前置程序取消后证券虚假陈述民事责任要件的认定  

Identification of Civil Liability Requirements for False Statement of Securities after Cancellation of Pre-procedure

作　　者：朱倩 ZHU Qian(School of Economics and Law,East China University of Political Science and Law,Shanghai 200333,China)

机构地区：[1]华东政法大学经济法学院,上海200333

出　　处：《福建金融管理干部学院学报》2022年第2期8-15,共8页Journal of Fujian Institute of Financial Administrators

摘　　要：证券虚假陈述民事案件中,前置程序的取消有助于在司法层面实现民事责任的独立认定。虚假陈述行为的认定应当遵循“虚假性”“公开性”与“不利性”三个标准,重大性应以“投资决策敏感标准”为基础,将“价格敏感标准”内化其中加以判断。损害结果的计算在于时间节点的确定,虚假陈述实施日与揭露日,都应当考虑是否对市场与投资者产生实质影响,结合此要素确定节点判断标准。前置程序的取消使得起诉门槛降低,法院压力增大,在借助专家辅助主体提高专业性的同时,可以通过人数不确定的代表人诉讼以及投资者保护机构参与诉讼等形式提高司法实践效率。In civil cases of false statement of securities,the cancellation of pre-procedure is helpful to realize independent determination of civil liability in judicial level.The identification of false statement behavior should follow three standards of"falsity","openness"and"disadvantage".The significance should be judged by internalizing the"price sensitivity standard"based on the"sensitive standard of investment decision".The calculation of damage results lies in the determination of time nodes.Both the implementation day and disclosure day of false statements should consider whether they have a material impact on the market and investors,and determine node judgment criteria based on this factor.The cancellation of the pre-procedure lowers the threshold of prosecution and increases the pressure of the court.While improving the professionalism with the help of expert auxiliary subjects,the efficiency of judicial practice can be improved through the uncertain number of representative litigation and the participation of investor protection agencies in litigation.

关 键 词：民事责任独立 重大虚假陈述行为 实施日与揭露日 高效司法实践 

分 类 号：D912.28[政治法律—民商法学]