论证券市场先行赔付制度的完善

On the improvement of the advance compensation system in securities market

先行赔付制度旨在保护因上市公司虚假陈述、欺诈发行等违法行为而受损的投资者获得更为及时、充分的损害赔偿。先行赔付的实质是一种诉讼外和解,以自愿为基本原则,注重对作为证券市场中的弱者的投资者进行倾斜性保护。《证券法》第93条规定的先行赔付制度仍需通过进一步的规则细化来保障实施,其中对于先行赔付的主体范围不宜严格限制,在赔付方案制定的过程中,应当充分尊重和保障受损投资者参与协商的权利。在赔付完成之后,还需保障先行赔付主体追偿权的行使。通过探究先行赔付规则的完善进路,有助于先行赔付制度更好地落地实施。

The advance compensation system aims to protect investors who are damaged by illegal acts such as false statements and fraudulent issuance of listed companies to obtain more timely and adequate compensation for damages.The essence of the advance compensation is an out-of-litigation settlement, based on the basic principle of voluntariness, focusing on the preferential protection of investors who are weak in the securities market.The advance compensation system stipulated in Article 93 of the new Securities Law still needs to be further refined to ensure its implementation.The scope of the subject of compensation should not be strictly restricted.In the process of formulating the compensation plan, the right of the injured investor to participate in negotiation should be fully respected and protected.After the advance compensation is completed, the subject of compensation should be protected to exercise the right of recourse.Through the exploration of the way to improve the advance compensation rules, it is helpful for the advance compensation system to be better implemented.