【作者】 杨正辉；

【导师】 陈甦；

【作者基本信息】 中国社会科学院研究生院 ， 经济法学， 2003， 硕士

【摘要】 本文主要研究证券欺诈的民事责任。试图从证券欺诈民事责任的内涵、特点和对国外证券欺诈民事责任的认识入手，阐述应充分发挥证券民事责任的内在功能并完善我国证券欺诈民事责任制度，进而对证券欺诈民事责任的类型、构成要件、归责原则、损失认定和计算等具体问题进行分析，从理论和实践上为投资者维护自己的利益提出一些观点。 本文共分为六部分。第一部分阐述证券欺诈和证券欺诈民事责任的含义，并对我国及国外证券欺诈民事责任制度的特点进行介绍。证券欺诈的民事责任，是指上市公司、证券公司、证券中介机构等市场主体因从事虚假陈述、内幕交易、操纵市场等违反证券法律、法规及规章规定的欺诈性行为，给投资者造成损失，依法应当承担的侵权损害赔偿的民事责任。我国证券法中证券欺诈民事责任的特点有民事赔偿责任优先承担、严格的连带赔偿等，同时我国证券欺诈民事责任相关立法过于原则，立法上存在空白，理论研究又未能解决民事赔偿责任中的难点问题，在民事责任保护方面存在薄弱环节。本章还对美国、英国、日本、我国台湾地区、其他有关国家相关制度的一些特点和历史发展情况进行了简要的阐述。 第二部分主要从证券民事责任功能分析入手，阐述应充分发挥证券民事责任的内在功能并完善证券欺诈民事责任制度。证券民事责任的功能有填补损害的补偿功能、阻止违法的威慑和预防功能、协助监管市场之功能。民事责任的功能一旦发挥出来，其作用是公法责任所无法替代的。因此有必要建立和完善证券法中的民事救济制度。完善我国证券欺诈民事责任制度是保护广大投资者的要求；是规范证券市场的要求，健全的民事责任制度将赋予投资者与违规行为相抗衡的动力与能力并在证券市场内部派生尊崇规则的观念，使得证券市场成为理性市场参与者的市场；完善我国证券欺诈民事责任制度是违法情形比较严重、执法资源紧缺的我国证券市场现实的要求；通过强化证券民事责任的作用，也可以充分发挥司法在最终解决纠纷中的功能，这也符合中国加入WTO的要求。 第三部分阐述证券欺诈民事责任的类型。从我国《证券法》上看，大致有以下几类：虚假陈述的民事责任，内幕交易的民事责任，操纵市场的民事责任，欺诈客户的民事责任，发行人擅自发行证券的民事责任等。本章主要从证券欺诈行为的责任主体即责任人和请求权人角度进行阐述。 第四部分重点阐述证券欺诈民事责任的构成要件和归责原则。本章主要从证券欺诈民事责任的行为违法性、损害事实、因果关系、过错和归责原则、免责事由等几方面加以叙述。 (一)行为违法性及其具体表现和认定。1、虚假陈述包括虚假记载、误导性陈述、重大遗漏;2内幕交易包括四类行为并涉及内幕信息如何认定等问题;3、操纵市场的典型行为包括洗售、相对委托、连续交易操纵、恶意散布谣言或不实材料·、联合操纵等。 (二)损害事实。损害事实均应具有以下四个特征:1、损害的法定性;2、损害的可补偿性;3、损害的客观性和可确定性;4、后序性。即证券交易损失的发生只能在侵权行为之后。 (三)因果关系。因果关系是归责的基础和前提。在民事责任中，因果关系是联系违法行为与损害之间重要的逻辑纽带。因果关系学说有相当因果关系说和必然因果关系说两种。美国法在处理因果关系时，许多法院将之区分为“交易的因果关系”和“损失的因果关系”。在确定因果关系时本文还介绍了同时交易说和市场欺诈两种理论值得借鉴。当欺诈行为对证券价格造成重大影响并足以误导投资者时，由法律直接推定因果关系存在，除非欺诈人能提供反证推翻该推定，否则信赖及因果关系成立。 (四)过错和归责原则。过错在民法侵权法中区分为主观过错和客观过错两种学说。在民事责任尤其在损害赔偿问题上，责任的归属是非常重要和复杂的问题。归责原则决定着责任的构成要件、举证责任的内容和分配等，于当事人的利益可谓举足轻重。具体来说，操纵市场和内幕交易只能由故意构成，过失不应该构成。不实陈述中的虚假记载、误导性陈述和重大遗漏的过错比较复杂，应分层次进行分析:一是关于发行人和发起人的责任，应适用无过错责任，即严格责任。二是承销商应承担责任的原则。《证券法》是将承销商与发行人同样承担无过错责任值得商榷，应主要适用过错推定归责原则，另区分代销和包销两种发行方式:证券代销中对承销商适用过错推定归责原则，证券包销中对承销商适用无过错责任原则。三是对董事、监事和高级管理人员适用过错推定。第四种是中介机构，如会计师、律师事务所等中介机构应承担过错责任，只有主观上有故意或重大过失才承担责任。 (五)免责事由。免责事由是被告对原告所提出的诉讼请求而提出的抗辨，证明原告诉求不成立的事实。证券欺诈民事责任中的免责事由各国规定不一。 第五部分阐述证券欺诈中损失认定和赔偿范围。在证券欺诈民事赔偿案件中，鉴于证券交易中参与人的广泛性和集中撮合交易的瞬间性，股票交易又具有较强的波动性和连续性，此类案件无法像普通侵权案件那样逐一?更多还原

【Abstract】 A consideration to the civil lialility of Stock cheating is not only a theoric problem, but also a practical problem . This thesis aims at making a research on civil lialility of Stock cheating . Beginning with the meanings and the characteristic of the Stock cheating, the author think the immanency functions of the civil lialility should be brought into play.The author analyzes the deficiency of civil liabilities of Stock cheating of PRC and then advances his proposal to improve civil liabilities of Stock cheating and protect the interests of investors from the view of substantive and theory. In view of Stock cheating behavior abounding in securities market of our country, this thesis plans to make a preliminary discussion about how to establish civil liabilities system of securities issuance in our country, hoping to protect the interests of investors through system design and also plans to put forward reasonable proposals for standardization of securities market of our country.The thesis consists of six chapters.In chapter 1, the author simply introduces general situations of securities issuance market of our country and the meanings of the civil lialility of Stock cheating. The author thinks that the civil lialility of Stock cheating should belong to tort liabilities .The author also introduces the characteristic of the Stock cheating in our country and the other country. The Civil Lialility of Securites Law in China has its charactieristic, for example,it has relate responsibility and priority compared with criminal and administerial lialility.Chapter 2 treats of functions of the Stock cheating.The Civil Lialility of Securites Law in China has its three function. It can meet up the investor’s damages, prevent the irregularity. Because of the Civil Lialility of Stock cheating, the Securites market can have a good order. Establishing and imposition of the civil lialility can deter the Stock cheating, hence the interests of investors can be protected.Chapter 3 discusses the types of the civil lialility of Stock cheating.As a usual, the civil lialility of Securites Law consists of irregularity of open information system, the Insider Dealings, the manipulate.Chapter 4 sets forth the subjects assuming the composing of the civil liabilities, such as irrrgularity ,damages, consequence, action,mainbody.etc. According to securities law of our country, civil subjects assuming the civil lialility of Stock cheating include: issuers, initiators; issuers’ directors, supervisors and managers holding responsible; securities underwriters and directors, supervisors and managers thereof holding responsible, accountant office, assets valuation agencies, law firms and other specialties originations and people thereof being responsible. Certainly, civil liabilities of theStock cheating also include ground for exemption.Chapter 5 discusses the problem how to count the losses in civil liabilities of theStock cheating.In the end ,the author think the civil lialility of the Stock cheating in China should be improved in a short time. We can consult related law items of other country. It is necessary to modify or interpret the items about the civil lialility in Securites Law of China in existence in order to protect the rights of the investor and regulate the security market fully.更多还原