【作者】 占小平；

【导师】 唐丽子；

【作者基本信息】 对外经济贸易大学 ， 国际法学， 2003， 硕士

【摘要】 自上世纪90年代初上海和深圳成立证券交易所以来，我国证券市场飞速发展，对国民经济的发展起到了积极的作用。但我国证券市场也存在着先天体制的缺陷、法制的不健全、投资者法律意识的淡漠等种种因素，产生了与日俱增的争议。鉴于诉讼程序在解决证券争议方面的缺陷和不足，大力发展各种非诉的争议解决机制，已成为我国司法主管机关和证券监督管理部门的一项共识。证券争议属于民商事争议，当事人除可以自行协商解决、经由调解解决、法院诉讼外，亦可由仲裁机构以仲裁方式解决。与调解和诉讼形式相比，证券仲裁以其具备的专业、高效、经济等特点而倍受人们的青睐。美国是现代证券仲裁制度的发源地，仲裁已经成为美国解决证券争议的主要方式。针对目前我国国情，我们应该深入研究美国的证券仲裁制度及其所依赖的外部环境，借鉴其中适合我国现实及未来发展的制度及思想，修订完善并形成适合我国国情的证券仲裁制度，从而为更好地保护投资者利益，为证券业的健康发展奠定坚实的制度基础。本文分为三个部分。第一部分“证券争议的解决机制分析”，将对利用各种争议解决机制解决目前我国的证券争议的利弊逐一分析。解决证券争议主要有三条途径：第一条途径是争议双方通过律师、证券交易所、证管办等第三方人士的主持下，本着协商自愿的原则，进行调解。此途径虽然经济、简便，但却由于程序不规范、定性不清、责任不明，难以保护争议双方的合法权益。第二条途径是争<WP=4>议双方通过仲裁解决争议。第三条途径是通过诉讼程序解决争议。司法诉讼是确保社会公正的最后一道防线。但诉讼途径成本高、程序复杂、效率低。与诉讼或其他非诉讼方式相比较，仲裁兼具契约性、自律性、民间性和准司法性、国际性，在解决证券市场争议方面具有其独特的优势和地位，非其他方式所能比拟。因此，越来越多的我国法学界、证券界或其他相关政府主管部门的有识之士已经认识到，大力发展我国的证券争议仲裁制度，已经成为推进我国证券市场法制化、规范化、国际化建设的当务之急。第二部分“美国证券争议仲裁制度的立法与司法实践”，详细介绍、分析美国的证券争议仲裁制度发展的历史、现状以及其特色。美国是一个被认为人民“好讼”的国家，然而在联邦法院归档的诉讼中有90%的案件并未通过审判而是通过仲裁、调解等其他方式解决的。美国的证券仲裁制度是伴随证券交易所的发展而发展起来的,经历了法院对证券仲裁的态度由敌视到支持的转变，美国逐渐探索出一套比较完善而行之有效的制度，今天证券仲裁已经成为解决美国证券争议的主要方式。在美国，可仲裁的证券争议范围非常广泛，仲裁主要是通过行业自律机构附设的仲裁机构来进行的，各个仲裁机构的仲裁程序实质上是大体类似的，一般要经过申请与受理、组成仲裁庭、开庭、裁决等程序，仲裁裁决一旦作出，只有在很少的情况下才受到法院的审查。仲裁员对案件的处理拥有较大的权限，对证据的取得与采纳较为灵活，但对其制约条件也很多。仲裁程序在许多方面对公众客户利益的保护有所侧重。美国证券仲裁的许多规则具有鲜明的特色和优点，值得我国在建立和完善自己的证券仲裁制度时加以借鉴和参照。第三部分“建立和完善我国的证券争议仲裁制度”，提出借鉴美国证券仲裁制度的先进经验，修订完善并形成适合我国国情的证券仲裁制度。鉴于近几年来，<WP=5>我国证券市场上因虚假陈述、操纵股价、内幕交易、欺诈客户等违法行为导致投资者索赔的案件在逐渐增多，因此，建立一套公正、有效的证券争议仲裁制度，已经成为保证我国证券市场健康发展的当务之急。我国证券仲裁制度经过短短十多年的发展，已经初步建立了一套由有关法律、行政法规、部门规章及规范性文件组成的证券法律仲裁制度的基本框架。但目前的证券仲裁制度还不完善，利用仲裁方式解决证券争议的实际案例还不多见。我们应该借鉴美国的证券仲裁制度的先进经验，在证券交易所及中国证券业协会等各种证券行业自律组织内筹建证券仲裁委员会，修改各行业自律机构的章程，强制要求其会员以仲裁方式解决证券争议。同时加强证券仲裁立法，扩大证券仲裁员的职权，建立包括诉讼、仲裁在内的多元化的证券争议解决机制。我们相信，随着我国证券仲裁实践的增加,证券仲裁在总结经验教训,借鉴先进作法的基础上,必将形成一套完善的快捷高效的证券仲裁制度,从而最大限度的发挥证券仲裁的优越性,促进我国证券市场的完善和健康发展。更多还原

【Abstract】 Shenzhen Stock Exchange and Shanghai Stock Exchange were established in December 1990 and June 1991 respectively, which marked the beginning of the securities market of New China. In the past decades, securities market has played positive roles in the development of China’s socialist market economy. However, due to problems incurred in the development of securities market, there emerged quite a lot of securities disputes, such as misrepresentation, insider trading, manipulating the stock price, and defrauding the clients etc.. And there still lacks a systematic, perfect and effective investors protection system, which seriously affect the healthy development of the securities market. Therefore, it’s necessary to establish an effect and effective securities disputes settlement system in China.As a civil and commercial dispute, the securities dispute can be resolved through mediation, arbitration or litigation, etc.. In recent years, many scholars and officials proposed to introduce securities arbitration system in China according to the successful experience of foreign countries.In this paper, the author analyses the reasons of the emerging of securities arbitration system, discusses the importance of establishing and improving the system in China and proposes some solutions to the problems in establishing the system in China.The paper is composed of 3 sections. The first section analyses the advantages and disadvantages of various securities disputes solution system. Firstly, with the lawyers, exchanges, or other third parties’ help, the parties can solve their conflicts through mediation, which is simply and economical, but ambiguous and cannot fully protect the legal rights of the injured party. The other means is arbitration. Lastly, litigation is available. Litigation is the last defense for just and fair, but it’s costly, complicated and inefficient. Compared with the mediation and litigation, the arbitration is informal, flexible and enforceable. In view of this, more and more scholars and officials have realized that the establishment and development of the securities arbitration system in China is heavily urgent.The second section illustrates the legislation and practice of the securities arbitration system in U.S. American is looked upon as litigious, however, more than 90 percent lawsuits filed in the federal courts were resolved not through litigation, but through alternative disputes resolutions means. the securities arbitration system in U.S. was developed with the Exchanges. Experienced the court’s view conversion from hostility to advocacy, a set of integrate and efficient securities arbitration system was built up in U.S.. Now securities arbitration is the dominating means to solve the securities disputes, and most securities cases are heard in the arbitration tribunals under the Self-Regulatory Organizations. The proceedings of arbitration of various tribunals are basically alike, which consist of application and acceptance, composition of the tribunal, hearing and award. Once the award is made, it has little chance to be modified or cancelled by the courts. In the proceedings, the arbitrator has great discretion over the disposal of the case, and the evidence rule is flexible. Many rules in securities arbitration proceeding in U.S. have their features and advantages, and can be used for reference when we establish and improve our country’s securities arbitration system.<WP=7>In section three, the necessity of establishing and improving securities arbitration system in China is discussed and detailed measures are put forward. In recent several years, misrepresentation, manipulating the stock price, insider trading and defrauding the client were rampant and threatened the steady development of the stock market. Therefore it is urgent to establish a set of just, effective securities arbitration system in our country. During over ten years’ development, a set of securities arbitration system consist of laws, decrees, regulations and rules has been built in our country.更多还原