银行间市场虚假陈述诉讼中交易因果关系认定的特殊问题研究  

Research on Determining the Causality of Transactions in the Lawsuit of Misrepresentation in the Interbank Market

作　　者：张保生 朱媛媛 付强 

机构地区：[1]北京市中伦律师事务所

出　　处：《金融市场研究》2022年第12期26-37,共12页Financial Market Research

摘　　要：随着债券市场的蓬勃发展,债券违约事件频发的同时,银行间债券市场的虚假陈述纠纷也开始不断涌现。但是,不同于股票市场证券虚假陈述诉讼中可以依据“推定信赖”原则推定交易因果关系成立,银行间债券市场存在“市场性质”与“市场参与主体”两方面的特殊性,并无“欺诈市场理论”适用的空间,不能基于投资者的交易行为直接推定其投资决策系受到虚假陈述行为的影响。此时,应当将交易因果关系成立的举证责任分配给原告,由原告举证证明其已尽到审慎注意义务并对案涉虚假陈述事项具有“合理信赖”。With the vigorous development of the bond market,bond defaults are occurring more frequently,and false statement disputes in the interbank bond market are increasing.However,unlike securities misrepresentation litigation in the stock market,which can be based on the principle of"presumption of trust",the interbank bond market has the particularity of"market nature"and"market participants".There is no room for the application of the"fraudulent market theory".It cannot be directly presumed that investors’investment decisions are influenced by misrepresentation based on their trading behavior.At this time,the burden of proof for the establishment of the causal relationship of the transaction should be assigned to the plaintiff,and the plaintiff should give evidence to prove that it has fulfilled its duty of care and has"reasonable trust"for the false statements involved in the case.

关 键 词：银行间债券市场 虚假陈述 诉讼推定 信赖原则 

分 类 号：D922.287[政治法律—经济法学]