关于《证券法》中民事责任的理性思考

Reflections on the Civil Duties in the Law of Negotiable Securities

从整体上看,我国证券市场的发展适应了社会主义市场经济自身发展的需要,成为市场经济中不可或缺的积极因素。但不可否认的是,我国的证券市场仍存在秩序缺失的问题,尤其是证券市场的违法现象带来的发行人擅自发行证券的民事责任、虚假陈述的民事责任、内幕交易的民事责任、操纵市场的民事责任等都成了法律缺失的一部分。我国《证券法》的规定极少,而且非常简单,不具有可操作性,这对于广大中小投资者利益的保护是极为不利的。《证券法》中缺乏民事责任规定与我国长期以来所奉行的重刑行而轻民的观念有很大影响;而《证券法》须完善民事责任规定,其理论基础在于《证券法》所具有的私法和公法相融合的特性;同时,投资者在证券市场中的地位决定着《证券法》应当将投资者的利益给予至高无上的保护,其具体表现之一即在我国《证券法》中应充实关于民事责任的规定,以增强投资者在证券市场中的信心。

Generally speaking, the development of the market of negotiable securities meets the needs of socialist market economy and becomes an indispensable positive factor in market economy. Undeniably the market of negotiable securities in our country is not in order yet. The Law of Negotiable Securities in our country is too short and simple to be relied on in practice. A case in point is the lack of regulation of civil duties in this law, which can be traced back to the tradition of emphasizing punishment but neglecting people. The position of the investor in the market of negotiable securities requires the law to protect his interests, and this should be amended in the law. 