摘要
先行赔付是我国证券市场实践理性的产物。这一始于2013年且极具本土特色的投资者保护模式,无论在纵向的发展沿革或横向的国际比较上,都缺乏可供借鉴的先例规范,具体规则亦尚待明晰。目前,我国学界对其法律属性的界定存在争议,但无论是既有规范中的先行赔付,或是和解协议,乃至债权让与,均同证券市场先行赔付制度存在本质性差异。法律属性认定上的偏差势必影响到立法层面上具体制度的构建。遵循意思自治原则,赔付人与投资者赔付约定的效力独立于作为基础关系的证券侵权责任,具有无因契约的法律属性,即债权的获得不以实现双方所追求的目的为前提,作为要因契约生效前提的目的对无因契约的成立与否并无影响。同时,依照赔付协议的典型内容,可将先行赔付认定为无因性的债务承担合同,并以此为基础构建具体规则,从而更为有效地保护投资者的合法权益。
Advance compensation is a product of practical rationality in China’s securities market.As a new measure which was firstly introduced in 2013,it based on local features for investor protection,whether it is vertical development history or horizontal international comparison all lacks precedents and norms to learn from,and the specific rules have yet to be clarified.At present,there is controversy in China’s academic circles about the definition of its legal attributes,but whether it is the advance compensation in the existing norms,or the settlement agreement,or even the assignment of creditors’rights,there are essential differences with the advance compensation system in the securities market.The conflicting opinions on its legal nature,which in turn affects the construction of legal norms at the legislative level.Following the principle of autonomy,the advance compensation agreement is an abstract contract on acknowledgement of a debt between the payer and the investor,separate from the securities tort liability as the underlying claim.That is,the acquisition of the claim is not premised on the realization of the purpose pursued by both parties,and the purpose as a prerequisite for the validity of the contract has no impact on the establishment of the causeless contract.At the same time,according to the typical content of the compensation agreement,the advance compensation can be recognized as a debt-bearing contract without cause,and specific rules can be constructed on this basis to more effectively protect the legitimate rights and interests of investorS.
出处
《北方法学》
北大核心
2023年第1期100-112,共13页
Northern Legal Science
基金
浙江省哲学社会科学规划课题“以投资者权益保护为核心的上市公司退市制度完善研究”(18NDJC170Y)的阶段性成果
关键词
证券虚假陈述
先行赔付
债务承担
无因契约
securities misrepresentation
advance compensation
acknowledgment of debt
abstract contract
