摘要
为打击证券市场上大量滋生的违法行为,在强化行政执法和刑事责任机制之外,还应当鼓励(而不是限制)民事诉讼机制,要求法院积极介入有关的诉讼纠纷。规划未来的公司、证券民事诉讼机制时,关键在于设计适宜的激励机制,以克服可能出现的原告动力不足的问题。此种激励最好以市场化的方式给出,即给原告律师创造适当的动力,并最终引入证券市场上专门的集团诉讼制度。集团诉讼机制经过制度设计,完全可以避免滥诉风险,真正需要注意的是避免限制过严。在目前证券集团诉讼制度尚未建立、诉讼和执法供给不足的情况下,可以尝试通过非盈利组织起诉的方式来起到鼓励证券诉讼的作用。非盈利组织需要跟行政力量相互合作,而不是完全独立于监管机关。
To curb the rampant frauds in the domestic market of China,private actions initiated by the individual investors should be encouraged and the courts should be promoted to hear the cases,when the institutions of administrative and criminal liabilities are being strengthened.An appropriate incentive scheme is among the most important items when the company or security-related suits system is founded,to address under-supply of incentive to sue.Such a incentive should be created by the market force,i.e.,to provide more pecuniary incentives for plaintiff lawyers and to introduce a special mechanism of class action into China's securities market.It should be emphasized that excessive attention to the abusive practices of litigations may involve risks of paralyzing the corporate action system itself.Before a class ac- tion system is established,securities actions brought by nonprofit organizations (NPOs) should be animated.Those NPOs may achieve a better deterrence effect through lawsuits if they coop- erate with the government regulators.
出处
《清华法学》
2007年第3期92-117,共26页
Tsinghua University Law Journal
关键词
公司治理
证券法
民事责任
集团诉讼
激励机制
corporate governance
securities law
civil liabilities
class action
in-centive to sue
