对我国上市公司股份减持法律制度的检讨与反思

On the self-criticism and reflection of Chinese legal system about stock selling of listed companies

上市公司股份减持的失范对2015年的股灾起到了强大的推手效应。同时,它也折射出了我国证券立法在理念、价值保护、体系构成上所存在的原则性缺陷问题。作为检讨与反思的结果,未来的证券法律制度创新必须围绕以下几点进行再造与改良:立法理念从致用向致用与致知的并重、法律责任从行政向严格民事责任的转变、少数人利益保护向中小投资者利益保护的转换。只有立于市场的做市性及金融消费者权益的守护,我国证券法律制度才可能产生脱胎换骨的改变。

Runaway stock selling of listed companies plays a very important part in this stock disaster in 2015.Meanwhile, it exposes the defects in legislative idea, value protection, and formation of system existing in Chinesesecurity law. As a result of self-criticism and reflection, the present essay proposes that future innovation of the legalsystem in the security market should center on such aspects as establishment of rationalism, strictness of civil liability,and emphasis of protection of small and medium investors. Only on the basis of market of buyer’ decision andprotection of financial consumer, can Chinese security law be substantially changed.