作者：邢会强
作者介绍：中央财经大学龙马学者特聘教授
出版日期：2019年2月9日
内容提要 证券法上"证券"的定义问题是证券法的第一问题。证券是投资者为了获取利润而取得的代表投资性权利的凭证或合同,投资者之间共同进行了投资或者它允许投资者对外拆分转让该证券,它具有损失本金的风险且该风险未受其他专门法律的有效规制。换言之,证券具有投资性、横向共同性和风险未受规制性(或风险裸露性)三大本质特征。简言之,证券的特征可以概括为"共同投资,风险裸露"八个字。凡是符合该定义的凭证、产品或合同都是证券,都应该纳入《证券法》的调整范围,这就意味着我国《证券法》上证券概念应扩大。但证券概念的扩大是有边界的,它不能涵盖所有的金融投资商品。证券是具有横向共同性特征的金融投资商品,但并非所有的金融投资商品都具有横向共同性。
关键词 证券 金融商品 金融投资商品 投资合同 豪威测试
Abstract: The definition of "securities" in the securities law is the first issue. Securities are the vouchers or contracts representing the investing rights acquired by investors in order to make profits. Investors invest jointly or allow investors to transfer the securities partially, which has the risk of losing principal and the risk is not effectively regulated by other special laws. In other words, securities have three essential characteristics: investment, horizontal commonality and unregulated risk. In short, the characteristics of securities can be summarized as "joint investment, unregulated risk". All vouchers, products or contracts that meet this definition are securities, and should fall in the scope of regulation of the Securities Law, which means that the concept of securities in the Securities Law of China should be expanded. However, the expansion of the concept of securities has its boundary, and it cannot cover all financial investment commodities. Securities are financial investment commodities with the characteristic of horizontal commonality, but not all financial investment commodities have the same characteristic.