美国证券欺诈赔偿检诉制度对我国的启示

The Reference of the Prosecutorial Discretion on US Securities Frauds Restitution for China

美国的证券欺诈赔偿检诉制度是由检察官提起私诉的做法,这种私诉形式具有强化市场公开竞争、恢复公平交易秩序,促进社会财富实现最大化的价值。从法律经济学的角度看,检察官提起证券欺诈赔偿诉讼可以最大限度节省管理诉讼和弥补错误疏漏的成本,并且在社会收益和诉讼效率方面都有所提升,能够最大限度恢复交易秩序、促进社会财富的再分配。反观我国的证券欺诈赔偿民事诉讼,在诉讼成本控制、社会收益获取、诉讼效率提升以及法律供需均衡方面都有待提高。为此,借鉴美国的证券欺诈赔偿检诉制度,探索我国的检察机关提起证券欺诈公益诉讼,是解决证券欺诈赔偿纠纷的一条新路。

In the United States, the prosecutorial discretion of securities frauds restitution always filed a civil litigation by the prosecutor. This kind of prosecution has many values, such as strengthen market competition, restore fair trade order and promo- ting social wealth maximization. From the perspective of legal economics, prosecutors filed securities frauds restitution litigation could maximum save administrative litigation costs and the costs for make up the omission. At the same time, the social benefits and litigation efficiency are improved. Therefore, trading order is maximum recovery, also promote social wealth redistribution. In contrast, our country civil litigation of securities frauds restitution have to be improved, such as the litigation cost control, so- cial benefits, litigation efficiency and the law of supply and demand equilibrium. For this purpose, draw lessons from the US se- curities fraud restitution system, exploring our own proseeutorial discretion system on securities frauds restitution, this is the new way to resolve the compensation of securities fraud.