证券市场环境风险治理的法理阐释与制度因应  

Jurisprudence Interpretation and Institutional Responses to the Governance of Environment Risk in the Securities Market

作　　者：许恋天 XU Lian-tian(Ningbo University)

机构地区：[1]宁波大学法学院

出　　处：《华中科技大学学报（社会科学版）》2024年第6期114-126,共13页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：浙江省哲学社会科学规划课题项目“高质量发展背景下浙江省地方政府专项债券项目投资风险法律规制研究”(25NDJC035YBMS)。

摘　　要：注册制改革虽为证券市场的繁荣发展带来了契机,但在改革“阵痛期”也显露出诸多风险征象,面临资源配置不当、行业生态失衡、监管效能不足等现实困境。证券市场治理不应拘泥于微观行为规制和具体领域规范,而应重点聚焦证券市场环境风险的系统防控,着力优化市场生态,保护交易环境。证券市场环境风险可类型化为证券信息污染风险、金融基础设施风险、信用环境风险、系统性风险和法制环境风险。当前,证券市场环境风险治理应秉持整体环境治理观,并将证券市场环境保护纳入证券法立法目的,通过逐步引入环境风险评估机制、环境损害修复机制和环境保护问责机制,构建和完善证券市场环境风险应对的新型法制框架。Although the registration system reform has brought an opportunity for the prosperous development of the securities market,it has also revealed many risk symptoms in the“painful period”of the reform.The market faces practical difficulties,such as improper allocation of resources,industrial ecological imbalance,and inadequate regulatory efficiency.The governance of the securities market shall not be limited to the micro regulations on behaviors and the regulations on specific areas but shall focus on the systematic prevention and control of the environment risks in the securities market,strive to optimize the market ecology and protect the trading environment.The environment risks in the securities market can be classified into securities information pollution risk,financial infrastructure risk,credit environment risk,systematic risk,and legal environment risk.At present,the governance of environment risks in the securities market should adhere to the perspective of overall environmental governance,and incorporate the environmental protection of the securities market into the legislative purposes of the Securities Law.By gradually introducing the environment risk assessment mechanism,the environmental damage remediation mechanism,and the environmental protection accountability mechanism,a new legal framework for responding to environmental risks in the securities market should be established and improved.

关 键 词：注册制改革 证券市场 证券市场环境风险 整体环境治理观 

分 类 号：D922.287[政治法律—经济法学]