证券市场先行赔付制度的现存问题与完善研究

Research on the Existing Problems and Improvement of the Advance Compensation System in the Securities Market

摘要: 在资本市场中，对投资者利益的保护始终是市场改革和创新的出发点与最终目标。先行赔付制度的设立，可以弥补证券民事赔偿救济措施时间长、赔付率低等弊端，高效快速地将损失进行填补。这一制度的确立，表明我国投资者保护制度也在进步。但是，现阶段该制度的规定过于原则性，存在着适用难的问题。分析证券市场现存的适用问题，探究先行赔付规则的完善进路，有助于先行赔付制度更好地落地实施。

Abstract: In the capital market, protecting the interests of investors has always been the starting point and ultimate goal of market reform and innovation. The establishment of the advance compensation system can make up for the drawbacks of the long duration and low compensation rate of civil compensation and relief measures for securities, and efficiently and quickly fill the losses. The establishment of this system indicates that China’s investor protection system is also making progress. However, at the present stage, the regulations of this system are too principle-based and there is a problem of difficulty in application. Analyzing the existing applicable problems in the securities market and exploring the improvement approach of the advance compensation rule will help the advance compensation system to be better implemented.