美国证券仲裁中的惩罚性损害赔偿是一项充满特色的历史制度。证券仲裁从开始的富有争议,发展到后来的司法确认,并最终确立了惩罚性损害赔偿制度。研究表明,惩罚性损害赔偿对证券仲裁具有较大的制度价值和实践意义,有利于惩罚和阻却严重的证券侵权行为。由于惩罚性损害赔偿在证券仲裁中的合宪化改革牺牲了仲裁的效率与经济价值,所以总体进展缓慢。鉴于该制度在美国证券仲裁中的重要价值,其研究对我国的证券侵权法律发展可起到较好的借鉴意义。 Punitive damages in U.S. securities arbitration is a distinctive historical system. Securities arbitration from the beginning of controversy, the development of the subsequent judicial confirmation, and eventually established a punitive damages system. The research shows that punitive damages have greater institutional value and practical significance for securities arbitration, which will help to punish and deter serious securities infringement. Overall progress has been slow as the constitutional reform of punitive damages in arbitral arbitration sacrifices the efficiency and economic value of arbitration. In view of the important value of the system in the securities arbitration in the United States, its research can be a good reference for the development of China’s law of securities tort.