互联网时代证券权利结构的嬗变与反思

Evolution and Reflection of Right Structure of Dematerialized Securities

证券是权利物化的产物。迅速发展的互联网技术,解构了传统物权法下"证券所有权和证券权利"并存的二元权利结构。证券所有权消失了,证券权利的载体变成了电子数据。但是,现代物权法强调支配性的实物形态与价值形态并存,强调对财产的利用。证券账户的实名制度和簿记系统的公示效力,使投资者实际上对价值形态的电子数据具有支配地位,从而使电子数据具有"物"性。目的解释和类推解释下,实名制账户中的电子数据也具备物化权利的功能,继而重构了"证券财产权和证券权利"的二元权利结构模式。值得注意,物质形态和价值形态的异质性,导致证券实物形态时代的旧有规则不再具有适用空间,证券的概念、证券权利的归属和流转变动等规则面临着挑战。规范与实践之间的疏离,要求证券法作出理性回应。

Securities are the product of rights materialized.The Internet technology has deconstructed the dual rights structure under the traditional property law of＂stock ownership and securities rights＂.Securities ownership disappeared and the carrier of securities rights became electronic data.However,modern property law emphasizes that the physical form coexists with the value form,emphasizing the use of property.The effectiveness of the real-name system of securities accounts and the publicity of the book keeping system enables investors to have a dominant position on the electronic data of value patterns,so that the electronic data has the character of ＂material＂.The electronic data in real-name account also has the function of materialize rights,and then reconstruct the dual rights structure model of＂property rights and securities rights＂.It is worth noting that the old rules in the era of the physical form of securities no longer have applicable space.The alienation between norms and practices requires a rational response from securities law.