先行赔付证券投资者的法律逻辑及其制度实现

The Legal Logic and Implementation of ‘Paying First to Securities Investors’

先行赔付证券投资者,与先行赔付消费者和劳动者等主体存在相似的法律逻辑。在证券法上构造先行赔付制度具有弱者保护、降低私权救济成本、提高效率和引导构建市场信用等正当性,同时也是证券市场风险防范市场化法治化的应有之义。在实现先行赔付的模式上,宜同时运用行政性基金保障模式和自律性管理模式。在制度的具体构造上应科学认定和划分基本损害赔偿关系中的内部责任,妥善平衡投资者保护与市场风险自负理念。

Paying first to securities investors shares the same legal basis as that of paying first to consumers and workers. Constructing anticipatory compensation system in securities law has the legitimacy of protecting the weak, reducing the cost of private rights relief, improving efficiency and guiding the construction of market credit. It is due to the marketization of securities market risk prevention. The system is advisable to use both the administrative fund and self-discipline management, and should scientifically identify and partition the internal responsibility of the basic damage compensation relationship to properly balance the concept of investor protection and market risk conceit.