论我国证券民事责任的完善

【作者】 张潜伟；

【导师】 姜建初；

【作者基本信息】 郑州大学 ， 经济法学， 2002， 硕士

【摘要】 中国证券市场已经建立了12年了。到目前为止，深沪证券交易所已有1000多家上市公司和6700万社会公众投资，股市有力地推动了国民经济的发展。但我们不能否认不论是在市场监管还是在证券立法中都还存在着一些缺陷。当一名股民起诉红光公司虚假陈述时，法院最终驳回了她的诉讼请求。在法官看来，现行的证券法尚不足以支持她的诉讼请求。众所周知：证券法应该是股民的权利保护神，但股民却不能依法向侵权行为人索赔。这公平不公平?从今后谁还会相信法律和股票市场? 证券法应该予以完善，否则投资者会丧失他对市场的信心，而信心恰恰是证券市场的关键。在这篇论文中，作者主要是想研究我国证券法中的民事责任的完善问题。整个论文可以分为四部分。 第一部分，是第一章，主要探讨两个证券民事责任的基本理论的问题。第一节详述了证券民事责任的范围。依据民法原理，民事责任包括两种，一种是合同责任，一种是侵权责任。这是就广义而言。但从狭义上讲，民事责任仅指侵权责任。尽管合同责任和侵权责任有很多不同，但这并不妨碍它们共同协力实现民事责任的功能。第二节阐明了证券欺诈行为可以构成侵权行为。依据台湾学者王泽鉴先生的看法，如果欺诈导致受害人实际损害的，当然可以构成侵权行为。事实上，现代民法将欺诈分为两种，一种是法律行为中的欺诈，另一种是侵权法上的欺诈，两者有很多区别。如果一个人违反了法定义务，可以将之视为侵权行为。证券欺诈正是违反了证券法中的义务，因而可以构成侵权。 第二部分由第二、三、四、五章组成。这是四种证券市场中主要的侵权行为。第二章详尽研究了虚假陈述的民事责任。因为它的责任构成要件和损害赔偿对其他侵权行为有一定的典型意义。第三章是操纵市场行为的民事责任。第四章是内幕交易的民事责任。本章分析了内幕交易行为的构成要件和损害赔偿，这不同于虚假陈述。第五章研究了欺诈客户及其民事责任。作者分析了欺诈客户行为的合同法和侵权法基础。两者都有一定的局限性。因而两者都是必要的。在上述几种侵权行为中作者主要探讨了证券民事责任的侵权法基础。侵权法的确可以为投资者提供完善的保护；但是；在一般侵权行为中，投资者要承担很重的举证责任，这常常导致投资者败诉。因此，减轻投资者的举证责任，将证券侵M为特殊侵权行为是十分必要的。 第三部分包括了论文的第六章和第七章。这一部分主要探讨新兴证券市场中的问题及其他新问题。在第六章里。作者研究了二板市场卜创业板市场）中的民事责任问题及股票期货交易中的几种侵权行为。应当承认；笔者对此只是浅尝辄止，因为它们对很多中国人而言还是全新的东西。相关的立法和司法实践还很少。有一部分学者虽然对此作了研究，但他们大多是从经济学的角度来探讨的。而很少有法学家从法律学角度研究这些新问题。因此笔者在此只是想起抛砖引玉的作用；呼吁法学工作者从法律的视角研究这些新兴的问题n在第七章，作者分析了侵权法的危机和行政处罚前置程序。作者认为；政府应采取多种措施确保受害的投资者获得补偿，比如在上市公司的董事中建立责任保险制度等。至于民事诉讼的行政处罚决定前置程序；它具有一定的合理性；但正如作者在文中所分析的；它也有很多缺点；需要立法者对此进行权衡。 第四部分是第八章；是论文的结论部分。＋多中国经济立法在短时间内制定、颁布和实施；对促进社会主义市场经济的法律体系尽快建立十分重要。就经济立法中的民事责任而言；有很多经济法和商事法比较重视之；比如商业银行法、保险法、消费者权益保护法、票据法等。但也有一些经济法和商法中的民事责任有蝴。比如证券法、公司法和反不正当竟争法。应当看到，没有完善的民事贵任，中国的经济法将难以应付复杂多变的市场经济；如果民事责任过于原则、缺乏可操作性；则法律功能的发挥将大打折扣。因此；在经济法中应使民事责任与其他法律责任如行政责任与刑事责任相辅相成，而不应偏废其中一种责任。二板市场的立法和期货交易的立法；都应注意这一点。否则，可能又得像公司法和证券法一样。必须修改其中的民事责任。看起来；民事责任的完善与否；已经成为衡量我国经济立法水平的一个标准。更多还原

【Abstract】 Chinese Stock market has been set up for 12years.There are more than 1,000 listed companies and 67 millions of investors. It plays important role in china economic development. But we can’t deny that there are some deficiency in the supervision of stock maket and the securities law. When a investor sued Hong guang company for its misstatement, the court dismissed her suit. Because the judge thought that the securities law could support her claim. It is well known that the securities law should protect the right of investors, but the investors can’t sue the tort-feasor to compensate her or him according to the law. Is it fair? Does the investors believe in the law and stock morket?The law must be improved, or the investors will lost his belief which is very important to the stock market. In the improvement of the law, the writer want to study the perfection of civil liability of securities law. This thesis consits of four parts.Part I which is Chapter I focuses on two basic theoretical problems. Section A elaborates the range of securities civil liability. According to civil law, civil liability consists of two sorts: one is contractual liability and another is tort liability. Which is civil liability in a broard sense. In the narrow sense, however, Civil liability only referred to tort liability. Although contractual liability and tort liability’ have many difference, the fulfillment of civil liability’s function depends on two kinds of liabilities. Section B clarifies the securities fraudulence can form a tort action. According to prof. Wang Zhejian, If fraud causes damage to victim, fraud can form tort action. In fact morden civil law devides fraud into two kinds: fraud in juristic act and fraud in tort law. Two kinds of fraud have some differences. If a man violates the legal duty, his act can be taken as tort. So does the securities fraudulence.Part II is composed of Chapter II, III, IV and V. This part focuses on four main securities torts civil liability. Chapter II which is the most detailed part focuses on the misstatement. Its constitutive requirements and compensation for damage is model of other tortaction. Chapter III is civil liability of manipulating market.Chapter IV "the civil liability of insider trading" analyses the constitutive requirements and compensation for damage of insider trading, which is different from misstatement. Chapter V studies the frauding clients and its civil liability. The writer anatyses the legal foundations of contract law and tort law of it. Both of law foundations have limitations, so both of them are necessary to it. To the four torts above, the writer mainly focuses their tort law foundations. Although it is obvious that torts law provides full proteation for investors. However, Under common torts law, investors is often defeated for its constitutive requirements and evidential burden. It is necessary to take securities torts as special torts, which will relieve investor’s evidential burden and protect his rights.Part III consists of Chapter VI and Chapter VII, which mainly studies civil liability in new stock market and other new problems. In Chapter VI, the writer researches civil liability in the second board market and torts of securities future trading. They are initial studies because they are up-to-date to China, and there are fewer cases and law to be studied. Some scholars mainly studies them in economics. The writer hopes that jurist should lay stress on them in law science. In Chapter VII, the writer analyses the crisis of tort law and decision of adminstrative penalty before civil action. The government should take measures to ensure the right of investors, for example, to set up liability insurance of director. As to civil action; the procedure of adminstrative penalty is reasonable, but its defection is obvious.Part IV is Chapter VIII, which is my paper’s conclusion.Many Chinese economic law and commercial law have perfect civil liability, for example, law of commercial banks, negotiable instruments law, insuramce law. But other laws’ civ更多还原