投资者适当性制度构建:国际经验与本土选择  

Construction of Investor Suitability System:International Experience and Local Choice

作　　者：井漫 Jing Man

机构地区：[1]中央财经大学法学院,北京100081

出　　处：《西南金融》2020年第4期65-77,共13页Southwest Finance

摘　　要：投资者适当性制度对投资者保护、完善券商内部治理、减少系统性金融风险、促进金融创新等方面都有重要作用。然而,实践中还存在着投资者分类保护与现实脱节、投资者权利救济难以实现等现实问题,投资者适当性制度仍具有讨论价值。投资者适当性制度起源于美国,美国证监会以"买者有责"为核心,形成了以代理理论、特殊情况理论和信义义务理论为内容的适当性理论基础,而我国投资者适当性的理论基础应当是在信赖利益理论的基础上对美国理论基础的延伸与发展。国外的投资者适当性制度在客户适当性、投资者教育、投资者权利救济方面形成了较为完整的规则体系。我国投资者适当性制度在上述方面虽有一定发展,但在实践层面仍存在一定的问题。我国投资者适当性制度今后的发展重点应更多放在立法模式选择、投资者分类制度、投资者教育机制、投资者权利救济方面。The investor suitability system plays an important role in investor protection, improving the internal governance of securities firms, reducing systemic financial risks, and promoting financial innovation. However, in practice, there are still practical problems such as the disconnection of investor classification protection from reality and the difficulty of realizing investor rights relief, the investor suitability system is still worth discussing. The investor suitability system originated in the United States. The SEC takes "buyer’s responsibility" as its core and forms the theoretical basis of suitability based on agency theory, special situation theory, and faith obligation theory. The theoretical basis of investor suitability system in China should be the extension and development of the American theoretical basis based on reliance interest theory. The foreign investor suitability system has formed a relatively complete rule system in terms of client suitability, investor education, and investor rights relief. Although China’s investor suitability system has developed in the above aspects, there are still some problems in practice. The future development of China’s investor suitability system should focus more on the choice of legislative model, investor classification system, investor education mechanism, and investor rights relief.

关 键 词：投资者适当性管理 投资者保护 证券法 证券市场监管 司法救济 信义义务 投资者分类 投资者教育 投资者权利救济 投资风险 资产管理 信息披露 资本市场改革 

分 类 号：F832.22[经济管理—金融学] F234.3