实然与应然:私募基金管理人的刑法性质  

Is and Ought:The Criminal Law Nature of Private Fund Managers

作　　者：张宜培 Zhang Yipei

机构地区：[1]上海海事大学法学院,上海201306

出　　处：《证券市场导报》2025年第3期34-45,共12页Securities Market Herald

基　　金：国家社会科学基金一般项目“数据安全刑事治理现代化转型机制研究”(项目编号:23BFX116)。

摘　　要：目前,我国私募基金管理人是否属于刑法意义上的“金融机构”存有争议,其刑法性质争议导致司法实践中存在罪与非罪、此罪与彼罪以及轻罪与重罪的认定困难。在实然层面,运用解释学方法将私募基金管理人解释为“金融机构”缺乏说服力,不符合各种解释方法得出的结论以及前置法中的规定;现行法律规范下主张“私募基金管理人不属于金融机构”的观点符合金融监管逻辑和司法实践立场,也契合“行政从属性”“法秩序统一性”等基本法理。在应然层面,应在防范系统性风险与鼓励金融守正创新之间寻求平衡,在私募市场扩容、现行刑法对其规制仍高度依赖传统罪名的背景下,考虑借鉴系统重要性金融机构认定方法,通过刑法立法解释对部分私募基金管理人有限度承认其金融机构属性,形成“精准监管、适度包容”的法治监管环境。At present,there is controversy over whether private fund managers in China should be qualified as“financial institutions”within the meaning of criminal law.This debate over their criminal law nature leads to difficulties in judicial practice,including determining guilt or innocence,the classification of offenses,and the distinction between misdemeanors and felonies.At the“is”level,interpreting private fund managers as“financial institutions”using hermeneutic methods lacks persuasiveness,as it does not align with conclusions drawn from various interpretative approaches or the provisions of related laws.Under the current legal framework,the view that“private fund managers are not financial institutions”aligns with financial regulatory logic,the stance of judicial practice,and fundamental legal principles such as“administrative affiliation”and“legal order’s unity.”At the“ought”level,it is essential to strike a balance between preventing systemic risks and encouraging sound financial innovation.Against the backdrop of the expansion of the private equity market and the current criminal law still heavily relying on traditional charges for its regulation,consideration could be given to drawing on the methods used to identify systemically important financial institutions.That is,through legislative interpretation of criminal law,the financial institution attributes of certain private fund managers could be conditionally recognized,thereby fostering a legal regulatory environment characterized by“precise supervision and moderate inclusiveness.”

关 键 词：私募基金管理人 金融机构 涉私募基金犯罪 刑法性质 

分 类 号：D914[政治法律—刑法学]