证券法上的民事责任功能研究

Study into the Functions of the Civil Responsibilities in the "Law of Stock"

我国证券市场在短短十几年的时间内 ,在募集资金、推动国有大中型企业改制、优化资源配置等方面发挥了不可替代的重要作用。但不容乐观的是伴随着证券市场的发展各种违法违规现象在不断发生。尽管我国对证券违法行为明令禁止 ,并对严重的违法行为加以行政处罚甚至刑事制裁 ,然而证券市场上的违法行为仍然禁而不止。究其原因 ,除了管理层对证券市场发展的总体政策摇摆不定 ,监管者对违法行为处理不力等因素外 ,证券法上未建立完善的民事责任制度是重要的原因。本文从证券法上的民事责任功能的探讨入手 ,阐述了证券法上的民事责任具有的功能是证券刑事责任、行政责任所不能替代的原因 ,进而论证了建立完善的证券民事责任的必要性。

In the past years the domestic stock market has played an important role in collecting funds, promoting the reform of state-owned enterprises and optimizing resource arrangement, etc.. However, with the development of the stock market, all sort of illegal phenomena have appeared. These phenomena cannot be stopped in spite of the administrative, even the criminal punishment. The reasons of it include: the uncertain general developing policies of the stock market from the management level, the ineffective punishment to the illegal behaviors, and above all, the non-perfected civil responsibilities in the 'Law of Stock'. By exploring the functions of the civil responsibilities in the 'Law of Stock', the author proves that it is the right cause of the stock criminal and the administrative responsibilities. Furthermore, the author elaborates the necessity of establishing perfect stock civil responsibility.