第18节：集体诉讼有罪推论至关重要
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集体诉讼有罪推论至关重要
集体诉讼有罪推论至关重要A股目前缺失的另外一个有效制衡是散户对机构和上市公司的制约。龙腾小说ltxsba.com单个机构对于单个散户天然地拥有资金、信息、研究能力、舆论影响力等多方面的优势，如果任由市场达尔文主义的“原始丛林”演绎，那么博弈的天平必然是倒向机构、上市公司内部人一边。
然而，世界上没有任何一个成熟股市是抛弃散户的，没有任何一个股市离开散户投资者可以长期健康发展的，散户的力量是应该起到制约机构和上市公司作用的。为了保障这种制衡的有效性，为了确保这种社会正义，美国股市采用了集体诉讼制度和举证责任在辩方的制度。
集体诉讼，是主要适用于诉讼当事人一方或双方为多数人的一种诉讼。其特为：1.集体诉讼方式中，受害人一般只需要登记即可取得原告资格；2.判决对每一个集体诉讼参与人均具有法律效力；3.未参加登记的权利人只要在诉讼时效期间内提起诉讼，适用该案先前的判决或裁定。证券市场侵权案最突出的特是：受侵害者众多，而个人投资者又无经济实力去单个诉讼索赔。在此情况下，集体诉讼是一种最有效的司法程序，也最有利于社会安定、有利于司法公正。
至于举证责任在辩方。按照美国证券交易法规定，如果证券市场的内部人操纵股价出现异动，包括机构和上市公司经营者联手坐庄等，“美国证监会”或投资者起诉追查相关责任人时，被怀疑的相关责任人须努力收集能证明自己清白的证据，如果不能提供有说服力的证据，就被认定为有罪。在法律上也称有罪推论。
美国最初在资本市场也采取无罪推论，即由被告或检方提供证据，不能提供有效证据，则被告无罪，而在证券市场上由被告或检方提供这种证据，几乎是不可能的。后来随着美国经济的虚拟化和资本的社会化，成为经济主体的美国民众逐渐意识到，无罪推定这个东西，是强者对付弱者的法律，便进行改革，确立了有罪推定这个证券市场的法律原则。因此，它和集体诉讼一道，为美国成为世界上最强大的资本市场奠定了根本性制度基础。
如果说，一个伟大而成熟的资本市场是一个巨鼎的话，这个鼎至少要有“三足”，第一个是市场投资人对上市公司董事会和经营者的有效制衡；第二个是投资机构之间的有效制衡；三是散户和机构间的有效制衡。目前，中国A股这个“鼎”三足仅具其一。如果不能尽快进行另外两方面的制度建设，整个市场和国家仍可能在未来的发展道路上付出巨大代价，一如当年我们曾为股权分裂的制度缺陷付出的一样。
当总理的讲话为股改庆功画上句号后，更加富有挑战的资本市场改革才刚刚开始。
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