论我国证券欺诈赔偿责任机制的完善

The Improvement of the Securities Frauds Restitution Obligation Mechanism in China

在我国证券欺诈案中,个人投资者救济难题是投资者"代理人"责任规则不健全、证券欺诈救济机制不完善的结果。不当获利返还原则是内涵"矫正正义"的结构性原则,该原则将投资者收益权保障目标贯穿于投资者代理人过错考察和证券欺诈赔偿基金制度中。"公平基金"等证券投资者赔偿基金,是该原则的具体应用。在2008年美国金融危机前后,大量投资者通过公平基金获偿。这也为我国投资者救济难题的解决和证券欺诈赔偿责任机制的完善提供了新的分析思路。

The insufficiency of individual investor protection is the result of the deficiency of the deputy＇s obligation and the defects of the investor＇s relief mechanism. Unjust enrichment is a structural principle and enrolls the principle of corrective justice. The principle of unjust enrichment, introduce the objective of investors protection to the process which is of examining deputies fault and the process which is of establishing restitution funds. Fair funds are restitution funds, which ap- ply the principle of unjust enrichment. Fair funds play positive role for restituting public investors＇loss, especially the loss that occurred in 2008 financial crisis of United States. The success of Fair funds implies that, both of the principle of unjust enrichment and the mechanism of restitution can be introduced to China＇s Securities Law to protect individual investor.