欺诈发行责令回购制度的理论、现实与展望  

Theory,Reality and Prospects of Fraudulent Issue Repurchase Order System

作　　者：齐飞 Qi Fei(School of Economics and Law,East China University of Politics&Law,Shanghai 200042,China)

机构地区：[1]华东政法大学经济法学院,上海200042

出　　处：《金融发展研究》2023年第6期82-88,共7页Journal Of Financial Development Research

摘　　要：为保护欺诈发行受害投资者利益,2013年我国建立了承诺回购制度。在借鉴境外资本市场经验以及总结我国承诺回购实施经验的基础上,2019年《证券法》正式推出了具有中国资本市场特色的责令回购制度,证券监管部门于2023年2月17日发布了实施办法。这项制度无疑将改善投资者在证券欺诈发行中的民事权利保护现状。但理论上,对于该制度的法理基础、价值目标和法律形式仍有争议;实践中,存在案件时间跨度长、配套保障措施不足、回购资金少等多方面问题,国内尚无成功实施案例。在制度落地实施过程中,需要平衡好各方面的关系和利益,制定出适合中国资本市场市情的规则。如此,该制度才能肩负起保护投资者利益的重任。In order to protect the interests of investors who are victims of fraudulent issuance,China established a commitment to repurchase system in 2013.Based on the experience of overseas capital markets as well as summarizing the experience of implementing commitment repurchases in China,the Securities Law of 2019 formally introduced a repurchase order system with Chinese capital market characteristics,and the securities regulator issued the implementa-tion measures on February 17,2023.This system will undoubtedly improve the current state of civil rights protection for investors in fraudulent securities offerings.However,in theory,there are still controversies about the jurispruden-tial basis,value objective and legal form of the system;In practice,there are various problems such as long time span of cases,insufficient supporting safeguards and little repurchase funds,and there are no successful implementation cases in China yet.In the process of implementing the system,it is necessary to balance the relationship and interests of various parties and develop rules that are suitable for the market conditions of the Chinese capital market.In this way,the system will be able to shoulder the important task of protecting the interests of investors.

关 键 词：欺诈发行 证券回购 投资者保护 利益平衡 

分 类 号：F830.9[经济管理—金融学]