On the Investor Protection System in Chinese Securities—Research on Investor Protection Organization’s Advance Payment

本文探讨了我国证券法下投资者保护机构在先行赔付机制中的作用。首先阐释先行赔付的含义、适用条件及主体，指出其具有民事和解性质，适用范围涵盖欺诈发行、虚假陈述等法定情形及“其他重大违法行为”兜底情形，责任主体包括发行人及其控股股东、保荐机构等。研究发现，投资者保护机构在机制中承担基金管理、方案执行等职能，但存在程序启动依赖自愿委托、适用情形范围限缩、机构职责交叉、追偿权规则模糊等局限。为此，提出借鉴美国“公平基金”模式拓宽资金来源，明确投保基金执行主体定位以厘清机构分工，规范追偿权行使并合理设定破产清偿顺位，推动先行赔付机制从个案试点向常态化、系统化保护机制转型。This paper discusses the role of the investor protection organization in the first compensation mechanism under Chinese securities law. Firstly, it explains the meaning, applicable conditions and main body of the first compensation, pointing out that it has the nature of civil settlement, the scope of application covers fraudulent issuance, misrepresentation and other statutory circumstances and “other major violations” of the pocket situation, the main body of the responsibility includes the issuer and its controlling shareholders, sponsoring organizations and so on. The study found that the investor protection agencies in the mechanism to undertake fund management, program implementation and other functions, but the operation of its procedures rely on voluntary commissioning, the scope of application of the circumstances limited to the scope of the agency's responsibilities, cross, the right to recovery rules and other vague limitations. Based on this, it is proposed to draw on the model of “Fair Fund” in the United States to broaden the source of funds, clarify the positioning of the executive body of the investment fund in order to clarify the division of labor among institutions, regulate the exercise of the right of recovery and reasonably set the bankruptcy liquidation position, and promote the transformation of the mechanism of advance payment from a case-by-case pilot to a regularized and systematic protection mechanism.