【作者】 张陕静；

【导师】 季涛；

【作者基本信息】 浙江大学 ， 法学理论， 2011， 硕士

【摘要】 由于证监会权责失衡、核准制实然与应然脱节以及保荐人民事责任规制上实体与程序双重缺失,我国保荐人制度未能发挥其应有的价值。处于转型期的中国证券市场,表现出鲜明的“重行政、轻民事”的传统。对行政执法的片面倚重,对司法介入的刻意的、事实上的抑制,给投资者利益保护以及证券市场的发展带来了很多问题,也是保荐人制度困境的根源。作为保荐人制度困境的消解器,无论是行政监管还是私人诉讼,都不得不面对其自身固有的局限性。在私人诉讼问题上,我国引入美国式证券集团诉讼将面临司法的局限性与投资者利益保护、个人自治与司法能动主义、诉讼经济与滥诉的危险等一系列内在冲突。保荐人制度应有价值的实现根源于制度环境的配合与改进,保荐人制度的出路,则根源于在行政监管与私人诉讼之间寻求一个恰当的平衡点,即所谓“两条腿走路”、“公私并举”。尽管在我国转型期的当下,行政监管与私人诉讼各自都面临着一系列难题,但各自可完善的空间以及相对合理的完善路径依旧是存在的：完善行政监管制度设计、理性借鉴德国投资者典型诉讼法以及构建行政监管与私人诉讼间的制度对接。更多还原

【Abstract】 China’s sponsor system fails to play its due value because of three reasons:there is imbalance between powers and responsibilities of China Securities Regulatory Commission (CSRC); the ideal and the reality of the Approval System are disconnected; the entity and the procedure of sponsor’s civil liability regulation are both absent. In the period of transition, China’s securities market is showing a distinctive tradition of’stressing administrative enforcement, despising civil legislation’. The one-sided reliance on administrative enforcement and the deliberate and factual inhibition of judicial intervention have brought numerous problems to protecting investors’ interests and to developing the securities market, and have caused plight for the sponsor system. As tools to solve the plight of the sponsor system, administrative regulation and private action both have to face their own inherent limitations. As for private action, China brought in U.S.-style securities class actions, facing a series of internal conflicts between judicial limitations and protection of investors’interests, between individual autonomy and judicial activism, and between action economy and lawsuit abuse. The value realization of the sponsor system is rooted in coordination and improvement of the institutional environment. Improvement of the sponsor system shall seek an appropriate balancing point between administrative regulation and private action, which is the so-called’walking with two legs’and’developing both the public and the private’. Despite that in the period of transition administrative regulation and private action are faced with a series of their own problems, there is still room and relatively reasonable route for improvement:to improve the design of administrative regulation system, to rationally learn from "The Law of the Model Litigation for Investors’in Germany and to construct a bridge between administrative regulation and private action.更多还原