证券法民事责任制度之经济基础研究

Research on Economic Basis of Civil Liabilities Institution for Securities Law

帕累托最优构成了证券法民事责任制度的经济基础。证券法民事责任制度按帕累托最优的内涵由交换环节、生产环节和产品组合环节的民事责任构成。产品组合环节的民事责任是证券法民事责任的重点环节,这一从经济学得出的理论上的推论与我国证券市场实际存在的主要民事侵权行为表现在产品组合环节具有一致性。

The paper analyses the civil liabilities institution for securities law in economics methods and reveals that Pareto optimum constitutes its economic basis. According to the connotation of Pareto optimum, the civil liabilities for securities law are made up of those of the exchange segment, the production segment and the product-mix segment. Among the three, the civil liabilities of product-mix segment is a focus, and this theoretical deduction from economics has coincided with the main practice of the civil torts in the securities market in terms of the product-mix segment.