔偿压力对企业形成威慑,从而促使企业改善其公司治理。对公司治理的改善作用体现在管理层在职消费降低、企业规章制度进一步完善、董事会独立性提高。机制研究表明,中小股东集体诉讼通过媒体声誉压力和中小股东的积极行权推动了公司治理结构的优化和提升。研究结论为完善中国特色现代资本市场中小股东保护体系建设,促进资本市场稳定健康发展提供建议和参考。

Improving the class action system of minority shareholders is an important way to protect the legitimate rights and interests of investors,and is also a key measure to practice the Party's 20th Congress of“adhering to the people-centered development thought”.Based on the first general representative litigation case of securities dispute in China after the implementation of the new“Securities Law”,this paper analyzes the influence and mechanism of minority shareholders'class action on corporate governance.The research shows that the class action of minority shareholders has a significant judicial deterrent effect,which deterrence enterprises by strengthening the intensity of judicial punishment and increasing the pressure of compensation,so as to urge enterprises to improve their corporate governance.The improvement of corporate governance is reflected in the reduction of management in-service consumption,the further improvement of corporate rules and regulations,and the increase of board independence.The mechanism study shows that the class action of minority shareholders promotes the optimization and promotion of corporate governance structure through the media reputation pressure and the active exercise of minority shareholders.The research conclusions provide suggestions and references for improving the construction of the protection system of minority shareholders in the modern capital market with Chinese characteristics and promoting the stable and healthy development of the capital market.