投资者权益保护与证券支持诉讼:以法经济学为视角
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D925.1;F224.5

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上海财经大学2016年研究生创新基金资助项目"证券群体纠纷多元化解决机制研究"(CXJJ-2016-381)


Investors' rights protection and securities support litigation: From the perspective of law and economics
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    摘要:

    制度界定并限制了人们的选择集合。在共同诉讼和单独诉讼方式下,根据既有的法律框架与运行机理,投资者权益很难得到完全补偿。在证券支持诉讼方式下,由于律师费的负担转移给投服中心,因此投资者的诉讼成本得到降低,并且充分利用"搭便车"而扩大群体规模。公共执法成本与私人执法成本通常呈现出此消彼涨的状态,而证券支持诉讼是公共执法与私人执法的有机结合,有助于提高执法效率并降低社会成本。在既有条件下,证券支持诉讼与共同诉讼、单独诉讼将并行存在,建议从保护投资者权益与提高司法效率角度,允许律师风险代理制度由"进入制"过渡到"退出制"以及审前双方证据充分开示。

    Abstract:

    The system defines and limits the choices of people. Under the conditions of joint action and single action, investors' rights and interests are difficult to be fully compensated according to the existing legal framework and operating mechanism. In the case of securities support litigation, the burden of lawyer fee is transferred to the China Securities Investor Services Center, so the litigation costs of the investors are reduced, and the size of the group can expand due to the permission of free-rider. In view of the trade-off between public law enforcement costs and private law enforcement costs, securities support litigation is an organic combination of public law enforcement and private law enforcement, which helps to improve law enforcement efficiency and reduce social costs. Under existing conditions, securities support litigation, joint action and individual action will exist in parallel. From the perspective of protecting investor rights and improving judicial efficiency, we propose to allow the lawyer's risk agency system to transfer from "opting" to "opting out" and reveal evidence fully before the court hear the case.

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引用本文

王琳.投资者权益保护与证券支持诉讼:以法经济学为视角[J].重庆大学学报社会科学版,2019,25(4):147-155. DOI:10.11835/j. issn.1008-5831. fx.2018.10.004

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  • 最后修改日期:2018-09-03
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  • 在线发布日期: 2019-06-21
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