On The Basic Principles Of China 's Green Securities Legal System

Securities financial market becomes more and more prosperous, and its main market participants-listed companies have frequent exposure in major environmental pollution accidents. Thus, state securities and financial markets’regulatory gaps in environmental liability issues have aroused attention of the society. Green securities system is the solution, which is from the perspective of environmental protection and based on summarizing the rules of the financial securities market, to absorb and draw lessons from the foreign relevant experience and lessons. This system has played a positive role in standardizing the environmental behavior of securities market’s main body and protecting interests of stakeholders. But the current green securities system in China is just a branch of new environmental economic policy, due to the lack of legislation, on the stability, execution, and standardization has many problems. It is necessary and urgent to establish and perfect legislation. Sound legislation system is based on rich and systematic basic theory, one of the important reasons for failing to put green securities system into the legislative agenda is the lack of fundamental theory research on the green securities system. Therefore, we need to start from the theoretical study before launching the green securities legislation. Basic principle is indispensable to any theoretical system, as well as a cornerstone for constructing the relevant legal system. It has theoretical and practical significance to study the basic principles.Through analyzing and discussing the basic theory of green securities legal system, such as connotation, related theory, focusing on the establishment of basic principles of green securities legal system, this paper aims to solve realistic problems that the green securities research insufficiency and the study on its basic principle nearly blank. The full text is divided into four parts:The first part focuses on the basic theory of green securities legal system. Firstly, by exploring the concept of traditional securities law system, this paper summarizes the definition and features of the green securities legal system, to lay the basis for further study. Secondly, the paper summarizes and analyzes the sustainable development theory, corporate social responsibility theory, environmental economics theory, sustainable financial theory and other closely theories related to the green securities legal system, and to find theoretical roots of the system.The second part is mainly to investigate the development process and the main content of Chinese and foreign green securities legal system and the basic principles, concluded the imperfection of current China’s green securities legal system and its basic principles. This paper studies foreign related system and its basic principle and the enlightenment to our country.The third part is mainly from the perspective of the target and function of basic principle of green securities legal system to study the main establishment standards of basic principles:the basic principles should reflect the basic objectives of the green securities legal system, which should be conducive to the realization of security system functions and should be the basic behavior principle and original theoretical basis that can guide the whole society’s securities market.The fourth part based on the basic principles of the traditional securities legal system, considering from the theoretical basis and practical needs, proposed to establish four specific principles:the principle of green openness, the principle of green fairness, the principle of green safety, the principle of uniting the environmental benefit and economic benefit. This paper attempts to build the basic principles of the green securities legal system.