证券黑灰产业链治理的模式转型及其路径展开

The Model Transformation of Securities Black and Gray Industry Chain Governance and Its Path Unfolding

当前我国证券领域违法犯罪呈现明显的分工组件化、内外勾连性、行为隐蔽性特征,传统的事后回应型黑灰产治理模式稍显力有不逮。证券黑灰产业链种类繁多,可以类型化为推广引流型、物料供应型、技术支持型和资金清洗型。司法实践中证券黑灰产业链的治理存在部分刑法罪名被束高阁、立法厉而司法不严、监管机构以罚代刑、执法模式过于单一的困境,体现出典型的新型工具主义路径依赖。相较于新型工具主义模式,多元复合治理模式有着法益优先性、格局平等性、策略先进性三个维度的超越,因此在立法和执法过程中治理模式应当向“多元复合治理”转型升级。在具体路径中,既要构建多元治理机制,又要落实复合治理手段,以应对链条化、复杂化的证券犯罪。

At present,illegal crimes in China's securities field show obvious characteristics of division of labor and componentization,internal and external collusion,and concealment of behavior,and the traditional post-event response black and gray industry governance model is slightly inadequate,and this industrial chain has a wide variety of types,which can be typed into promotion and drainage type,material supply type,technical support type and capital cleaning type.In judicial practice,the governance of the black and gray industry chain of securities has the dilemma of some criminal law crimes being shelved,legislation is strict but the judiciary is not strict,regulatory agencies substituting fines for sentences,and the law enforcement model is too single,reflecting a typical new type of instrumentalist path dependence.Compared with the new instrumentalism model,the pluralistic compound governance model has the advantages of three dimensions:priority of legal interests,equality of pattern and advancement of strategy.Therefore,the governance model should be transformed and upgraded in legislation and law enforcement.In the specific path,it is necessary to construct a multi-governance mechanism and implement a composite governance method to deal with chained and complicated securities crimes.