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回顾已经过去的2010年,当内地证券市场上针对虚假陈述的投资者民事赔偿机制进展缓慢之际,香港证监会通过法院勒令财务造假的洪良国际公司召开股东大会就回购全部股份以对受害投资者进行赔偿进行表决的案例,理所当然地引起了财经媒体的广泛瞩目。本文在对于香港洪良国际案中的股份回购机制、国内万福生科及海联讯投资者专项补偿基金和美国SEC的公平基金实践进行检讨的基础上,反思了由监管机构主导或影响下的投资者损害赔偿模式的理论基础——不完备法律理论,主张虽然中国证券民事诉讼机制亟待完善,通往诉讼主导模式的投资者保护道路可能艰难而漫长,但是方向无法选择,路径无从超越。
Recalling the past 2010, when the civil compensation mechanism for false statements of investors in the mainland securities market is slowing down, the Hong Kong Securities and Futures Commission passed a general meeting of Hongliang International Company, which ordered the financial fraud by the court, to repurchase all the shares to pay for the victims Investors to vote for compensation cases, of course, aroused widespread attention of the financial media. Based on the review of the share repurchase mechanism of Hongliang International in Hong Kong, the domestic Wanfuko Branch and Hailian Investors Special Compensation Fund and the SEC’s Equity Fund practice, this article reflects on the influence of regulatory agencies The theoretical basis of the investor damages model - incomplete legal theory, argued that although China’s securities litigation mechanism needs to be perfected, leading to litigation-oriented investor protection road may be difficult and long, but the direction can not choose, the path can not go beyond.