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美国证券法之证券含义独特且繁杂,但始终体现着公平正义、美国法院重实际经济情况轻法律术语和重内容轻形式的分析方法。文章从解析判例入手,分析了构成证券法规定之证券的判断规则,即钱的投入、共同事业、可期待的利润、仅仅依赖他人努力等四个实质要素;分析了股票债券等金融工具构成证券的情况,提出证券是一个有弹性的概念,美国司法对股票债券性质的认定,一般是根据实际经济情况,由法官的自由心证来掌握;分析了果园等不动产投资合同构成证券的情况,提出司法实践中通常的判断规则,即是否完全或实质上依靠他人努力来赢利、是否投入了风险资本、是否具有“家庭联系”;还分析了证券法关于证券形式例外的规定,提出在司法实践中通常的判断规则,即是否具有证券的实质特征、是否强调投资回报或税收优惠、投资者是否承担很大的风险。
The securities of the US Securities Law have unique and complicated meanings, but they always reflect the fairness and justice, the light legal jargon of the real economy of the U.S. courts, and the analytical methods of light content. Starting with the resolution of precedent, the article analyzes the judging rules that constitute the securities stipulated by the securities law, namely, the investment of money, the common cause, the expected profits, the dependence on the hard work of others, and other four essential elements. The situation of securities raised is a flexible concept. The judicature of American judiciary on the nature of the stock bonds is generally based on the free judgment of the judges according to the actual economic conditions. The analysis of the real estate investment contracts of orchards and other securities constitutes an analysis of the situation. Judicial practice is usually the judge of the rules, that is, whether completely or essentially rely on other people’s efforts to profit, whether to invest venture capital, whether with “family ties ”; also analyzed the securities law provisions on securities exceptions, proposed in the judicial In practice, the usual judging rules, that is, whether the securities have the essential characteristics of whether to emphasize the return on investment or tax incentives, investors bear great risks.