公共管理视野下的证券投资者保护

On the Protection of Securities Investors in the Perspective of Public Administration

传统的证券投资者保护基于全能行政监管者和无限监管资源的假设,采用融资准入对投资者实行无差别保护,已难以适应资本市场的发展需求。从公共管理的角度看,应在整个证券投资过程中建立全民参与的投资者保护机制。其中,决策性的制度建设应分权给代表公共利益的行政监管者行使,确保其职能的独立和专业化;执行性的投资者保护工作应分权给一线的自律组织和金融中介承担,确保客户至上并避免利益冲突;保护主体应引入投资者的公共参与,引导其成为能动的自我保护者;公力救济要发挥行政执法的主导效用,兼顾其中的伦理性与经济性。以人人有权、人人有责的公共管理理念作为投资者保护的基点,《证券法》规范下的多层次资本市场才能具有稳固的民意基础,实现繁荣昌盛。

Traditionally,protection of securities investors is based on the hypothesis that the government can control and regulate everything and have unlimited power to supervise resources. Today the mode of regulating access to financing to protect investors indiscriminately has proved incapable of meeting the needs of capital market development. This paper argues that,from the perspective of public administration,it is necessary to set up a mechanism for protecting investors which entails participation on the part of all the people throughout the process of securities investment. Specifically,the power to make regulations regarding governing policies should be allocated to the administrators who represent the public interest in order to ensure a high level of independence and professionalism in their work; the executive work of investor protection should be allocated to situated organizations and financial agencies in order to ensure materialization of the golden rule of 'clients first'and avoid conflicts of interests. Besides,public participation of investors should be introduced into the mechanism of protection and investors should be educated to become good at self-protection. Public remedy should play a leading role in the administration enforcement apart from taking account of ethical and economic factors. It is suggested that the core of investor protection is the philosophy of public administration that'Everyone has the right and responsibility to themselves. 'Only by creating a multi-level capital market regulated by The Securities Act can we have a solid foundation of public opinion for sustainable prosperity.