司法改革与股市发展——中国股市能够无“法”而治吗?

Judicial Reform and the Development of Stock Market:May Chinese Stock Market Function Well in A Weak Legal Environment?

好的股市促进创新、创业和经济发展;对于中国经济转型升级,好的股市尤其重要。好的股市离不开充分保护投资者权益的法律系统(立法、执法、司法)。中国股市在司法缺失的情况下,借助强有力的行政治理,取得惊人发展,但这种模式在股市发展到一定规模和阶段后不可持续,司法上位是建立好的股市的必然要求。近年来,中国股市司法制度建设取得显著进展,但仍有司法地方化等不少问题需要改进,司法的独立性和有效性有待加强。设立独立于行政区划的专门的证券法院可能是一个重要的改革方向。

A well-functioning stock market promotes innovation,the establishment of new enterprises and economic development. Particularly,it is of great importance for the economic transition in China. A stock market may not function well without a strong legal system of investor protection（ i. e.,legislation,law enforcement and judiciary）. Due to strong administration,Chinese stock market has developed rapidly under the weak legal regime. However,this pattern of development is unsustainable. It is necessary to strengthen the justice system,in order to establish the well-functioning stock market. In recent years,there has been significant progress in the construction of legal system for Chinese stock market,but problems（ e. g. localization of jurisdiction） still remain to be solved,and the independence and effectiveness of justice need to be enhanced. One of the important directions for legal system reform might be the establishment of securities court which is independent of any jurisdiction.