“非法吸收公众存款罪”的证券法规制研究

On the Illegal Absorption of Public-savings: Thinking from Securities Regulation

《刑法》第176条规定了"非法吸收公众存款罪",对盛行于我国经济生活中的以"非法吸收公众存款或变相吸收公众存款"为典型代表的民间非正规金融活动采取了刑事立法政策,但其效果并不彰显。研究表明,所谓的"非法吸收公众存款"往往是一种资本市场创新行为,暗合了以美国为代表的资本市场发达国家或地区证券法所认定的"投资合同"性质。因此,应该扩大我国《证券法》的证券定义,将"非法吸收公众存款"界定为"投资合同",纳入到《证券法》规制的范围。在现阶段,可行的办法是明文规定"国务院认定其他证券"的标准,以行政力量推动市场创新;对于真正的"非法"吸收公众存款行为,亦应以民事责任优先于刑事责任为原则,加强对公众投资者的保护。

The article 176 of Criminal Law of P.R.C.( Amendment VIII) regulates the crime of the illegal absorption of public-savings,but the high-pressure attacks always produce an undesired performance. This paper argues that we shall take the so-called illegal absorption of public-savings as a new kind of securities which meets the 'investment contract'features and hence put it into the scope of regulation of Securities Law of the P.R. C.( revised in 2014). At current stage,the practical approach is to expressly provide the standard for'other securities approved by the State Council'and use administrative power to promote market innovation.We shall strengthen civil liability for the protection of public investors to regulate the illegal absorption of public-savings.