证券欺诈民事责任论

【作者】 万晓庚；

【导师】 廖志刚；

【作者基本信息】 西南政法大学 ， 法律， 2003， 硕士

【摘要】 投资者的保护是规范证券市场永恒的话题。我国的证券市场是新兴和转型市场，以政府主导型的发展理念往往会导致对市场参与者权益的忽略。因此，在发展中规范、在规范中发展便是WTO要求的市场化、国际化为中国证券市场书写的下文。我国证券立法尚未形成规制证券市场欺诈行为的民事法律责任体系，实务当中也是以种种站不住脚的理由漠视广大中小投资者合法权益被肆意侵犯。作者亲身体验了中国证券市场的动荡，并对通过证券市场表现出来的人性贪婪的一面与弱势投资者感同身受，加之数年受法律尤其是民商法权利本位、诚实信用观念的冲击，于是有了本文便是自然而然的事情了。全文除了前言和结语外，分为三个部分，计三万八千余字。 第一部分，首先对全文的两个关键词——证券和证券市场依据国内立法作出了界定。证券是经济发展到一定阶段的产物，指的是记载并且代表一定权利的凭证。它使人们对财产的实际占有转为法律占有，对实物的形态控制转为权利控制。证券本身就代表一定的权利。证券市场指的是证券的发行、交易等形成资金、资本需求与供给的交易场所及其组成部分的总和。在我国证券市场包括发行市场、交易市场及依据有关法律法规经批准设立的其它证券市场。其次解释了欺诈在整个法律体系中的三个层面上的意义：第一是法律行为制度中的欺诈，第二是侵权行为法上的欺诈(二者合称为民事欺诈)，第三是，刑事欺诈即诈骗罪。并对三者作了区分。而本文所指的证券欺诈仅限民事欺诈，指的是在证券发行、交易及相关活动中任何违反公平合理和诚信原则的行为。最后指出了证券欺诈行为的危害，不仅违背证券市场公开、公平、公正原则，践踏了诚实信用原则而且损害了投资者的合法权益。这也是全文立论的基础。 第二部分着重抓住民事责任这一关键词，从行为性质界定到责任构成要件上去认定和把握证券欺诈行为在民商事法律中的共性和个性。共性部分表现为民法在关于欺诈行为民事责任构成要件上传统的思维方式。证券欺诈行为主体基于主观上的故意或过失对正常的市场交易秩序的破坏行为，造成权利主体的财产利益的损害。如果二者之间存在相当的因果关系，那么接下去的就是民事责任的承担。文章在民事责任承担方面具体列出了撤销合同的若干情形，也指出了现行立法在赔偿损失计算上采用算术平均法的不合理性，忽略了证券投资和交易的权重在于交易成本:即股价乘以股数，而不在于股价。个胜部分则体现在对证券欺诈行为属性突破了契约责任的传统界定，认为证券欺诈行为由于表现形式的多样化，可以并且主要表现为侵权责任，同时在归贵原则上由于主体的不同而体现出来的灵活性进一步强化了这种个性.这是全文的核心部分. 第三部分，在前两部分的基础上，对证券欺炸行为具体的表现类型作了大篇幅的展开.界定内幕交易主要从三个方面入手，即知情人员范围、内幕信息的认定以及内幕交易的行为类型。其归责理论主要有侵权行为理论、信用义务理论、临时内部人理论和窃取理论。操纵市场行为的特殊之处在于行为方式的多样化。而把握欺诈客户的难点在于责任性质的复杂性，既有合同责任又不能排除侵权责任的承担，甚至还有竟合的可能。对虚假陈述的澎退由于掌握的资料较为丰富以及考虑到实务操作，文章作了较详尽的阐述。虚假陈述主体范围囊括了证券市场主要的参与者，从发行人发起人及其高级管理人员到社会中介机构皆有可能承担对投资者的赔偿责任;其行为样态包括虚假记载、误导性陈述、重大遗漏、不正当披露;对信息重大性标准的确定直接关系到投资的因果关系以及损失的因果关系的认定;最后对不同主体虚假陈述的民事责任及其归责原则，文章也作了大量仔细的分析。如果有利于立法和司法实践借鉴，这便是本文的初衷。更多还原

【Abstract】 The protection of interests of investors is one lasting topic in the regulation of the securities market. In Chinese securities market, the government-leading concept of its development tends to neglect the protection of interests of participants. Therefore, "regulating in the course of developing and developing in the course of regulating" is the requirement of the developing trend of Chinese securities market required by the marketlization and internationalization of the WTO. The author himself has been experiencing the turbulence of Chinese securities market, and has the same feeling of greed of human beings in securities market with the minority investors, and has apperceived the impact on law especially civil and commercial law imposed by the concept of right-orientation and the principle of good faith, so it is natural that the author chooses the Civil Liability of Securities Fraud to be the topic of his graduation thesis. This thesis is composed of three parts besides the foreword and the epilogue, with totaling about 3,8000 words.Part Ⅰ focuses on the definitions of two key words in this thesis according to related legislation of China, that is, Securities and Securities Market. And then the author explains and differentiates the legal meanings of fraud in three aspects, that is , fraud in system of juristic act , fraud in system of tortious act , and crime of fraud. But securities fraud in this thesis is limited in civil fraud, it means any misconducts in breach of the principle of fairness and good faith existing in the issuing, trading and other related activities of securities. In this part, the author also points out the harms of securities fraud, which is also the basis of the author’s demonstration in this thesis.Part Ⅱ is the core of this thesis. The author expatiateson the cognition and understanding of the commonness and individuality of securities fraud in civil and commercial law by defining the nature and analyzing the components of civil liability. The commonness is represented in the traditional thought of the components of civil liability of securities fraud. Out of intention or culpability, the conduct of destroying the securities market order impairs others’ interests. If these two aspects have certain causality, then it is necessary to talk about civil liability. As for the shouldering of civil liability, the author lists out several situations of withdrawing the contract specifically and points out the irrationality in the calculation of damages in present legislation, which neglects the trading costs of investing and trading. However, the individuality is represented in the nature of securities fraud, which outbreaks the traditional definition of contractual liability. The nature of securities fraud is advocated to be tortious liability because of its diversified manifestations, meanwhile, the flexibility in the doctrine of liability fixation due to different parties enhances its individuality.Part Ⅲ focuses on the specific manifestations of securities fraud based on the two parts above. Insider Trading is composed of three factors, that is, the scope of Insiders, the definition of Inside Information, and the types of Insider Trading. The specialty of market manipulation lies in its diversification. And the difficulty in defining fraudulence towards clients is the complexity of the nature of liability. Because of acquiring abundant material, the author expatiates on the misrepresentation with regard to practice in detail, especially, the civil liability and the doctrine of liability fixation of false presentation by different parties. The intention of writing this thesis is to provide reference for legislation and practice.更多还原