试论证券投资者民事诉讼救济模式择优选择

On Merit Selection of Civil Relief Modes for Securities Investors

现行法律对市场投资者权益的保护依然停留在国家公法监管层面。从市场准入、市场监管到事后处罚,主要是依靠证券监督管理机关的行政手段。当市场投资者合法权益遭受侵权行为损害时,侵权者所承担的多是行政责任和刑事责任。这种公法意义上的责任承担方式貌似严苛,但却很难使投资者所遭受的实际损害得到有效弥补。证券监督管理机关所作出的行政处罚以及司法机关所作出的刑事处罚,使社会公共利益在一定程度上得以保全,但却导致投资者的民事权益被实质上排斥在法律救济之外。随着证券市场的不断发展、证券法制私法化倾向的日渐凸显,对投资者的民事权益予以全面保护的呼声愈发强烈。而若实现投资者民事权益的应有保护,证券集团诉讼应是证券民事赔偿救济的最优模式。

In current law,protection on the legislative rights and interests of market investors stays in the national public law regulatory level. From market access, market supervision to subsequent punishment,protections are more replied on administrative means and methods. With respect to infringement upon the legislative rights and interests of the market investors by securities market torts,the tortfeasor usually assumes administrative liabilities. Such liabilities in the field of public law appear to be severe,but they do not help much as far as the actual damages of investors are concerned. Administrative penalties imposed by securities regulatory authorities or criminal judgments awarded by the courts aim to protect social public interests,whereas the civil rights and interests of investors have been excluded from legal remedies. With the development of securities market, the obvious tendency of privatization of securities law,comprehensive protection for the investors to the civil rights and interests of voice is increasingly strong. To effective protection of the investors＇ civil rights and interests,securities group litigation should be the optimal mode of securities civil compensation relief.