“托管造林”法律关系研究及展开——兼论美国最高法院1946年霍伊案

On Legal Nexus About "Tuoguan Zaolin" and Its Extending——Concurrent Analyzing Howey Case of Federal Supreme Court of USA in 1946

2009年4月审结的"万里大造林"案,作为"托管造林"法律事件中典型的违法案件,引发了人们对"托管造林"法律属性的普遍关注和激烈探讨。"托管造林"之法律关系究竟应如何理解,是民间集资法律关系,还是信托法律关系,抑或证券投资法律关系?经济活动作为人类社会发展进程中重要的事件和推动力,其发生往往有着相似性和可比较、借鉴之处。通过对"万里大造林"案与美国1946年"霍伊"案的比较,提出应当有条件地借鉴美国证券法上"投资合同"法律概念来解释"托管造林"法律关系,阐明民间集资活动的法律性质,保护公众投资者,合理解决现今民间集资活动法律监管所面临的问题。

With the ending of ＂Wanli Da Zaolin＂ Case in April 2009 which is a typical illegal event to the legal activities involving ＂Tuoguan Zaolin＂,it attracts many an attentions and leads to hot debates.How would we apprehend the properties of the legal nexus as to ＂Tuoguan Zaolin＂ which might be involved to pooling,trusting or investing activities？Considering the important role and great impetus of the economic activities,and whereas the similar and comparative features of historical development of the economy,the article suggests that the regulators should conditionally absorb the term of ＂investment contract＂ in Securities Act of the United States to construe the legal nexus about ＂Tuoguan Zaolin＂,further explain the properties of non-governmental pooling money and protect public interests,and reasonably resolve the problems stemmed from the activities related to non-governmental pooling money through comparatively analyzing the ＂Wanli Da Zaolin＂ Case and Howey Case.