{"id":164983,"date":"2022-03-24T12:04:25","date_gmt":"2022-03-24T04:04:25","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/?post_type=thought-leadership&#038;p=164983"},"modified":"2022-03-24T12:18:23","modified_gmt":"2022-03-24T04:18:23","slug":"a-new-chapter-in-protecting-the-rights-of-mainland-securities-investors","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/a-new-chapter-in-protecting-the-rights-of-mainland-securities-investors\/","title":{"rendered":"\u5167\u5730\u4fdd\u969c\u8b49\u5238\u6295\u8cc7\u8005\u8b5c\u65b0\u7ae0"},"content":{"rendered":"<p>2020\u5e747\u670831\u65e5\uff0c\u570b\u5bb6\u6700\u9ad8\u4eba\u6c11\u6cd5\u9662\u767c\u5e03\u4e26\u5be6\u65bd\u300a\u95dc\u65bc\u8b49\u5238\u7cfe\u7d1b\u4ee3\u8868\u4eba\u8a34\u8a1f\u82e5\u5e72\u554f\u984c\u7684\u898f\u5b9a\u300b\uff08\u4e0b\u7a31\u300a\u898f\u5b9a\u300b\uff09\uff0c\u6a19\u8a8c\u7740\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u5236\u5ea6\u6b63\u5f0f\u843d\u5730\u4e2d\u570b\u8b49\u5238\u5e02\u5834\uff0c\u5167\u5730\u4e0a\u5e02\u516c\u53f8\u7684\u6295\u8cc7\u8005\u7dad\u6b0a\u7531\u6b64\u6380\u958b\u4e86\u65b0\u7bc7\u7ae0\u3002<\/p>\n<p>\u9019\u500b\u65b0\u7684\u8a34\u8a1f\u5236\u5ea6\u8207\u901a\u904e\u300c\u6eec\u6e2f\u901a\u300d\u3001\u300c\u6df1\u6e2f\u901a\u300d\u4ee5\u53ca\u300c\u50b5\u5238\u901a\u300d\u5317\u5411\u6295\u8cc7\u65bc\u5167\u5730A\u80a1\u548c\u5883\u5167\u50b5\u5238\u7684\u9999\u6e2f\u6a5f\u69cb\u548c\u500b\u4eba\u6295\u8cc7\u8005\u3001\u8207\u5728\u5167\u5730\u4e0a\u5e02\u516c\u53f8\u64d4\u4efb\u9ad8\u7d1a\u7ba1\u7406\u4eba\u54e1\u548c\u8463\u4e8b\u7684\u9999\u6e2f\u4eba\u58eb\u4e5f\u606f\u606f\u76f8\u95dc\u3002\u672c\u6587\u5c31\u4e09\u5927\u7bc4\u7587\u95e1\u91cb\u6b64\u4e00\u5d84\u65b0\u8a34\u8a1f\u5236\u5ea6\u3002<\/p>\n<h5>\u96c6\u9ad4\u8a34\u8a1f\u5236\u5ea6\u7684\u8d77\u6e90<\/h5>\n<p>1942\u5e74\uff0c\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u6839\u64da\u300a1934\u5e74\u8b49\u5238\u4ea4\u6613\u6cd5\u300b\uff08Securities Exchange Act of 1934\uff09\u7684\u6388\u6b0a\uff0c\u5728\u517610b-5\u689d\u4f8b\u4e2d\u7387\u5148\u5f15\u5165\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u5236\u5ea6\u3002\u8a72\u8a34\u8a1f\u5236\u5ea6\u7684\u7406\u8ad6\u57fa\u790e\u662f\u5e02\u5834\u6b3a\u8a50\u7406\u8ad6\uff08Fraud-on-the-market theory\uff09\uff0c\u5373\u62ab\u9732\u6b3a\u8a50\u865b\u589e\u80a1\u50f9\u3002\u4efb\u4f55\u6295\u8cc7\u8005\u53ea\u8981\u5728\u6b3a\u8a50\u63ed\u9732\u65e5\u4e4b\u524d\u6309\u5e02\u5834\u50f9\u683c\u8cb7\u5165\u80a1\u7968\uff0c\u5747\u6703\u88ab\u6cd5\u9662\u8996\u70ba\u57fa\u65bc\u4e0a\u5e02\u516c\u53f8\u62ab\u9732\u7684\u865b\u5047\u8cc7\u8a0a\uff0c\u800c\u4f5c\u51fa\u4e86\u6295\u8cc7\u6c7a\u7b56\uff0c\u6545\u6b64\u6709\u6b0a\u5c0d\u6240\u53d7\u6295\u8cc7\u640d\u5931\u5411\u76f8\u95dc\u4e0a\u5e02\u516c\u53f8\u7d22\u511f\u3002<\/p>\n<p>\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u5141\u8a31\u56e0\u540c\u4e00\u865b\u5047\u8cc7\u8a0a\u62ab\u9732\u800c\u906d\u53d7\u640d\u5931\u7684\u6295\u8cc7\u8005\uff0c\u5171\u540c\u7d44\u6210\u4e00\u500b\u8a34\u8a1f\u96c6\u9ad4\uff08class\uff09\uff0c\u4e26\u7531\u63a8\u8209\u51fa\u7684\u9996\u5e2d\u539f\u544a\u70ba\u4ee3\u8868\u9032\u884c\u8a34\u8a1f\uff0c\u6848\u4ef6\u7684\u7d50\u679c\uff08\u6cd5\u5b98\u6279\u51c6\u7684\u96d9\u65b9\u548c\u89e3\u65b9\u6848\u6216\u6cd5\u5ead\u5224\u6c7a\uff09\u9069\u7528\u65bc\u6240\u6709\u96c6\u9ad4\u6210\u54e1\u3002\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u6a5f\u5236\u56e0\u5927\u5e45\u964d\u4f4e\u500b\u5225\u6295\u8cc7\u8005\u7684\u7dad\u6b0a\u6210\u672c\uff0c\u4e26\u5c0d\u6b3a\u8a50\u8005\u69cb\u6210\u6975\u5927\u9707\u61fe\uff0c\u88ab\u8a8d\u70ba\u662f\u7f8e\u570b\u8cc7\u672c\u5e02\u5834\u7684\u6210\u529f\u8981\u7d20\u4e4b\u4e00\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u7f8e\u570b\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u5236\u5ea6\u4e0d\u7121\u5f0a\u7aef\uff0c\u6bd4\u5982\u5f8b\u5e2b\u8cbb\u901a\u5e38\u6703\u4f54\u548c\u89e3\u7e3d\u91d1\u984d\u905440%\uff0c\u53d7\u9a19\u6295\u8cc7\u8005\u5f97\u5230\u7684\u88dc\u511f\u6709\u9650 <a href=\"#\u8a3b1\">\u3010\u8a3b1\u3011<\/a>\u3002\u96d6\u7136\u7f8e\u570b\u570b\u6703\u57281995\u5e74\u901a\u904e\u6cd5\u6848\uff0c\u63d0\u9ad8\u4e86\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u7684\u8208\u8a1f\u9580\u6abb\uff0c\u4f46\u4ecd\u6709\u4e0d\u5c11\u6ecb\u64fe\u6027\u8a34\u8a1f\u3002\u53e6\u5916\uff0c\u7f8e\u570b\u7d55\u5927\u591a\u6578\u7684\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u90fd\u6703\u4ee5\u539f\u544a\u53ca\u88ab\u544a\u548c\u89e3\u6536\u5834\uff0c\u5f88\u5c11\u6709\u9032\u884c\u5230\u6cd5\u9662\u5224\u6c7a\u7684\u968e\u6bb5\uff0c\u539f\u56e0\u662f\u96d9\u65b9\u90fd\u6709\u8a98\u56e0\uff0c\u5e0c\u671b\u76e1\u91cf\u5229\u7528\u8463\u4e8b\u8207\u9ad8\u7ba1\u8cac\u4efb\u4fdd\u96aa\uff08Directors&#8217; and Officers&#8217; Liability Insurance\uff09\u7684\u8ce0\u511f\uff0c\u7576\u7136\u6d89\u53ca\u7684\u4fdd\u8cbb\u6210\u672c\u6700\u7d42\u9084\u662f\u7531\u88ab\u544a\u516c\u53f8\u7684\u80a1\u6771\u627f\u64d4\uff0c\u4ee5\u81f4\u90e8\u5206\u5c0d\u6b3a\u8a50\u8ca0\u6709\u8cac\u4efb\u7684\u4e3b\u9ad4\u4e26\u672a\u771f\u6b63\u627f\u64d4\u8cac\u4efb\u3002<\/p>\n<p>\u6700\u5f8c\uff0c\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u8b8a\u70ba\u7531\u516c\u53f8\u73fe\u6709\u80a1\u6771\u8ce0\u511f\u4e4b\u524d\u56e0\u6b3a\u8a50\u800c\u53d7\u640d\u7684\u80a1\u6771\uff0c\u6240\u4ee5\u88ab\u7a31\u70ba\u80a1\u6771\u4e4b\u9593\u7684\u8ca1\u5bcc\u8f49\u624b\uff08pocket-shifting wealth transfers\uff09<a href=\"#\u8a3b2\">\u3010\u8a3b2\u3011<\/a>\u3002\u6709\u9451\u65bc\u6b64\uff0c\u5b78\u754c\u5efa\u8b70\u61c9\u601d\u8003\u5982\u4f55\u6539\u9032\u7f8e\u570b\u7684\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u5236\u5ea6\u3002<\/p>\n<h5>\u96c6\u9ad4\u8a34\u8a1f\u5236\u5ea6\u5f15\u5165\u4e2d\u570b\u7684\u6b77\u7a0b<\/h5>\n<p>\u96d6\u7136\u591a\u5e74\u4f86\u4e00\u76f4\u6709\u4eba\u547c\u7c72\u5728\u4e2d\u570b\u5167\u5730\u5f15\u5165\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\u5236\u5ea6\uff0c\u4f46\u7acb\u6cd5\u8005\u8a8d\u771f\u4e88\u4ee5\u8003\u616e\u4e4b\u969b\uff0c\u59cb\u65bc2019\u5e74\u8b49\u5238\u6cd5\u4fee\u8a02\u7684\u56db\u8b80\u5be9\u8b70\u74b0\u7bc0\uff1b\u540c\u5e7412\u670828\u65e5\u901a\u904e\u4fee\u8a02\u5f8c\u7684\u300a\u8b49\u5238\u6cd5\u300b\u7b2c95\u689d\uff0c\u9996\u6b21\u5f15\u5165\u8b49\u5238\u96c6\u9ad4\u8a34\u8a1f\uff0c\u5373\u6240\u8b02\u7684\u300c\u7279\u5225\u4ee3\u8868\u8a34\u8a1f\u300d\uff08\u4ee5\u4e0b\u7d71\u7a31\u300c\u96c6\u9ad4\u8a34\u8a1f\u300d\uff09\uff0c\u6295\u8cc7\u8005\u4fdd\u8b77\u6a5f\u69cb <a href=\"#\u8a3b3\">\u3010\u8a3b3\u3011<\/a> 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id=\"\u8a3b1\" name=\"\u8a3b1\"><\/a>\u3010\u8a3b1\u3011\uff1aYingling, Elizabeth L., &#8220;<a href=\"https:\/\/www.bakermckenzie.com\/-\/media\/files\/locations\/india\/overview_of_a_securities_class_action_suit.pdf?la=en\">U.S. Securities Class Actions \u2013 An Overview<\/a>&#8220;,<\/p>\n<p><a id=\"\u8a3b2\" name=\"\u8a3b2\"><\/a>\u3010\u8a3b2\u3011\uff1aCoffee Jr, John C., &#8220;Reforming the securities class action: An essay on deterrence and its implementation&#8221;, Columbia Law Review 10 (2006): 1534\u20131586.<\/p>\n<p><a id=\"\u8a3b3\" name=\"\u8a3b3\"><\/a>\u3010\u8a3b3\u3011\uff1a\u76ee\u524d\u5167\u5730\u6709\u4e2d\u8b49\u4e2d\u5c0f\u6295\u8cc7\u8005\u670d\u52d9\u4e2d\u5fc3\u548c\u4e2d\u570b\u8b49\u5238\u6295\u8cc7\u8005\u4fdd\u8b77\u57fa\u91d1\u6709\u9650\u8cac\u4efb\u516c\u53f8\u5169\u5927\u516c\u76ca\u6027\u7684\u6295\u8cc7\u8005\u4fdd\u8b77\u6a5f\u69cb\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u9cf4\u8b1d\uff1a<\/strong><\/p>\n<p>\u4e2d\u570b\u4eba\u6c11\u5927\u5b78\u5546\u5b78\u9662\u8881\u84c9\u9e97\u6559\u6388\u548c\u4e0a\u6d77\u540c\u6fdf\u5927\u5b78\u7d93\u6fdf\u8207\u7ba1\u7406\u5b78\u9662\u99ac\u6167\u535a\u58eb\u5728\u672c\u6587\u5beb\u4f5c\u904e\u7a0b\u4e2d\u70ba\u7b46\u8005\u63d0\u4f9b\u7684\u5bf6\u8cb4\u5e6b\u52a9\uff0c\u7279\u6b64\u9cf4\u8b1d\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u9112\u5b8f 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