论证券法的公开、公平、公正原则

【作者】 陈大川；

【导师】 谭启平；

【作者基本信息】 西南政法大学 ， 法律， 2003， 硕士

【摘要】 在政府进行经济体制改革的过程中，政府积极主动地建立和发展了我国的证券市场。在体制不成熟和人们素质普遍不高的背景下，快速发展的证券市场中随之产生了各种证券欺诈、内幕交易、操纵市场等违法违规行为。因此，人们对政府的证券监管、证券法律制度的完善寄予了厚望。 “依法治市”和规范市场最根本和最基础的手段必须是要逐步健全和实施符合证券市场经济规律的证券法律制度。在任何一个有机统一的法律制度集合中，基本原则的意义十分重大：作为立法的指导和出发点、行为和审判的准则等等。公开、公平、公正原则是公认的证券法基本原则，本文试图对其作抛砖引玉之论。 论文除引言、结束语外，正文由三部分内容构成。 引言：证券市场具有资金融通、资金配置、分散风险、转换机制的重要功能，而且作为虚拟经济有其特殊性，因此，由完善的证券法律对其加以规制十分必要，而研究该法律的基本原则也就有十分重要的意义了。 第一部分：本部分论述了公开、公平、公正原则的一些基本理论问题 首先阐述了公开、公平、公正原则各自的含义，并认为三太原则之间是一个有机联系、相互依存、相辅相成的关系。 其次，在证券法公平原则与有关原则关系的论述中，笔者认为，证券法的公平原则不仅要求证券市场中各主体法律地位平等，交易双方利益均衡，而且要求个人利益与社会公共利益维持平衡，这点均不同于民法公平原则、平等自愿原则、等价有偿原则仅关注于个体本位之间的利益平衡。 再次，证券法的“三公”原则和证券市场效率两者之间是对立统一的关系：前者是后者的前提和基础，后者的追求和实现本身就是一个体现和实践前者的过程，当然，两者也有矛盾的时候。 最后，“三公原则”的理论基础：公平作为法的正义价值内核、法的灵魂，是法的逻辑前提和内容支柱，法律发展史在很大程度上讲就是一部公平原则演绎史，在作为规范、调整证券市场的法律中，公平原则尤其重要，并有着坚实的法哲学基础。在“三公”原则的经济基础方面：市场经济自身难以克服的缺陷需要国家的干预；证券市场作为市场经济重要组成部分，个体之间的证券发行和交易当然要平等自愿地按价值规律进行；证券作为一种特殊的商品，具有数量有限性、品质单一性、价值的信息决定性等特征，而证券市场作为一种特殊市场，也具有天生的垄断性，并容易引发“多米诺骨牌效应”，这就要从个体利益和社会公共利益两者共同的角度要求信息公开、政府监管、法律规制，以发挥证券市场应有的功能。 第二部分：本部分将依据“三公”原则对证券法律相关重要制度进行审视和分析 在证券发行方面:证券发行应做到使投资者申购机会均等、同股同价、同股同权，股票发行定价应遵循市场规律，逐步市场化;在发行主体方面，要求各市场主体有平等的法律地位，得到一视同仁的对待，不因所有制不同而有所不同;在证券发行审核制度方面，要求发行条件要公正合理，注重考虑市场化因素，在充分披露信息的基础上对所有发行申请者一视同仁。 在证券交易方面:主要是从“三企，原则与证券市场效率关系的角度认为，我国应适时地开展证券信用交易、证券期货交易、证券期权交易，逐步、稳妥地实现国有股、法人股的流通。 在信息披露方面:根据公开原则要求的真实、准确、完整、及时、便捷，分析了我国证券市场中信息披露的一些问题。 在上市公司收购方面:上市公司收购具有重要意义和特殊性，是“三公”原则规制的重点之一。针对其特点和主要内容，“三公”原则在这里可演绎为股东待遇平等原则、信息充分披露原则、维持公益原则。 在证券监管方面:无论何.种证券监管体制都要以“三公”原则作为指导。本文认为“三公”原则在此处演绎为依法监管原则、合理监管原则、适度监管原则。 最后是内幕交易行为的“三公”原则分析:在各种证券违法违规行为中，内幕交易行为最典型，其正当性与否最有争议，本文依据“三公”原则指出了其不正当性之处。 ‘第三部分:维护、贯彻“三公”原则措施的思考 证券法律体系的完善:在证券法制的完善过程中以“三公”原则作为基本的指导思想，坚持立法的民主性、公开性、科学性，并逐步建立起层次分明、体系完备、内在统一、科学公平的法律体系。 加强相关证券司法工作:要从树立‘三公，原则指导思想、证券经济和法律专业知识培训、实践案件经验总结方面努力提高司法工作人员的素质。 加强证券监管和市场自律作用:理顺证券监管体制、加强统一监管;在政府有关部门的指导与监督下，完善自律组织的自律机制，充分发挥证券市场的自律作用;努力提高相关中介机构及其人员的素质。 在提高市场主体素质方面，着重从法律规制和其内部机制建设方面提升上市公司的素质;培育和发展规范的机构投资者，实现投资主体多元化。更多还原

【Abstract】 In the course of Economic Reform, the government has actively established and developed the securites market. Under the backgroud of imperfect system and low quality of the public, such illegal acts as Securites Fraud, Insider Trade ,and Market Control exist in the developing Securities Market.The basic and fundamental measure of "Regulating the market under law" is to gradually perfect and apply the legal system concerning the Securities in accordance with economic rules of the Securities market. To any unified legal system, the basic principles are of great importance, that is, directing and initiating legislation, and the criterion for action and judgement, etc. "Openness, Fairness and Justice"(thereinafter called OFJ) is the basic principles of the Securites Law ,which is to be focused on.This thesis is composed of 3 parts except forward and epilogue.The forward introduces the important functions of the securities market and its own speciality. Therefore, it is necessary to perfect the Securities Law and study its principles.Part One focuses on some basic theoretical issues concerning OFJ principles .1. The author expatiates on the connotations and extension of the OJF principles and thinks that these three principles are affiliated with each other, interdependent, and supplemented with each other.2. In the analysis of the relationships between the Fairness principle of Securities Law and other principles, ,the author advocates that the Fairness principle not only demands that the parties in the Securities Market be equal in law, and the interests of the trading parties be balanced, and interests between the individual and the public be equilibrated, which is different from other principles of civil law.3. The OJF principles are in contradiction and unification with the efficiency of the Securities Market. The former is the precondition and base of the latter, while the pursuing and realization of the latter is theembodiment and fulfillment of the former; of course, sometimes they are in contradiction.4. The author analyses the theoretical base of the OJF principles. Fairness is the core of righteousness, the soul of law and the logical precondition and backbone of law. In the law concerning the regulation and adjustment of the Securities Market, Fairness principle is of great importance and has legal philosophy as its stable base. The economic base is as follows: the defections that the market economy itself can’t correct need the interference of the government; the Security Market is an integral part of the market economy, so the individual equally carry out the issue and trade of the securities under the value rule with voluntariness; the securities, as one special merchandise, have such characteristics as limited amount, single quality, and value decided by information, and the Securities Market, as one special market, has the characteristic of innate monopolization, which will easily cause domino effect, so the individual and the public interests in common requires information disclosure, governmental supervision , and legal regulation to bring the functions of the Securities Market into play.Part II focuses on the review and analysis of the related systems concerning Securities Law according to OIF principles.1. In the aspect of issuing securities, it should be ensured that all the investors have equal chances to apply for the securities and buy at the same price, the price should be fixed under the market rules; in the aspect of issuing parties, it requires that all the parties have equal legal status and be treated impartially; in the aspect of approving system of issuing securities, it requires that the issuing conditions be just and reasonable, paying attention to the marketable factors and treating all the issuers equally on the basis of full information disclosure.2. From the aspect of the relationship between the OJF principles and efficiency of the market, the author advocates that China should develop credit trading of securities, the trading of futures and the更多还原