{"id":164984,"date":"2022-03-24T12:04:28","date_gmt":"2022-03-24T04:04:28","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/?post_type=thought-leadership&p=164984"},"modified":"2022-03-24T12:18:48","modified_gmt":"2022-03-24T04:18:48","slug":"a-new-chapter-in-protecting-the-rights-of-mainland-securities-investors","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/a-new-chapter-in-protecting-the-rights-of-mainland-securities-investors\/","title":{"rendered":"\u5185\u5730\u4fdd\u969c\u8bc1\u5238\u6295\u8d44\u8005\u8c31\u65b0\u7ae0"},"content":{"rendered":"

2020\u5e747\u670831\u65e5\uff0c\u56fd\u5bb6\u6700\u9ad8\u4eba\u6c11\u6cd5\u9662\u53d1\u5e03\u5e76\u5b9e\u65bd\u300a\u5173\u4e8e\u8bc1\u5238\u7ea0\u7eb7\u4ee3\u8868\u4eba\u8bc9\u8bbc\u82e5\u5e72\u95ee\u9898\u7684\u89c4\u5b9a\u300b\uff08\u4e0b\u79f0\u300a\u89c4\u5b9a\u300b\uff09\uff0c\u6807\u5fd7\u7740\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\u6b63\u5f0f\u843d\u5730\u4e2d\u56fd\u8bc1\u5238\u5e02\u573a\uff0c\u5185\u5730\u4e0a\u5e02\u516c\u53f8\u7684\u6295\u8d44\u8005\u7ef4\u6743\u7531\u6b64\u6380\u5f00\u4e86\u65b0\u7bc7\u7ae0\u3002<\/p>\n

\u8fd9\u4e2a\u65b0\u7684\u8bc9\u8bbc\u5236\u5ea6\u4e0e\u901a\u8fc7\u300c\u6caa\u6e2f\u901a\u300d\u3001\u300c\u6df1\u6e2f\u901a\u300d\u4ee5\u53ca\u300c\u503a\u5238\u901a\u300d\u5317\u5411\u6295\u8d44\u4e8e\u5185\u5730A\u80a1\u548c\u5883\u5185\u503a\u5238\u7684\u9999\u6e2f\u673a\u6784\u548c\u4e2a\u4eba\u6295\u8d44\u8005\u3001\u4e0e\u5728\u5185\u5730\u4e0a\u5e02\u516c\u53f8\u62c5\u4efb\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u548c\u8463\u4e8b\u7684\u9999\u6e2f\u4eba\u58eb\u4e5f\u606f\u606f\u76f8\u5173\u3002\u672c\u6587\u5c31\u4e09\u5927\u8303\u7574\u9610\u91ca\u6b64\u4e00\u5d2d\u65b0\u8bc9\u8bbc\u5236\u5ea6\u3002<\/p>\n

\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\u7684\u8d77\u6e90<\/h5>\n

1942\u5e74\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u6839\u636e\u300a1934\u5e74\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\uff08Securities Exchange Act of 1934\uff09\u7684\u6388\u6743\uff0c\u5728\u517610b-5\u6761\u4f8b\u4e2d\u7387\u5148\u5f15\u5165\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\u3002\u8be5\u8bc9\u8bbc\u5236\u5ea6\u7684\u7406\u8bba\u57fa\u7840\u662f\u5e02\u573a\u6b3a\u8bc8\u7406\u8bba\uff08Fraud-on-the-market theory\uff09\uff0c\u5373\u62ab\u9732\u6b3a\u8bc8\u865a\u589e\u80a1\u4ef7\u3002\u4efb\u4f55\u6295\u8d44\u8005\u53ea\u8981\u5728\u6b3a\u8bc8\u63ed\u9732\u65e5\u4e4b\u524d\u6309\u5e02\u573a\u4ef7\u683c\u4e70\u5165\u80a1\u7968\uff0c\u5747\u4f1a\u88ab\u6cd5\u9662\u89c6\u4e3a\u57fa\u4e8e\u4e0a\u5e02\u516c\u53f8\u62ab\u9732\u7684\u865a\u5047\u8d44\u8baf\uff0c\u800c\u4f5c\u51fa\u4e86\u6295\u8d44\u51b3\u7b56\uff0c\u6545\u6b64\u6709\u6743\u5bf9\u6240\u53d7\u6295\u8d44\u635f\u5931\u5411\u76f8\u5173\u4e0a\u5e02\u516c\u53f8\u7d22\u507f\u3002<\/p>\n

\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u5141\u8bb8\u56e0\u540c\u4e00\u865a\u5047\u8d44\u8baf\u62ab\u9732\u800c\u906d\u53d7\u635f\u5931\u7684\u6295\u8d44\u8005\uff0c\u5171\u540c\u7ec4\u6210\u4e00\u4e2a\u8bc9\u8bbc\u96c6\u4f53\uff08class\uff09\uff0c\u5e76\u7531\u63a8\u4e3e\u51fa\u7684\u9996\u5e2d\u539f\u544a\u4e3a\u4ee3\u8868\u8fdb\u884c\u8bc9\u8bbc\uff0c\u6848\u4ef6\u7684\u7ed3\u679c\uff08\u6cd5\u5b98\u6279\u51c6\u7684\u53cc\u65b9\u548c\u89e3\u65b9\u6848\u6216\u6cd5\u5ead\u5224\u51b3\uff09\u9002\u7528\u4e8e\u6240\u6709\u96c6\u4f53\u6210\u5458\u3002\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u673a\u5236\u56e0\u5927\u5e45\u964d\u4f4e\u4e2a\u522b\u6295\u8d44\u8005\u7684\u7ef4\u6743\u6210\u672c\uff0c\u5e76\u5bf9\u6b3a\u8bc8\u8005\u6784\u6210\u6781\u5927\u9707\u6151\uff0c\u88ab\u8ba4\u4e3a\u662f\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u7684\u6210\u529f\u8981\u7d20\u4e4b\u4e00\u3002<\/p>\n

\u53e6\u4e00\u65b9\u9762\uff0c\u7f8e\u56fd\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\u4e0d\u65e0\u5f0a\u7aef\uff0c\u6bd4\u5982\u5f8b\u5e08\u8d39\u901a\u5e38\u4f1a\u5360\u548c\u89e3\u603b\u91d1\u989d\u8fbe40%\uff0c\u53d7\u9a97\u6295\u8d44\u8005\u5f97\u5230\u7684\u8865\u507f\u6709\u9650 \u3010\u6ce81\u3011<\/a>\u3002\u867d\u7136\u7f8e\u56fd\u56fd\u4f1a\u57281995\u5e74\u901a\u8fc7\u6cd5\u6848\uff0c\u63d0\u9ad8\u4e86\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u7684\u5174\u8bbc\u95e8\u69db\uff0c\u4f46\u4ecd\u6709\u4e0d\u5c11\u6ecb\u6270\u6027\u8bc9\u8bbc\u3002\u53e6\u5916\uff0c\u7f8e\u56fd\u7edd\u5927\u591a\u6570\u7684\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u90fd\u4f1a\u4ee5\u539f\u544a\u53ca\u88ab\u544a\u548c\u89e3\u6536\u573a\uff0c\u5f88\u5c11\u6709\u8fdb\u884c\u5230\u6cd5\u9662\u5224\u51b3\u7684\u9636\u6bb5\uff0c\u539f\u56e0\u662f\u53cc\u65b9\u90fd\u6709\u8bf1\u56e0\uff0c\u5e0c\u671b\u5c3d\u91cf\u5229\u7528\u8463\u4e8b\u4e0e\u9ad8\u7ba1\u8d23\u4efb\u4fdd\u9669\uff08Directors’ and Officers’ Liability Insurance\uff09\u7684\u8d54\u507f\uff0c\u5f53\u7136\u6d89\u53ca\u7684\u4fdd\u8d39\u6210\u672c\u6700\u7ec8\u8fd8\u662f\u7531\u88ab\u544a\u516c\u53f8\u7684\u80a1\u4e1c\u627f\u62c5\uff0c\u4ee5\u81f4\u90e8\u5206\u5bf9\u6b3a\u8bc8\u8d1f\u6709\u8d23\u4efb\u7684\u4e3b\u4f53\u5e76\u672a\u771f\u6b63\u627f\u62c5\u8d23\u4efb\u3002<\/p>\n

\u6700\u540e\uff0c\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u53d8\u4e3a\u7531\u516c\u53f8\u73b0\u6709\u80a1\u4e1c\u8d54\u507f\u4e4b\u524d\u56e0\u6b3a\u8bc8\u800c\u53d7\u635f\u7684\u80a1\u4e1c\uff0c\u6240\u4ee5\u88ab\u79f0\u4e3a\u80a1\u4e1c\u4e4b\u95f4\u7684\u8d22\u5bcc\u8f6c\u624b\uff08pocket-shifting wealth transfers\uff09\u3010\u6ce82\u3011<\/a>\u3002\u6709\u9274\u4e8e\u6b64\uff0c\u5b66\u754c\u5efa\u8bae\u5e94\u601d\u8003\u5982\u4f55\u6539\u8fdb\u7f8e\u56fd\u7684\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\u3002<\/p>\n

\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\u5f15\u5165\u4e2d\u56fd\u7684\u5386\u7a0b<\/h5>\n

\u867d\u7136\u591a\u5e74\u6765\u4e00\u76f4\u6709\u4eba\u547c\u5401\u5728\u4e2d\u56fd\u5185\u5730\u5f15\u5165\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\uff0c\u4f46\u7acb\u6cd5\u8005\u8ba4\u771f\u4e88\u4ee5\u8003\u8651\u4e4b\u9645\uff0c\u59cb\u4e8e2019\u5e74\u8bc1\u5238\u6cd5\u4fee\u8ba2\u7684\u56db\u8bfb\u5ba1\u8bae\u73af\u8282\uff1b\u540c\u5e7412\u670828\u65e5\u901a\u8fc7\u4fee\u8ba2\u540e\u7684\u300a\u8bc1\u5238\u6cd5\u300b\u7b2c95\u6761\uff0c\u9996\u6b21\u5f15\u5165\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\uff0c\u5373\u6240\u8c13\u7684\u300c\u7279\u522b\u4ee3\u8868\u8bc9\u8bbc\u300d\uff08\u4ee5\u4e0b\u7edf\u79f0\u300c\u96c6\u4f53\u8bc9\u8bbc\u300d\uff09\uff0c\u6295\u8d44\u8005\u4fdd\u62a4\u673a\u6784 \u3010\u6ce83\u3011<\/a> \u7ecf50\u4e2a\u4ee5\u4e0a\u7684\u539f\u544a\u6388\u6743\uff0c\u5373\u53ef\u4ee3\u8868\u539f\u544a\u53d1\u8d77\u96c6\u4f53\u8bc9\u8bbc\uff0c\u6240\u6709\u56e0\u540c\u4e00\u4fb5\u6743\u4e8b\u4ef6\u800c\u906d\u53d7\u635f\u5931\u7684\u539f\u544a\u5219\u6309\u300c\u9ed8\u793a\u52a0\u5165\u3001\u660e\u793a\u9000\u51fa\u300d\u7684\u539f\u5219\uff0c\u81ea\u52a8\u6210\u4e3a\u96c6\u4f53\u8bc9\u8bbc\u7684\u539f\u544a\u3002<\/p>\n

\u603b\u4f53\u800c\u8a00\uff0c\u6b64\u6b21\u5185\u5730\u5f15\u5165\u7684\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u5145\u5206\u501f\u9274\u4e86\u7f8e\u5f0f\u76f8\u5173\u5236\u5ea6\uff0c\u5e76\u6839\u636e\u56fd\u60c5\u52a0\u4ee5\u6539\u826f\uff0c\u65e8\u5728\u626c\u957f\u907f\u77ed\u3002\u65b0\u4fee\u6539\u7684\u300a\u8bc1\u5238\u6cd5\u300b\u4e8e2020\u5e743\u67081\u65e5\u6b63\u5f0f\u5b9e\u65bd\u3002\u6b64\u540e\u6700\u9ad8\u6cd5\u9662\u5728\u4ee5\u4e0a\u6d77\u3001\u6df1\u5733\u3001\u5357\u4eac\u7b49\u5730\u7684\u4e2d\u7ea7\u6cd5\u9662\u4e3a\u8bd5\u70b9\u7684\u57fa\u7840\u4e0a\uff0c\u4e8e2020\u5e747\u670831\u65e5\u8d77\u65bd\u884c\u7684\u300a\u89c4\u5b9a\u300b\uff0c\u4e3a\u96c6\u4f53\u8bc9\u8bbc\u6848\u4ef6\u7684\u5177\u4f53\u7a0b\u5f0f\u4f5c\u51fa\u4e86\u660e\u786e\u6307\u793a\u3002<\/p>\n

\u626c\u957f\u53bb\u77ed\u7684\u521b\u65b0\u8bbe\u8ba1<\/h5>\n

\u4e3a\u9632\u6b62\u6ee5\u8bc9\u548c\u964d\u4f4e\u539f\u544a\u7684\u4e3e\u8bc1\u95e8\u69db\uff0c\u96c6\u4f53\u8bc9\u8bbc\u89c4\u5219\u57fa\u672c\u6cbf\u7528\u4e86\u6700\u9ad8\u6cd5\u9662\u57282003\u5e74\u5173\u4e8e\u53d7\u7406\u56e0\u865a\u5047\u9648\u8ff0\u5bfc\u81f4\u7684\u8bc1\u5238\u4fb5\u6743\u8bc9\u8bbc\u7684\u524d\u8bbe\u6761\u4ef6\uff1a\u539f\u544a\u9700\u63d0\u4ea4\u6709\u5173\u9488\u5bf9\u88ab\u544a\u516c\u53f8\u7684\u884c\u653f\u3001\u7eaa\u5f8b\u6216\u5211\u4e8b\u5904\u7f5a\u51b3\u5b9a\u6216\u88ab\u544a\u81ea\u8ba4\u6750\u6599\uff0c\u4f5c\u4e3a\u88ab\u544a\u4fb5\u6743\u4e8b\u5b9e\u7684\u521d\u6b65\u8bc1\u636e\u3002<\/p>\n

\u5176\u6b21\uff0c\u53ea\u6709\u5728\u6295\u8d44\u8005\u4fdd\u62a4\u673a\u6784\u63a5\u53d750\u540d\u4ee5\u4e0a\u6295\u8d44\u8005\u7684\u7279\u522b\u6388\u6743\u540e\uff0c\u65b9\u80fd\u53d1\u8d77\u96c6\u4f53\u8bc9\u8bbc\u3002\uff08\u82e5\u6ca1\u6709\u96c6\u4f53\u8bc9\u8bbc\u6216\u6295\u8d44\u8005\u4e0d\u613f\u610f\u53c2\u4e0e\u96c6\u4f53\u8bc9\u8bbc\uff0c\u6295\u8d44\u8005\u4ecd\u53ef\u900f\u8fc7\u4e00\u822c\u4ee3\u8868\u8bc9\u8bbc\uff08\u970010\u4eba\u4ee5\u4e0a\uff09\u6216\u5355\u72ec\u8bc9\u8bbc\u65b9\u5f0f\uff0c\u5411\u88ab\u544a\u516c\u53f8\u7d22\u507f\u3002\uff09<\/p>\n

\u9488\u5bf9\u7f8e\u5f0f\u96c6\u4f53\u8bc9\u8bbc\u8d39\u7528\u9ad8\u3001\u53ef\u80fd\u9700\u65f6\u6570\u5e74\u7684\u95ee\u9898\uff0c\u5185\u5730\u5728\u5f15\u5165\u7684\u5236\u5ea6\u4e2d\uff0c\u8fdb\u884c\u4e86\u591a\u79cd\u521b\u65b0\u5b89\u6392\u3002<\/p>\n

\u4e00\u3001\u6295\u8d44\u8005\u4fdd\u62a4\u673a\u6784\u53ef\u4ee5\u76f4\u63a5\u5411\u8bc1\u5238\u767b\u8bb0\u7ed3\u7b97\u673a\u6784\uff0c\u8c03\u53d6\u76f8\u5173\u5408\u8d44\u683c\u7684\u6295\u8d44\u8005\u540d\u5355\uff0c\u4f5c\u4e3a\u96c6\u4f53\u8bc9\u8bbc\u539f\u544a\u7684\u521d\u6b65\u540d\u5355\uff0c\u5e76\u901a\u77e5\u5168\u4f53\u539f\u544a\uff08\u300a\u89c4\u5b9a\u300b\u7b2c35\u6761\uff09\u3002<\/p>\n

\u4e8c\u3001\u5bf9\u539f\u544a\u7684\u8bc9\u8bbc\u8d39\u7528\u7ed9\u4e88\u5f39\u6027\u5b89\u6392\u3002\u6295\u8d44\u8005\u4fdd\u62a4\u673a\u6784\u4f5c\u4e3a\u9996\u5e2d\u539f\u544a\uff0c\u6bcb\u987b\u4e3a\u96c6\u4f53\u8bc9\u8bbc\u9884\u7f34\u6848\u4ef6\u53d7\u7406\u8d39\uff0c\u8d25\u8bc9\u6216\u8005\u90e8\u5206\u8d25\u8bc9\u7684\u539f\u544a\uff0c\u82e5\u5411\u6cd5\u9662\u7533\u8bf7\u51cf\u4ea4\u6216\u514d\u4ea4\u8bc9\u8bbc\u8d39\u65f6\uff0c\u6cd5\u9662\u5e94\u914c\u60c5\u8003\u8651\uff0c\u5e76\u89c6\u4e4e\u60c5\u51b5\u51b3\u5b9a\u662f\u5426\u51c6\u8bb8\uff08\u300a\u89c4\u5b9a\u300b\u7b2c39\u6761\uff09\u3002\u6295\u8d44\u8005\u4fdd\u62a4\u673a\u6784\u4f5c\u4e3a\u9996\u5e2d\u539f\u544a\uff0c\u5728\u8bc9\u8bbc\u4e2d\u7533\u8bf7\u5bf9\u88ab\u544a\u65b9\u7684\u8d22\u4ea7\u4fdd\u5168\uff0c\u6cd5\u9662\u53ef\u4ee5\u4e0d\u8981\u6c42\u5176\u63d0\u4f9b\u62c5\u4fdd\uff08\u300a\u89c4\u5b9a\u300b\u7b2c40\u6761\uff09\u3002<\/p>\n

\u4e09\u3001\u660e\u786e\u6307\u5b9a\u96c6\u4f53\u8bc9\u8bbc\u6848\u4ef6\uff0c\u7531\u88ab\u544a\u516c\u53f8\u96c6\u4e2d\u4ea4\u6613\u7684\u8bc1\u5238\u4ea4\u6613\u6240\u6240\u5728\u5730\u7684\u4e2d\u7ea7\u6cd5\u9662\u6216\u8005\u4e13\u95e8\uff08\u91d1\u878d\uff09\u6cd5\u9662\u7ba1\u8f96\u3001\u5ba1\u7406\uff0c\u6709\u6548\u5730\u907f\u514d\u4e86\u7f8e\u5f0f\u5236\u5ea6\u4e2d\uff0c\u539f\u544a\u53ef\u9009\u62e9\u5728\u4e0d\u540c\u6cd5\u9662\u63d0\u51fa\u8bc9\u8bbc\uff0c\u4ee5\u53ca\u540e\u7eed\u7e41\u7410\u7684\u6848\u4ef6\u5408\u5e76\u95ee\u9898\uff0c\u4e5f\u6709\u5229\u4e8e\u8fbe\u81f4\u66f4\u72ec\u7acb\u4e8e\u88ab\u544a\u7684\u8bc9\u8bbc\u5ba1\u7406\u3002<\/p>\n

\u56db\u3001\u6700\u9ad8\u6cd5\u9662\u8981\u6c42\u5ba1\u7406\u6cd5\u9662\u5c3d\u91cf\u5229\u7528\u7535\u5b50\u5316\u3001\u7f51\u7edc\u5316\u5f62\u5f0f\uff0c\u4ee5\u8fdb\u884c\u7acb\u6848\u767b\u8bb0\u3001\u8bc9\u8bbc\u6587\u4e66\u9001\u8fbe\u3001\u516c\u544a\u548c\u901a\u77e5\u3001\u6743\u5229\u767b\u8bb0\u3001\u6267\u884c\u6b3e\u9879\u53d1\u653e\u7b49\u5404\u4e2a\u73af\u8282\uff0c\u4ee5\u4fbf\u5229\u5f53\u4e8b\u4eba\u884c\u4f7f\u8bc9\u8bbc\u6743\u5229\u3002\u8fd9\u4e9b\u8bbe\u8ba1\u52a0\u4e0a\u524d\u8bbe\u6761\u4ef6\uff0c\u6709\u6548\u5730\u964d\u4f4e\u8bc9\u8bbc\u8d39\u7528\u53ca\u63d0\u5347\u8bc9\u8bbc\u6548\u7387\u3002<\/p>\n

\u6b64\u5916\uff0c\u5236\u5ea6\u8bbe\u8ba1\u4e0a\u5145\u5206\u4fdd\u969c\u4e0d\u540c\u539f\u544a\u7684\u4e0d\u540c\u8bc9\u6c42\u3002\u5728\u8bc1\u5238\u4ee3\u8868\u8bc9\u8bbc\u4e2d\uff0c\u5373\u4f7f\u9996\u5e2d\u539f\u544a\u51b3\u5b9a\u4e0d\u5bf9\u6cd5\u9662\u4e00\u5ba1\u5ba1\u7406\u7ed3\u679c\u8fdb\u884c\u4e0a\u8bc9\uff0c\u88ab\u4ee3\u8868\u7684\u4e2a\u522b\u539f\u544a\u5982\u6709\u4e0d\u540c\u610f\u89c1\uff0c\u4ecd\u53ef\u4ee5\u5728\u89c4\u5b9a\u671f\u9650\u5185\u81ea\u884c\u4e0a\u8bc9\uff1b\u540c\u6837\uff0c\u9996\u5e2d\u539f\u544a\u51b3\u5b9a\u5c31\u5ba1\u7406\u7ed3\u679c\u4e0a\u8bc9\u65f6\uff0c\u5176\u4e0a\u8bc9\u51b3\u5b9a\u4e0d\u5f71\u54cd\u4e2a\u522b\u539f\u544a\u653e\u5f03\u4e0a\u8bc9\u7684\u6743\u5229\uff08\u300a\u89c4\u5b9a\u300b\u7b2c27\u6761\uff09\u3002<\/p>\n

\u57282020\u5e74\u5f15\u5165\u7684\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\uff0c\u65e0\u7591\u662f\u8bc1\u5238\u5e02\u573a\u53d1\u5c55\u4e2d\u7684\u91cd\u8981\u91cc\u7a0b\u7891\uff0c\u4e2d\u56fd\u5185\u5730\u56e0\u6b64\u6210\u4e3a\u5168\u7403\u5c11\u6709\u7684\u51e0\u4e2a\u5141\u8bb8\u8bc1\u5238\u96c6\u4f53\u8bc9\u8bbc\u7684\u5e02\u573a\u4e4b\u4e00\uff08\u5176\u4ed6\u5e02\u573a\u5305\u62ec\u7f8e\u56fd\u3001\u52a0\u62ff\u5927\u3001\u6fb3\u6d32\u548c\u5357\u97e9\uff09\u3002\u9488\u5bf9\u7f8e\u5f0f\u96c6\u4f53\u8bc9\u8bbc\u5236\u5ea6\u7684\u4e00\u4e9b\u4e0d\u8db3\u4e4b\u5904\uff0c\u5185\u5730\u76d1\u7ba1\u8005\u7ed3\u5408\u56fd\u60c5\uff0c\u626c\u957f\u907f\u77ed\uff0c\u8fdb\u884c\u5236\u5ea6\u521b\u65b0\u3002\u8fd9\u4e2a\u5236\u5ea6\u5bf9\u4e8e\u4fdd\u969c\u5185\u5730\u903e1.6\u4ebf\u7684\u4e2a\u4eba\u6295\u8d44\u8005\u3001\u63d0\u5347\u6295\u8d44\u8005\u4fe1\u5fc3\u3001\u9707\u6151\u90e8\u5206\u516c\u53f8\u7684\u9020\u5047\u884c\u4e3a\u548c\u4fc3\u8fdb\u8bc1\u5238\u5e02\u573a\u53d1\u5c55\u6df1\u5177\u610f\u4e49\u3002\u5728\u6700\u9ad8\u6cd5\u9662\u89c4\u5b9a\u6b63\u5f0f\u53d1\u5e03\u540e\u7684\u9996\u4e2a\u4ea4\u6613\u65e5\uff0c\u5e02\u573a\u53cd\u5e94\u6b63\u9762\uff0c\u5176\u4e2d\u4e0a\u8bc1\u7efc\u5408\u6307\u6570\u4e0a\u6da81.75%\uff0c\u6df1\u8bc1\u6210\u4efd\u6307\u6570\u4e0a\u6da82.4%\u3002\u7b14\u8005\u4e0b\u5468\u5c06\u5728\u672c\u680f\u7b80\u4ecbA\u80a1\u5e02\u573a\u7684\u9996\u5b97\u96c6\u4f53\u8bc9\u8bbc\u53ca\u63a2\u8ba8\u5176\u542f\u793a\u3002<\/p>\n

 <\/p>\n

<\/a><\/a >\u3010\u6ce81\u3011\uff1aYingling, Elizabeth L., “U.S. Securities Class Actions \u2013 An Overview”, (https:\/\/www.bakermckenzie.com\/-\/media\/files\/locations\/india\/overview_of_a_securities_class_action_suit.pdf?la=en).<\/p>\n

<\/a><\/a >\u3010\u6ce82\u3011\uff1aCoffee Jr, John C., “Reforming the securities class action: An essay on deterrence and its implementation”, Columbia Law Review 10 (2006): 1534\u20131586.<\/p>\n

<\/a><\/a >\u3010\u6ce83\u3011\uff1a\u76ee\u524d\u5185\u5730\u6709\u4e2d\u8bc1\u4e2d\u5c0f\u6295\u8d44\u8005\u670d\u52a1\u4e2d\u5fc3\u548c\u4e2d\u56fd\u8bc1\u5238\u6295\u8d44\u8005\u4fdd\u62a4\u57fa\u91d1\u6709\u9650\u8d23\u4efb\u516c\u53f8\u4e24\u5927\u516c\u76ca\u6027\u7684\u6295\u8d44\u8005\u4fdd\u62a4\u673a\u6784\u3002<\/p>\n

 <\/p>\n

\u9e23\u8c22\uff1a<\/strong><\/p>\n

\u4e2d\u56fd\u4eba\u6c11\u5927\u5b66\u5546\u5b66\u9662\u8881\u84c9\u4e3d\u6559\u6388\u548c\u4e0a\u6d77\u540c\u6d4e\u5927\u5b66\u7ecf\u6d4e\u4e0e\u7ba1\u7406\u5b66\u9662\u9a6c\u6167\u535a\u58eb\u5728\u672c\u6587\u5199\u4f5c\u8fc7\u7a0b\u4e2d\u4e3a\u7b14\u8005\u63d0\u4f9b\u7684\u5b9d\u8d35\u5e2e\u52a9\uff0c\u7279\u6b64\u9e23\u8c22\u3002<\/p>\n

 <\/p>\n

\u90b9\u5b8f \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u6388<\/strong><\/p>\n

\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e8c\u5e74\u4e09\u6708\u4e8c\u5341\u4e09\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\u3002\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[2313],"class_list":["post-164984","thought-leadership","type-thought-leadership","status-publish","hentry","tag-2313","leadership-topic-categories-hkej-column-sc","in-the-media-topic-categories-faculty-sc"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/164984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":4,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/164984\/revisions"}],"predecessor-version":[{"id":165039,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/164984\/revisions\/165039"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=164984"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=164984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}