无纸化时代下证 券权利原始取得制度分析-analysis of original acquisition system of certificate right in paperless era.docxVIP

摘要摘要计算机和网络技术在证券发行和交易中的应用，彻底改变了证券的存在形式、持有 模式和交易方式等等。基于此，证券权利取得的方式也随之发生变化。无纸化证券不再 表现为纸质凭证，而仅仅将权利以电子簿记信息的形式记录于特定账簿。在传统的发行 证券实物券市场上，根据法律的规定，证券发行人需要印刷记载发行人信息的纸质凭证， 把它出售并交付给投资者，投资者就成功取得其证券权利。进入无纸化时代后，由于权 利载体形式发生了变化，传统的证券实物券发行很快就被无纸化的发行所替代，在信息 技术的推动下，网络时代下的证券网上直接发行取得成为投资者取得证券权利主要的方 式。在证券集中化交易下，交易的双方一般都无法知晓对方的身份，善意第三人的任何 一个交易对手都有可能不是真正的权利人。因此，无纸化下的证券善意取得制度也成为 取得证券权利的一种方式。证券无纸化暴露出了建立在传统“纸质”证券基础上的证券 权利的取得理论和制度的不足，给我国证券市场的稳定发展带来的影响也日益突出。本 文拟从法律视角研究无纸化背景下证券的内涵以及证券权利的法律界定，进而从发行取 得以及善意取得两个方面来阐述投资者原始取得证券权利的相关法律制度。通过对无纸化背景下证券和证券权利的法律界定，得出表彰证券权利载体的变化， 并未影响证券的本质的结论。证券在本质上仍然代表一定的财产性权利，即投资者的证 券权利的总和。通过对间接发行取得弊端的阐述，揭示出我国构建直接发行取得的必要 性，进而从发行机构、发行结算、发行信息披露探索构建我国的直接发行取得制度。通 过对中介持有实体法公约中有关间接持有模式下的善意取得制度规定以及与与中国现 有直接持有制度本质上相通的日本有关无纸化证券的善意取得制度的分别论述，从而为 我国构建此制度提供借鉴。通过对证券市场相关主体之间的关系的梳理，对无纸化下证 券权利取得的确认制度进行归纳。关键词无纸化证券 直接发行取得 善意取得AbstractAbstractSince the computer and network technology have been used in securities issuing and trading, it brought completed changes in varies aspects, such as the holding system, the methods of trading and so on. Based on this, the methods of acquiring the security system rights have been changed as well. Along with the dematerialization, securities lost the form of certificates, it existed as electronic records in securities accounts. In the traditional certificates securities issue market, according to the law, issuers need to print paper certificates in which the record of the issuer were written. Then the paper certificates were sold and handed over to the investors, the investors successfully achieved its securities rights. After entering the dematerialization era, the carriers of the rights have been changed. The traditional issue was replaced by the dematerialization issue. Due to the promotion of the internet, direct issuing has become a way to acquire securities rights. Under the centralized transaction, both parties could not get to know each other’s identity, any third counterparty could not be the right person. Therefore, good faith acquisition has also be