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诚信是一个历史范畴,从初期的道德伦理发展为后来的法律规则,诚信原则和失信罚则推动了契约和债权的发展。同时,随着交易成本的提高和信息不对称性的加剧,经济社会对诚信原则赋予了新的内涵,即信息及时公开和准确披露。我国的证券市场发展曲折,诚信原则的缺失曾引发过市场灾难。虽然新《证券法》明确了诚信原则,但在失信行为的罚则中对资格罚规定并不到位,且行政处罚中资格罚的适用概率远小于财产罚,导致行为人违法成本较小,因此,我国自2006年来证券市场背信逐利的案例居高不下。解决目前证券市场诚信危机的途径在于强化资格罚。
Honesty is a historical category, from the early development of moral ethics to the later legal rules, the principle of good faith and the penalty of dishonesty promoted the development of contracts and claims. At the same time, with the increase of transaction costs and the increase of information asymmetry, economic and social sectors have given new meaning to the principle of good faith, that is, timely and accurate disclosure of information in a timely manner. The twists and turns in the development of China’s securities market, the lack of credibility principle has triggered a market disaster. Although the new Securities Law clearly defines the principle of good faith, the penalty rules for dishonesty do not apply to eligibility and punishment, and the probabilities of eligibility for administrative penalties are far less than those for property punishment, resulting in less perpetrator’s illegal costs Since 2006, China’s securities market has seen a huge number of cases of back-bankruptcy. The way to solve the credit crisis in the securities market lies in strengthening the qualification punishment.