“罚没分成”的证券监管有奖举报制度构建  

Construction of the Prize-giving Whistle-blowing System in China Securities Regulatory System

作　　者：俞志方[1] 刘沛佩 

机构地区：[1]东华理工大学文法学院,教授江西南昌330013 [2]华东政法大学博士后流动站 [3]上海证券交易所监管执行部,经理上海201620

出　　处：《江西社会科学》2018年第5期168-176,共9页Jiangxi Social Sciences

基　　金：国家社科基金项目"非上市公众公司治理指引研究"(15CFX060)

摘　　要：金融自由化、市场化和全球化,以及不断出现的金融创新,在极大拓宽证券监管范围的同时,给本就稀缺和有限的监管资源带来了严峻挑战。借力于市场,将监管机构天然垄断的监督和执法职能与社会和私人分享,并以适当的物质激励予以推进,可以对监管效能的提高和服务质量的改善起到推动效应。为此,在证券监管中,通过以"罚没分成"为核心的举报制度的实施,将监管内嵌于市场本身,可以为公共服务市场化下政府监管水平的提高提供强劲动力。借鉴域外证券监管中有奖举报的制度经验,在我国相关制度构建中,可以从厘清证券监管有奖举报制度的正当性判断入手,建立对举报内容真实性和举报目的正当性的判断标准,并对举报奖金来源、奖励数额等具体制度和实施的外部保障进行制度完善,以此提升有奖举报制度对于证券监管效能发挥的"软实力"。Financial liberalization, marketization and globalization, as well as emerging financial innovation broadens the scope of securities supervision, which also posed serious challenges to the scarce and limited regulatory resources at the same time. Relying on the market force, let regulators share functions of supervision and law enforcement with society and individuals through material incentive, can help improving regulatory efficiency and quality of service. Learning from the institutional experience of prize-giving whistle-blowing system in other countries, it is recommended to start from the judgment of the legitimacy of the prize-giving whistle-blowing system, establish the judgment standard of the authenticity of the content and the legitimacy of the purpose of the whistle-blowing. Besides, it's important to make the perfection of specific system and the external protection of the implementation of the system through the rules to enhance the "soft power" of securities regulation.

关 键 词：证券监管 罚没分成 有奖举报 域外制度 证券稽查 

分 类 号：D922.28[政治法律—经济法学]