证券投资者保护的社会化

The socialization of securities investor protection

从“监管主导”走向“社会保护”能够在规范之内给与证券投资者最高限度且最具实效性的权益保护。传统监管主导型保护痹症在金融危机反思中突显,致力于通过独立性机制设计加强保护的行为监管理念与我国“持股行权”的私法保护实践相结合提供了以专业化保护为进路的制度设计思考。基于此,鉴于商事精神兼容性以及监管保护模式的局限性,证券投资者的保护机制转变应是社会化进路的“私权”激励:即立意于确保保护目标“优位性”以及行为方式“能动性”机理,通过社会化、专业化与自觉性,以及司法保障的激励机制将其嵌入投资者保护制度设计之中,在减轻对公权监管保护路径依赖的同时,激活通过专业化与示范效应推进的社会保护权能,客观上达到一种“保护促进监管”的良性循环。

The change from“regulatory protection”to“social protection”of securities investor protection mode can give securities investors the maximum and most effective protection within the norms.The disadvantage of traditional supervision-oriented protection is highlighted in the reflection of financial crisis.The combination of the concept of“conduct regulation”devoted to strengthening the protection through independent mechanism and the practice of private law protection of“shareholding exercise”in China provides a systematic reflection on the way of professional protection.Therefore,based on the compatibility of commercial spirit and the limitation of regulatory protection mode,the transformation of protection mechanism of securities investors should be the“private right”incentive of“socialization”approach.That is,learning from the advantages of conduct regulation in ensuring the“priority”of protection objectives and the“initiative”mechanism of behavior mode,and embedding them into the design of investor protection system by means of the incentive mechanism of socialization,specialization,self-awareness and judicial protection.As a result,while alleviating the dependence on the path of public power regulation,it can activate the social protection power promoted by the specialization and demonstration effect,and objectively achieve a virtuous circle of“protection promoting supervision”.