论我国证券纠纷多元化解决机制的完善

On Perfection of the Diversified Settlement Mechanism of Securities Disputes in China

当前我国证券纠纷以证券发行主体违背信息披露义务导致投资者直接利益受损为典型样态,发行人或上市公司违约操作给中小投资者形成损失的救济成为资本市场进一步健康发展亟待解决的问题.由于诉讼途径在证券纠纷解决中具有局限性,基于资本市场对稳定性的要求,非诉讼调解作为协商性、秘密性较强的纠纷解决方式,能够更低程度地减少对金融秩序的冲击,在证券纠纷中通常被认为更具可采性.对于专业性强的证券领域,多元化纠纷解决机制价值的发挥有赖于调解专业性的提升与调解力量的壮大,更有赖于调诉对接去实现非诉讼模式的权威性与强制执行效力.

At present,the typical presentation of securities disputes in China is the violation of information disclosure obligations by the securities issuer which harms the direct interests of investors.The relief of losses of small and medium investors caused by default operations of issuers or listed companies has become urgent for the further healthy development of the capital market.Due to the limitations of litigation in the settlement of securities disputes,and the demand of the capital market for stability,non-litigation mediation,for its negotiating and confidential character in settling disputes,can greatly reduce the damage of the disputes to the financial order,hence is considered more admissible.In professional securities field,the value of the diversified dispute settlement mechanism depends on the improvement of mediation expertise and the growth of mediation power,and it also depends on the docking of mediation to achieve the authority and enforcement effect of the non-litigation model.