论无纸化证券的持有与所有

在实物券体系下，证券的持有与所有可以通过物权法上占有与所有的理论来解释和规范。但无纸化进程之后，证券不再具有实物凭证的形式，而是通过账户体系加以表现，其持有方式区分为直接持有与间接持有，由此权利人所享有的权利究属何种性质以及如何证明其权利之存在都成为值得关注的问题。然而从规范分析的角度来看，我国相关法律制度仍基本停留在实物券阶段，对无纸化证券的特性缺乏足够的认识，非常典型地体现出规范与实践之间的疏离。

On the Holding and Possession of Uncertifiicated securities

In the system of certificated securities,the holding title and property entitlement of securities can be explained and regulated by the possession and ownership rules in property law.Along with the dematerialization,securities lost the form of certificates and exist only as data in securities accounts registered by the central securities depository,which results in the difference between direct holding and indirect holding.Then,the characters of different securities entitlement and the ways to prove such entitlement become important questions.However,our legal system still mainly regulates certificated securities and divorces from the reality of dematerialization.