股权质押制度的反思与重构——以制度价值为中心的考察

安全、效率和公平是股权质押制度的基本价值取向,但现有股权质押的制度安排,一方面因防范道德风险、市场风险和法律风险的机制漏洞可能危及交易的安全;另一方面,因过于侧重对交易安全的保护而忽视了对交易便捷利益的保护,忽视了对出质人的公平保护,影响了效率和公平;因此,需要对股权质押的制度价值进行准确定位,按照安全优先,兼顾效率和公平的要求,完善我国的股权质押制度,进一步拓宽融资渠道,促进资本市场健康发展。

The Reflection and Restructuring of Equity Interest Mortgage System: The system value oriented research

Security, efficiency and impartiality are basic elements of the equity interest mortgage system. However, due to the systematic flaws and other factors constituted while guarding against moral, market and legal risks, the security of transactions may be endangered with the imperfectness of the structure of the existing system. Further, the system also exerts negative impact upon efficiency and impartiality because it focuses excessively on protecting the security of transactions and ignores the convenience and promptness of transactions and the protection of mortgagers' interests. Therefore, it is necessary to assess the value of the equity interest mortgage system and to improve China's equity interest mortgage in accordance with the principle of giving priority to security and concurrently taking account of efficiency and impartiality. Thus, financing channels will be further widened and the capital market smoothly developed.