中介机构虚假陈述责任的理论反思、实践困境与规则重构  

Theoretical Reflection,Practical Dilemma and Rule Reconstruction on the Liability of False Statement of Intermediaries

作　　者：杨松[1,2] 刘竹 YANG Song;LIU Zhu(School of law,Liaoning University,Shenyang 110136,China;Shengyang Normal University,Shenyang 110034,China)

机构地区：[1]辽宁大学法学院,辽宁沈阳110136 [2]沈阳师范大学,辽宁沈阳110034

出　　处：《河北学刊》2023年第2期194-204,共11页Hebei Academic Journal

基　　金：2013年度教育部哲学社会科学重大攻关项目“加快发展民营金融机构的法律保障研究”(13JZD012)。

摘　　要：近年来,保荐机构、承销机构、审计机构、律师事务所、评估机构、信用评级机构等中介机构因虚假陈述对投资者进行巨额赔偿的案件层出不穷。究其原因,在于资本市场中介机构的看门人机制失灵,也在于法院对于勤勉尽责的标准认定尚不够明确、统一,对于中介机构的主观过错形态与损失责任认定之间的关系尚需进一步细分。2022年1月21日颁布的《最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定》(法释[2022]2号)已将证券法的价值理念从单纯强调投资者保护转向兼顾市场各方利益平衡。在新价值理念的指引下,未来应从以下方面着手对理论、实践问题予以应对:打破大型中介机构垄断局面,建立以投资者保护为视角的委托代理关系;细化区分不同中介主体的“勤勉尽责”标准,建立以“合理调查”“合理信赖”为逻辑思路的客观审查标准;厘清中介机构在一般过失、轻微过失下补充责任适用合理性,立足长远,在法律上设定补充责任的一般化适用标准,以构建维护资本市场健康发展与符合现实需求的规则体系。In recent years, intermediaries such as sponsors, underwriters, auditors, law firms, evaluation agencies, credit rating agencies and so on have repeatedly undertaken huge compensation to investors due to false statements. The reason lies in the failure of the gatekeeper mechanism of the intermediaries in the capital market;It also lies in the courts have not yet established a clear and unified standard of due diligence, and the relationship between the subjective fault form and the determination of loss liability of intermediaries needs to be further subdivided. On January 21, 2022, “several provisions on the trial of civil compensation cases caused by false statements in the securities market”(FA Shi [2022] No. 2) were promulgated, which has shifted the value concept of the securities law from simply emphasizing investor protection to balancing the interests of all parties in the market. Under the guidance of the new value concept, we should deal with the theoretical and practical problems from the following aspects in the future: breaking the monopoly situation of large intermediaries and establishing the principal-agent relationship from the perspective of investor protection;Refine the standard of due diligence to distinguish different intermediary subjects, and establish an objective review standard based on the logic of “reasonable investigation” and “reasonable trust”;Clarify the rationality of the application of supplementary liability of intermediary institutions under general negligence and minor negligence, and set the general applicable standards of supplementary liability in the law based on the long-term perspective, so as to build a rule system to maintain the healthy development of the capital market and meet the actual needs.

关 键 词：虚假陈述 看门人 勤勉尽责 补充责任 过罚相当 

分 类 号：DF438.7[政治法律—经济法学]