论我国证券法定范围引发的问题及其解决方案

我国证券法没有证券定义并缺乏功能标准，法定列举了股票、公司债券及国务院认定的证券为其调整范围。证券法定范围的不足造成具有实质性功能的证券活动无法科学判定，企业难以借用股票和公司债券以外的权益证券融资，打击非法集资及非法证券活动的范围过于宽泛。借鉴引入美国证券法中的投资合同、证券私募和小额融资豁免制度，扩展我国的证券范围，赋予证券监管机构与法院证券认定裁量权，可解决我国证券定义不足造成的困境。

Solutions on the Problems Caused by China's Legal Scope of Securities

There is no appropriate definition of securities in our Securities Law and it is also lack of functional standards. Stocks, corporate bonds and the securities which identified by the State Department are the very securities listed by the Securities Law. With the narrow legal scope of securities, the essential activities can not be determined scientifically, enterprises are hard to apply other equity securities to financing, and the crackdown on illegal securities activities and illegal fund-raising is covering a wide range. Learning from the investment contracts, private placement and small issues exemption system in the U.S. Securities Act,broadening the range of securities, and giving discretionary power of identifying securities to regulators and courts can solve these problems.