摘要
金融科技给中小证券投资者权益带来挑战,其保护制度的相应调整成为当务之急。证券投资者权益保护的信任系统正在发生前所未有的变化,法律机制与技术机制的区隔、过度行政干预下的司法救济使中小证券投资者权益面临理论和实践的考验。中小证券投资者权益保护制度的重建,应从理论层面厘清制度构建与金融科技规则的融合。在理论上,鼓励创新使代理理论成为制度重建的理论基点,而信息公开使监管竞争理论具备成为理论基点的正当性。为此,证券投资者权益保护法律机制需从两个维度秉持不同原则:宏观维度采取去中心式监管竞争理念,微观维度实施促进创新的公司治理和采取与金融科技相融合的示范诉讼机制。
Fintech has brought challenges to minority investor rights.What kinds of regulatory strategies should be adopted have become a top priority.The trust system for the protection of the minority investor rights is undergoing unprecedented changes.The segmenting between legal mechanism and technical mechanism,and the dominant position of administrative power in the judicial relief make the legal system of the minority investor protection face the test of theory and practice.The reconstruction of the legal system of the minority investor protection should be based on the clarification of the integration of the system construction and the rules of FinTech from the theoretical level.At the theoretical level,encouraging innovation makes agency theory the theoretical basis of institutional reconstruction,and information democratization entails legal legitimacy for the theory of regulatory competition.As such,The legal mechanism for the minority investor protection needs to adhere to different principles from two dimensions:from the perspective of macro dimension,the decentralized regulatory competition should be adopted;from the perspective of micro dimension,it should promote the innovation of corporate governance and it should implemented the Model litigation mechanism integrated with Fintech.
作者
汪世虎
陈素华
WANG Shi-hu;CHEN Su-hua(Southwest University of Political Science and Law,Chongqing 401120,China)
出处
《西南政法大学学报》
2020年第3期117-128,共12页
Journal of Southwest University of Political Science and Law
基金
2019年重庆市研究生科研创新项目(CYB19120)
西南政法大学人工智能法律研究院2018年度科研创新项目(2018-RGZN-XS-BS-06)阶段性成果
西南政法大学人工智能法律研究教师研究创新项目资助。
关键词
金融科技
证券投资者保护
公司治理
竞争监管
信息披露
Fintech
the minority investor protection
corporate governance
regulatory competition
information disclosure