《民法典》股票质押制度的完善与建构——与《证券法》的联动  

The Improvement and Construction of the Stock-pledging System in the Chinese Civil Code:Its Linkage with the Securities Law

作　　者：王乐兵[1] Wang Lebing

机构地区：[1]对外经济贸易大学法学院

出　　处：《环球法律评论》2020年第4期114-131,共18页Global Law Review

摘　　要：担保物权型股票质押和权利让与型股票质押是国内外证券市场普遍存在的两种股票质押交易形式,股票“直接持有”和“间接持有”对于如何构造股票让与担保具有重要影响。权利让与型股票质押的特殊制度优势使其在市场上具有较强的竞争力,但其对证券市场系统性风险的聚集和扩散亦会产生较大影响。2015年“股市波动”和2018年上市公司“股票质押强制平仓风波”的发生源自《物权法》和《证券法》等法律规范对股票让与质押缺乏立法回应,更缺乏有效监管,对于各类杠杆资金进出股市的方式、规模和交易逻辑更缺乏深刻理解和整体把握。《民法典》物权编和《证券法》应当对证券担保融资实现联动监管,在《民法典》构建股票质押制度的基本框架与基础规则的同时,同时由《证券法》确立其公共监管框架,并辅以能动金融司法,共同维持证券市场的稳定。There are generally two forms of stock pledge transactions in domestic and international capital markets:“security financial arrangement for the pledge of stocks”and“title transfer financial collateral arrangement for the pledge of stocks”,and the“direct ownership”and“indirect ownership”of listed stock have an important influence on the construction of the system of transfer and pledge of stocks in different markets.The special institutional advantages of“title transfer financial collateral arrangement for the pledge of stocks”make such stock pledge more competitive in the capital market,while contributing to the accumulation and dissemination of systemic risks in the securities market in China.The 2015 financial turmoil in Chinese stock market and the 2018 forced liquidation of stock pledges of listed companies could be partly explained by the absence of relevant rules in the Property Law and the Securities Law,the lack of effective regulation,and the poor understanding of the method,scale and transactional logic of the entry and exit of various kinds of structured capital into the stock market.The Book of Property Law in the Chinese Civil Code should provide for the basic framework of and rules on the pledge of stocks,while the Securities Law should establish a public regulatory regime,which should be accompanied by a dynamic financial justice system,so as to maintain the stability of the capital market.

关 键 词：担保物权型股票质押 权利让与型股票质押 融资融券 股票质押式回购场外配资 系统性风险 

分 类 号：D923[政治法律—民商法学] D922.287[政治法律—法学]