论证券法之“证券”——以《证券法》第2条为中心

由于证券法之"证券"应当具有严格的法定性,在立法以"列举式"定义证券却无法周延的情况下,可通过分析美国证券法判例中的"Howey Test"并结合我国证券法律实践,确立我国证券法界定证券范围时使用"兜底条款"所应当采用的标准。"资本证券"是一个在证券法领域颇受重视且频繁使用的概念,但是,在比较各国或地区的证券立法并对证券法理论进行回顾后可发现,"资本证券"既没有成为立法用语,也没有得到广泛深入的研究。对此,可在分析有价证券、证券资本的基础上,厘清证券法上的"证券"和有价证券、资本证券之间的关系。

Research on the Concept of "Security" in the Securities Law

The concept of "security" in China securities law is rigidly defined.Comparative study of legislations in various jurisdictions shows that enumerating different types of securities plus a catch-all clause is the common approach to define the concept of security.But the enumeration approach can not always cover the whole width of the concept.The article analyzes the arguments about the width of the concept in China and discusses the standards of applying a catch-all clause for the concept in China securities law by studying "Howey Test" in American case law.Meanwhile,the author also finds that "capital securities" is a popular and frequently used term in the field of securities law.However,"capital securities" has not become a legislative term,and it is also not widely studied.Based on the analysis on "securities(negotiable)" and "capital securities",the author draws a conclusion that the concept of capital securities is a carrier of currency flow in capital market and the concept of security in securities law is same as capital securities in essence.