论证券的概念和范围

证券已经进入了无纸化的时代,而证券的立法和理论依然停留在有纸化阶段。传统理论和立法把证券或视作纸质凭证,或视作财产权利。证券无纸化使得证券不可能被视作纸质凭证,只能被定义为一种流动的绝对性财产权利。通说认为,证券广义包括金券、资格证券和有价证券。但是,这种分类显然不合逻辑。从证券的功能来看,应把证券分为流通性证券和履行性证券两大类。其中,流通性证券又分为资产类证券和货币类证券。

On the Conception and Scope of Securities

Securities have come to an age of dematerialization, while the legislation and theory still stayed in age of physical securities. Securities are deemed paper credentials or property rights by the traditional theory and legislation. Securities have no way to be deemed paper credentials in situation of dematerialization of securities, but to be defined as absolute property rights with mobility. Generally, in the broad sense, securities include gold certificate, eligible securities and negotiable securities. But this kind of classification is obviously illogical. From the function of securities, securities can be classified into two： transferable securities and performance securities. And transferable securities can be classified to asset securities and currency securities.