对《证券法》先行赔付制度改良进路的解析

On the Improvement of Advance Compensation after the Amendment of Securities Law

新《中华人民共和国证券法》实施后,第九十三条面临的根本挑战和先行赔付的制度困境在于能否在实践中得到落实,即如何以构建激励机制为手段,令相关责任主体有足够的动力先行赔付受损投资者,确保制度可以持续发挥优势作用。为了使先行赔付制度真正“落地”,充分彰显投资者保护的制度优势,通过优化现有的概括性规则,合理平衡先行赔付主体、其他连带责任人和受损投资者之间的关系,保障赔付主体追偿权的实现,增强市场主体对制度实施效果的预期,可以产生积极的助推效果。同时立足长远,在第九十三条之外探索可以与之形成协同功能的正向与反向激励机制。

After the amendment of Securities Law,the fundamental challenge faced by Article 93 and the institutional dilemma of advance compensation lie in whether the system can be implemented in practice.That is,how to build an incentive mechanism to make relevant responsible subjects have enough motivation to compensate the harmed investors in advance,so as to ensure that the advance compensation system can continue to play a dominant role.In order to bring the advance compensation system into effect,fully display the system superiority of investor protection,to optimize the design of existing general rules,reasonably balance the relationship between compensation subject,other joint liable persons and impaired investors,safeguard the realization of the right of recourse against compensation subject,strengthen the market main body’s expectations of system implementation effect,can produce positive boosting effects.In the long term,we should explore the positive and negative incentive mechanism which can form synergetic function with Article 93.