证券虚假陈述侵权责任中信赖推定之证成——欺诈市场理论局限性的克服  

The Justification for Presumption of Reliance in Tort Liability for Securities Misrepresentation:Overcoming Limitations of Fraud on the Market Theory

作　　者：于莹[1] 潘林[1] 

机构地区：[1]吉林大学法学院,吉林长春130012

出　　处：《法制与社会发展》2011年第2期10-16,共7页Law and Social Development

基　　金：司法部法治建设与法学理论研究部级科研项目一般项目"证券法中的民事责任"(03SFB2024)

摘　　要：信赖要件在虚假陈述侵权责任的成立中至为关键。证券虚假陈述案件中,实现投资者对信赖的个别证明尤为困难。欺诈市场理论解释力的局限促使我们在侵权责任的逻辑脉络中探寻替代个别考察信赖要件的路径,从而为信赖的推定寻找正当化依据。侵权的"相关性"结构以及信赖的"相关性"本质提供了分析的起点。知情交易者与非知情交易者的理论模型解释了投资者权利受损与证券虚假陈述行为的"相关性",进而解答了证券虚假陈述侵权责任中对信赖要件作特殊处理的根据。The reliance element is highly important in the establishment of tort liability for misrepresentation. In the cases concerning securities misrepresentation, realizing investors＇ proof of reliance respectively is extremely difficult. Limitations of fraud on the market theory＇ s explanatory power cause us to find the path through which the respective examination of reliance element can be replaced based on the logic of tort liability so that we can justify the presumption of reliance. The ＂relationality＂ structure of torts and the ＂relationality＂ nature of reliance provide the starting point of analysis. And the theoretical model of informed traders and uninformed traders explains the ＂relationality＂ between the damage to investors＇ rights and the securities misrepresentation, thus justifying the special treatment towards the reliance element in tort liability for securities misrepresentation.

关 键 词：证券虚假陈述 侵权责任 信赖 欺诈市场理论 相关性 知情交易者 非知情交易者 

分 类 号：D922.287[政治法律—经济法学] D923[政治法律—法学]