信义关系:金融服务者与金融消费者关系的另一视角

Fiduciary Relation: Another Angle of the Relation between Financial Suppliers and Financial Consumers

已有的法与金融理论研究虽然指出了英美法系较之于大陆法系有利于保护投资者,从而较好地促进了金融发展,但局限于以公司法和证券法为对象分析保护外部投资者和债权人,且缺乏学理分析。本文指出衡平法下信义义务是英美法优于民法促进金融发展的一个重要原因。为此,本文具有原创性地从两个方面进行了论述:一是金融服务者与金融消费者的关系以金融工具为交易基础形成委托代理关系,二是以科斯定理推论三论证了信义关系和信义义务是治理这一委托代理关系的最优制度安排。移植英美金融监管法律时,我们务必高度关注其背后的信义法,我国可以强制金融服务者对金融消费者负有法定信义义务。

The existed theory of law and finance has pointed out that Common-Law System rather than Civil-Law System is more conducive in protecting investors,which can better promote the development of finance,but the theory confines the object to Corporate Law and Securities Law to analyze the protection of outside investors and creditors,and lack of academic analysis.This paper indicates that fiduciary duties are the very point that the Common-Law rather than the Civil Law better further the development of finance.Therefore,this paper discusses originally from two aspects： first,financial suppliers and financial consumers form the principal-agent relationship based on financial instruments as transaction foundation.Second,it demonstrates fiduciary relationship and fiduciary duty is the best institutional arrangement to govern this principal-agent relationship by the third item of the Coase Theorem.When transplanting the financial supervision law of British and American,we should concern the fiduciary law behind it,and our country can force financial suppliers to assume legal fiduciary duties toward consumers.