投资者多元化救济体系问题探析——以《证券法》第九十三条先行赔付制度为视角

A Probe into the Problem of the Diversified Relief System for Investors—From the Perspective of the Advance Compensation System in Article 93 of the Securities Law

摘要: 强化投资者保护可谓新《证券法》的重要修订内容。为了拓宽投资者民事救济渠道以保护中小投资者权益，曾在实践中操作的先行赔付通过《证券法》第九十三条在法律层面上得以明确。然而，推动先行赔付发挥积极功能，需要构建激励机制。借鉴于证券市场实践，先行赔付与行政和解的制度衔接以及先行赔付主体向其他责任主体追偿预期性的提高有利于激励责任主体进行先行赔付。对于受损投资者，参与赔付方案拟定程序以及通过投资者保护机构保障赔付则是提高其接受先行赔付协议意愿的关键。

Abstract: The strengthening of investor protection is one of the important revisions in the new Securities Law. To broaden the civil remedy channel for investors and protect the rights and interests of investors, Advance Compensation System is clarified from the legal level through Article 93 of the Securities Law of the People’s Republic of China. However, in order to promote the Advance Compensation System to play a positive role, it is necessary to set up an incentive mecha-nism. Referring to the practice of the securities market, the connection between the advance com-pensation and the administrative settlement system, and the increase of the anticipatory recovery by the advance compensation body will help to encourage the responsibility body to conduct the advance payment. For injured investors, participation in the compensation planning process and the protection of compensation through an investor protection agency are key to increasing their willingness to accept the upfront settlement.