□中國(guo)人民大學法學院教授 劉俊海
中央經濟工(gong)作會(hui)議提出,資(zi)本(ben)(ben)市場在金融運行中具有牽(qian)一(yi)發而動(dong)全身(shen)的作用,要(yao)通過深(shen)化改革,打造(zao)一(yi)個(ge)規范(fan)、透明、開(kai)放、有活(huo)力、有韌性的資(zi)本(ben)(ben)市場。這為優化投資(zi)者友好型法治環(huan)境奠定了(le)基(ji)調,指明了(le)方(fang)向。
有助于全面深化資本市場改革
市(shi)(shi)場化(hua)、法治化(hua)、透明化(hua)、民(min)主化(hua)、誠(cheng)信化(hua)、公(gong)平(ping)化(hua)、民(min)本(ben)化(hua)與全(quan)球(qiu)化(hua)是我國(guo)資(zi)(zi)(zi)(zi)本(ben)市(shi)(shi)場改革與發(fa)展的根本(ben)方向。資(zi)(zi)(zi)(zi)本(ben)市(shi)(shi)場是信心市(shi)(shi)場。投(tou)資(zi)(zi)(zi)(zi)信心源于看得(de)(de)見、摸得(de)(de)著、有溫(wen)度(du)的法律(lv)保護體系。如(ru)果(guo)投(tou)資(zi)(zi)(zi)(zi)者無法在投(tou)資(zi)(zi)(zi)(zi)與維權過(guo)程中感受(shou)到公(gong)平(ping)正(zheng)義(yi)(yi),其開(kai)展投(tou)資(zi)(zi)(zi)(zi)活(huo)動必然膽戰心驚。因此,資(zi)(zi)(zi)(zi)本(ben)市(shi)(shi)場改革必須(xu)公(gong)平(ping)和(he)效率并舉,更加(jia)(jia)(jia)注(zhu)重(zhong)(zhong)(zhong)(zhong)(zhong)公(gong)平(ping);發(fa)展和(he)規范并舉,更加(jia)(jia)(jia)注(zhu)重(zhong)(zhong)(zhong)(zhong)(zhong)規范;創新和(he)誠(cheng)信并舉,更加(jia)(jia)(jia)注(zhu)重(zhong)(zhong)(zhong)(zhong)(zhong)誠(cheng)信;契約自由和(he)契約正(zheng)義(yi)(yi)并重(zhong)(zhong)(zhong)(zhong)(zhong),更加(jia)(jia)(jia)注(zhu)重(zhong)(zhong)(zhong)(zhong)(zhong)契約正(zheng)義(yi)(yi);安全(quan)和(he)快(kuai)捷并重(zhong)(zhong)(zhong)(zhong)(zhong),更加(jia)(jia)(jia)注(zhu)重(zhong)(zhong)(zhong)(zhong)(zhong)安全(quan);既立足國(guo)情,也要大膽借(jie)鑒(jian)國(guo)際(ji)慣(guan)例。
資本(ben)市(shi)(shi)場(chang)(chang)改革的(de)(de)(de)核(he)心是以公(gong)眾(zhong)投(tou)資者(zhe)的(de)(de)(de)幸福感為核(he)心,妥善(shan)處理(li)好市(shi)(shi)場(chang)(chang)與政府的(de)(de)(de)相互(hu)關系(xi),尤其是預防(fang)市(shi)(shi)場(chang)(chang)與監管(guan)者(zhe)的(de)(de)(de)雙重失靈現(xian)象,避免(mian)損害公(gong)眾(zhong)投(tou)資者(zhe)的(de)(de)(de)合法權(quan)(quan)益。在上市(shi)(shi)公(gong)司信息披露(lu)制度被(bei)踐(jian)踏、投(tou)資者(zhe)的(de)(de)(de)知情權(quan)(quan)與公(gong)平投(tou)資權(quan)(quan)受(shou)到侵害、公(gong)司自(zi)治與契約自(zi)由被(bei)濫用、公(gong)司治理(li)失靈時,監管(guan)者(zhe)與司法機關必須挺(ting)身而出(chu),有(you)效維護中(zhong)小投(tou)資者(zhe)作為弱勢(shi)群體的(de)(de)(de)合法權(quan)(quan)益。這(zhe)有(you)助(zhu)于鼓勵資本(ben)市(shi)(shi)場(chang)(chang)“無(wu)形之(zhi)手”發揮資源配置的(de)(de)(de)基礎作用,正確(que)處理(li)好“無(wu)形之(zhi)手”與“有(you)形之(zhi)手”的(de)(de)(de)良性互(hu)動(dong)關系(xi),實現(xian)資本(ben)市(shi)(shi)場(chang)(chang)與實體經濟可持(chi)續發展(zhan)的(de)(de)(de)良性循(xun)環。
有助于提升資本市場服務實體經濟的水平
上市(shi)(shi)公(gong)司治理(li)的關鍵問題是股(gu)東(dong)和代(dai)理(li)人(ren)(ren)(董事、監(jian)事、高管人(ren)(ren)員)之(zhi)間(jian)、大小(xiao)股(gu)東(dong)之(zhi)間(jian)、公(gong)司內部人(ren)(ren)和外(wai)部人(ren)(ren)之(zhi)間(jian)的代(dai)理(li)成(cheng)本問題。一些“鐵公(gong)雞”公(gong)司雖然(ran)賺得盆滿(man)(man)缽(bo)滿(man)(man),但(dan)并(bing)未惠及(ji)中小(xiao)股(gu)東(dong);個(ge)別(bie)“忽悠式”重組或炒(chao)殼現象擾(rao)亂市(shi)(shi)場(chang)秩(zhi)序和投資者預(yu)期;部分上市(shi)(shi)公(gong)司自廢武功、跑偏主業(ye),把從中小(xiao)股(gu)民處(chu)融來的資金投向主業(ye)外(wai)的領域。
優化(hua)(hua)投(tou)資(zi)(zi)者(zhe)友(you)好型(xing)法(fa)治環境有助(zhu)于通過法(fa)律(lv)思維與(yu)(yu)法(fa)律(lv)手段,強(qiang)化(hua)(hua)控股股東(dong)和內(nei)部控制人的誠信義務與(yu)(yu)問責機制,有助(zhu)于倒(dao)逼其對公(gong)眾投(tou)資(zi)(zi)者(zhe)常(chang)(chang)懷感恩之心,常(chang)(chang)修(xiu)慎獨之德,常(chang)(chang)思貪(tan)欲之害(hai),常(chang)(chang)存(cun)勤勉之心,不斷提升股東(dong)福祉(zhi)與(yu)(yu)投(tou)資(zi)(zi)價值,有效促進上市公(gong)司(si)可持(chi)續發(fa)展。此外(wai),投(tou)資(zi)(zi)者(zhe)友(you)好型(xing)法(fa)治環境還有助(zhu)于在資(zi)(zi)本市場大(da)力弘揚工匠(jiang)精神(shen)、契約精神(shen)與(yu)(yu)企(qi)業家精神(shen),倒(dao)逼上市公(gong)司(si)專注實(shi)體經營,鼓勵公(gong)司(si)做精做細產品與(yu)(yu)服務,淘汰失(shi)信公(gong)司(si)、“僵尸(shi)”公(gong)司(si)、劣質公(gong)司(si),深(shen)化(hua)(hua)供給側結構性改革,實(shi)現(xian)資(zi)(zi)本市場與(yu)(yu)實(shi)體經濟間可持(chi)續發(fa)展的良性循環。
需要協同共治
優化投資者友(you)好型(xing)法(fa)治(zhi)環境是關系(xi)千家萬戶的(de)民(min)生工程(cheng)、立足長遠的(de)經濟工程(cheng)、多贏共享的(de)誠(cheng)信工程(cheng)、促進和諧的(de)社(she)會(hui)工程(cheng)、標(biao)本兼治(zhi)的(de)法(fa)治(zhi)工程(cheng)。要(yao)按照協同(tong)共治(zhi)的(de)理念,深(shen)度(du)整合立法(fa)、執法(fa)、司法(fa)、行業(ye)自(zi)律及(ji)社(she)會(hui)監督(du)等社(she)會(hui)資源(yuan),全面(mian)打造(zao)投資者友(you)好型(xing)的(de)立法(fa)體(ti)系(xi)、監管體(ti)系(xi)、司法(fa)體(ti)系(xi)、企業(ye)自(zi)治(zhi)體(ti)系(xi)、行業(ye)自(zi)律體(ti)系(xi)、社(she)會(hui)監督(du)體(ti)系(xi)與第三方學術獨立評價體(ti)系(xi)。
就投(tou)資者友(you)好型(xing)的(de)(de)(de)立法(fa)體系(xi)而言,建議(yi)(yi)加快《證(zheng)券(quan)(quan)法(fa)》修改步伐,完(wan)善公(gong)(gong)(gong)(gong)眾(zhong)投(tou)資者的(de)(de)(de)民事(shi)(shi)(shi)損(sun)害(hai)賠償制(zhi)度(du)。具體而言,為有效制(zhi)裁失信者、賠償受害(hai)者、獎勵維(wei)(wei)權(quan)者、阻(zu)遏(e)失信行(xing)(xing)為、警(jing)示資本(ben)市(shi)場各方、教(jiao)育全社會、慰藉(jie)公(gong)(gong)(gong)(gong)眾(zhong)心(xin)理的(de)(de)(de)七大功能,應在《證(zheng)券(quan)(quan)法(fa)》中引進(jin)(jin)懲(cheng)罰性賠償制(zhi)度(du)。為實現投(tou)資者低成本(ben)維(wei)(wei)權(quan)的(de)(de)(de)夢(meng)想,建議(yi)(yi)引進(jin)(jin)公(gong)(gong)(gong)(gong)益(yi)訴訟制(zhi)度(du),允許法(fa)定公(gong)(gong)(gong)(gong)益(yi)機構可在公(gong)(gong)(gong)(gong)眾(zhong)投(tou)資者利(li)益(yi)嚴重(zhong)受侵(qin)的(de)(de)(de)證(zheng)券(quan)(quan)民事(shi)(shi)(shi)案件(jian)中直(zhi)接擔當公(gong)(gong)(gong)(gong)益(yi)訴訟原告。此(ci)外(wai),鑒于中小投(tou)資者所處的(de)(de)(de)信息落(luo)差地(di)位,為降低維(wei)(wei)權(quan)成本(ben),建議(yi)(yi)《證(zheng)券(quan)(quan)法(fa)》對(dui)公(gong)(gong)(gong)(gong)眾(zhong)投(tou)資者針對(dui)內(nei)幕交易、操縱(zong)市(shi)場、虛假陳(chen)述等侵(qin)權(quan)行(xing)(xing)為提起(qi)的(de)(de)(de)民事(shi)(shi)(shi)訴訟全面采取(qu)舉證(zheng)責任(ren)倒置和(he)因果關系(xi)推定制(zhi)度(du),由作(zuo)為被告的(de)(de)(de)違法(fa)行(xing)(xing)為人自證(zheng)清白。
就投(tou)資者友好型的(de)行政監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)體(ti)系而言,建議(yi)創(chuang)(chuang)新資本(ben)市(shi)(shi)(shi)場(chang)(chang)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)體(ti)制(zhi),實現協同監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)、信用監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)、精準(zhun)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)、靶向監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)、法治監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)、透明(ming)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)、民本(ben)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)。按照“放權、賦權與維權”的(de)理念,充實監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)權限(xian),強(qiang)化(hua)(hua)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)手(shou)段,加強(qiang)事(shi)中事(shi)后監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan),消除監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)盲區與監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)套(tao)利現象(xiang),鑄(zhu)造監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)合力,弘揚股權文化(hua)(hua),提升(sheng)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)公信力。監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)者既要尊重與鼓勵資本(ben)市(shi)(shi)(shi)場(chang)(chang)自治創(chuang)(chuang)新,也要努力維護公平、公正、公開的(de)市(shi)(shi)(shi)場(chang)(chang)秩序,制(zhi)止(zhi)和打擊損害投(tou)資者權益的(de)不(bu)法行為。監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)的(de)目的(de)不(bu)是取代市(shi)(shi)(shi)場(chang)(chang),而是激(ji)活與康復市(shi)(shi)(shi)場(chang)(chang),構建多(duo)贏(ying)共享的(de)現代資本(ben)市(shi)(shi)(shi)場(chang)(chang)生態文明(ming)。
就投資者(zhe)友好型的(de)(de)(de)司(si)法體系而言,法院要對(dui)各類證券民(min)事案件開門立案,實現對(dui)投資者(zhe)權(quan)益的(de)(de)(de)平等保(bao)護、全(quan)面保(bao)護與精準保(bao)護。建議在證券糾紛(fen)領域繼續推進立案登記制改革(ge),廢除虛假陳述民(min)事賠償中的(de)(de)(de)行政處罰前置程序,鼓勵適格(ge)股(gu)東以自(zi)己名(ming)義、為維護上市(shi)(shi)公(gong)司(si)及(ji)其全(quan)體股(gu)東利益而提起(qi)的(de)(de)(de)股(gu)東代(dai)表訴訟案件(如短線(xian)交(jiao)易賠償等)。要確保(bao)每份裁判文書經得起(qi)法律的(de)(de)(de)檢(jian)驗(yan)、市(shi)(shi)場(chang)的(de)(de)(de)檢(jian)驗(yan)、社會(hui)的(de)(de)(de)檢(jian)驗(yan)、歷史的(de)(de)(de)檢(jian)驗(yan)乃至國(guo)際(ji)社會(hui)的(de)(de)(de)檢(jian)驗(yan),真正取得法律效(xiao)果(guo)(guo)、道(dao)德效(xiao)果(guo)(guo)、政治(zhi)效(xiao)果(guo)(guo)、市(shi)(shi)場(chang)效(xiao)果(guo)(guo)與社會(hui)效(xiao)果(guo)(guo)的(de)(de)(de)有機統一。
中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)聲(sheng)明(ming):凡本網(wang)注(zhu)明(ming)“來源:中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)券報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)”的所有(you)作(zuo)品,版權均(jun)屬于中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)券報(bao)、中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)。中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)券報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)與作(zuo)品作(zuo)者(zhe)聯合聲(sheng)明(ming),任何(he)組織(zhi)未經中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)券報(bao)、中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)以及作(zuo)者(zhe)書面授權不得轉載(zai)、摘編或利(li)用其它(ta)方式使用上述作(zuo)品。凡本網(wang)注(zhu)明(ming)來源非中(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)券報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)的作(zuo)品,均(jun)轉載(zai)自其它(ta)媒體,轉載(zai)目的在于更好服務讀者(zhe)、傳遞信(xin)息之需,并(bing)不代表本網(wang)贊同其觀點,本網(wang)亦不對其真實性負責(ze),持異議者(zhe)應與原(yuan)出處單位主張權利(li)。
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