证券市场虚假陈述民事责任问题的研究

【作者】 刘奇；

【导师】 吕明瑜；

【作者基本信息】 郑州大学 ， 法学， 2004， 硕士

【摘要】 本文主要研究证券市场虚假陈述的民事责任。试图通过对各国证券法理论和实证的考察，全面分析我国虚假陈述民事责任制度的缺憾，并从实体和程序法的角度为完善我国证券市场虚假陈述的民事责任制度、确实保护投资者的利益，提出了笔者的一些建议。 本文正文部分分为五章。第一章，包括四部分内容。第一部分是虚假陈述的法律界定，主要研究虚假陈述的内涵、外延及分类等问题。第二部分是虚假陈述的分类，本文从虚假陈述主体、虚假陈述的性质、虚假陈述的内容等方面对虚假陈述进行了分类。第三部分是虚假陈述的“重大性”标准，文章运用了比较方法并参考中外学界观点，认为在我国目前情况下宜采用“影响投资者决策”标准作为统一判定披露信息重大性的标准，并主张有关立法应通过列举的方式实现该标准的初步法定化。第四部分是虚假陈述的表现形态，作者论述了虚假陈述的三种表现形态：虚假记载、严重误导性陈述和重大遗漏的内涵及表现。另外鉴于虚假预测的特殊性，作者也将其纳入本文进行分析，并提出借鉴美国相关制度建立我国的安全港制度和预先警示规则。 第二章论述虚假陈述民事责任的性质，共包括两部分内容：一是虚假陈述民事责任理论。在这里笔者简介了学界的“契约说”、“侵权责任说”、“独立责任说”等。二、笔者在评述了学界的不同学说的基础上，认为我国应当借鉴“法定责任说”以完善相关立法。 第三章论述了虚假陈述民事责任的构成要件。笔者对关于虚假陈述的构成要件，本文对过错、归责原则、损害后果和因果关系等方面加以论述。笔者认为应当根据不同虚假陈述主体对信息披露主体的注意义务提出严格责任、过失责任、和故意责任三个相应的归责标准，针对不同的信息披露主体加以适用。在因果关系要件上，笔者认为只要虚假陈述内容达到一个一般谨慎的投资者认为会影响其投资决策的程度如果投资者在此情况下做出投资决定，则可以推定虚假陈述与损失之间的因果关系。 第四章主要研究虚假陈述的实体法就济措施的问题。包括四部分内容：一是赔偿义务主体的范围及抗辩理由。笔者将责任主体分为发行人及发行人之外的两类来分析了其抗辩理由。二是赔偿权利主体及其举证责任。对于前者本文从证券投资主体类别、证券交易对象、证券投资时间等角度进行了分析。对于举证责任笔者认为只需以股票交割清单来证明损失的因果关系即可。三是赔偿数额的确定及计算。 第五章，本章针对证券市场虚假陈述民事责任少额多数的特性，对我国设立诉讼担当制度提出些初步的想法。同时介绍了美国集团诉讼制度，在对美国集团诉讼和我国代表人诉讼制度进行比较分析的基础上，对完善我国代表人诉讼制度提出可行的解决办法。更多还原

【Abstract】 This thesis aims at making a research on civil liabilities of misrepresentation in the distribution of securities. Beginning with an investigation of theories and demonstration of securities law of various countries, the author researches the civil liabilities system of information disclosure, analyzes the deficiency of civil liabilities of misrepresentation in securities law of PRC and then advances his proposal to improve civil liabilities of misrepresentation and protect the interests of investors from the view of substantive and procedural law.Three are five chapters in the article. Chapter 1 is focusing on the definition of misrepresentation and compromises the following topics. First, this article holds that misrepresentation is the behavior of unjust and improper disclosing information and stating facts. Secondly, the author thinks that misrepresentation can be classified according to subject of misrepresentation, stage of information disclose, natures of misrepresentation and contents of misrepresentation. Thirdly, in the examination on the materiality of misrepresentation, considering the opinions of scholars both national and abroad., this article maintains that, in the environment of our country today, we should take standard of " influencing the decision of investor" as standard to determine the materiality of information and should pertain the legal form of this standard through stipulation by samples. Fourthly, the thesis analyzes the three performances of misrepresentation, which are false representation or untrue statement, serious misleading statement and omission to state material facts, and, considering the particularity of false forward-looking statement, suggested that we should built our own bespeaks caution rule and system of safe harbor referring to related institution of America.Chapter 2 examines the nature of civil liability of misrepresentation. First, as to the nature of civil liability of misrepresentation, there are doctrine of contractual liability, doctrine of contractual fault liability, doctrine of liability on tort and doctrine of stipulated liability. Second, The author thought that we should use the doctrine of stipulated liability on the basis of examination on the said doctrines.Chapter3, this thesis analyzes the constitutive requirements of civil liability of misrepresentation from the points of misrepresenting subject’s fault, doctrine of liability fixation, harmful consequence and cautionary relation. As to the doctrine of liability fixation, the author think that, in line with the duty of care of different subject of misrepresentation, we should built three different standards consequently which are strict liability, fault liability, liability on willfulness. As to cautionary relation, this thesis maintains that it could be classified into cautionary relation on transaction and cautionary relation on loss.Chapter 4 has the discovery on the questions about system of relief on substantial law from the point of judicial practice, which include four parts. In the first part, this thesis holds that the proper defendant should including issuer of securities, initiator of securities, directors, supervisors and managers of issuer, securities dealer and its highofficial, intermediary organization and its liable person, and securities supervision commission and that each kind of the said persons have their own grounds for exemption. In the second part, the author defines the proper plaintiff and burden of producing evidence thereof by deferent means. In the third part, the author examines the damages and the method of computation therein from the status quo of scholarship. In the last part, this article focuses on the limitation of actions.Chapter 5 discusses procedural mechanism of civil liabilities of misrepresentation in securities issuance. In view of characteristics of civil liabilities in securities market, this chapter, based on a comparative study of group action of U.S.A. and representative action of China, puts forward feasible measures improving the represent更多还原