论消极投资者权利的法律保护路径

我国市场发展过程中出现了许多新形态的投资，现行法律往往按照非法集资来处理，这种处理方式对保护投资者不利。出资后不直接控制或参与资金的运用，出资的回报主要依靠管理者或代理人等第三方的努力，构成消极投资者，与证券市场上的投资者地位实质上相同。应借鉴美国的做法，扩大证券的定义，将对于消极投资者的保护纳入证券法，开放投资市场，以证券法的制度规范非典型证券，以防止各种欺诈的发生，保护投资者权利。

Approaches to the Legal Protection of the Passive Inventors' Rights

In a rural society which is increasingly characterized with modernity, state law has turned to be a necessa- ry force in keeping the social order,promoting the social harmony and guaranteeing the building of a new country. Yet in the meantime,there exists a sort of force or authority that helps keep the order inside the rural society,that is the non-govern- mental law. It is imperative for us to correctly understand their relations and set up an interactive and coordinating system so as to give full play to them and promote the building of a harmonious society.