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证券公司的破产作为经济危机的一个后遗症对金融市场的稳定有着巨大的影响,而证券公司破产程序中的特殊之处就在于有一系列前置的行政处置程序。本文介绍了2008年颁布的《证券公司风险处置条例》中关于行政处置程序的规定,以及从平衡论和中国证券市场的特点出发论证了行政处置程序的正当性及其对投资者保护的意义。
The bankruptcy of a securities company as a sequela of the economic crisis has a tremendous impact on the stability of financial markets. The particularity of a securities company’s bankruptcy proceedings lies in a series of pre-existing administrative procedures. This article introduces the provisions of the Regulations on the Disposal of Administrative Disposals in the Regulations for the Disposal of Securities Companies promulgated in 2008 and demonstrates the legitimacy of the administrative disposition procedure and its significance for investor protection from the perspective of the equilibrium theory and the characteristics of China’s securities market.