创新激励、风险规避抑或公平分配?——中国证券法的一种建构性思考

Innovation-Encouraging , Risk-Avoiding or Equity-Distributing:A Constructive Analysis on Securities Law of China

中国证券法深受经济转型的影响,其政策目标多元而不均衡,前期立法重点在于规避金融风险,偏于保守,晚近的立法在鼓励创新方面有所进步,但仍显不足。证券法在发展过程中始终存在规避风险、创新激励与公平分配三种价值取向之间的协调问题,为解决这个立法中的隐性问题,立法应结合革新和渐变两种路径,充分认识新理念和新知识对证券法的建构性作用,通过增量式的制度变革,达到诸价值目标的平衡,使证券法复归其监管法的本来面目。

Securities Law of China has been greatly affected by the transitional economy.It has a multilateral yet unbalanced policy goals.The early law focused on the prevention of financial risks,while the later legislation made some progress in respect of encouraging innovation,though there were still some demerits.In the development of securities law,the issue of coordination of three value-orientations,i.e.risks avoiding,innovation encouraging and justice distributing,has been existing.To solve the embedded problem,legislation should adopt both the way of revolution and the way of evolution,which are the general ways for law reform.The constructive role that new idea and knowledge play in the securities law shall be recognized.An incremental institution reform will balance the value-orientations and make the securities law return to its original position as a regulatory scheme.