新司法解释下证券虚假陈述民事赔偿案件否定因果关系要件之抗辩路径——以两证券虚假陈述责任纠纷案为例  

Defense Path of Negation of Causality Requirement in Civil Compensation Case of Securities False Statement Under New Judicial Interpretation-Take Two Securities Misrepresentation Liability Disputes as an Example

作　　者：王春平 吴耀宏 WANG Chunping;WU Yaohong(ETR Law Firm,Guangzhou 510623,China)

机构地区：[1]广东广信君达律师事务所,广州510623

出　　处：《中国证券期货》2023年第1期71-78,共8页Securities & Futures of China

摘　　要：证券虚假陈述可分为作为的诱多型、不作为的诱多型、作为的诱空型以及不作为的诱空型四种形态。不同类型的虚假陈述决定了被告不同的抗辩思路和方向。被告要否定因果关系这一侵权责任构成要件,可从交易因果关系与损失因果关系两个层面进行抗辩,若不存在交易因果关系则无须再考虑损失因果关系。监管部门的行政处罚决定是虚假陈述具有重大性的必要不充分条件。虚假陈述不具有重大性,则应认定不存在交易因果关系,而虚假陈述是否具有重大性,关键在于其是否导致相关证券的交易价格、交易量发生明显变化。证券价格影响因素的复杂性与损失因果关系的直接性,决定了被告可以“他人操纵市场、证券市场的风险、证券市场对特定事件的过度反应、上市公司内外部经营环境等其他因素造成原告损失”为由进行减轻或免责抗辩。Securities false statements can be divided into four forms:inducement of acts,inducement of omissions,inducement of acts and inducement of omissions.Different types of false statements determine the defendant's different defense ideas and directions.If the defendant wants to deny causality as an essential element of tort liability,he can defend from two aspects:transaction causality and loss causality.If there is no transaction causality,it is unnecessary to consider loss causality.The administrative penalty decision of the supervision department is a necessary and insufficient condition for the significance of false statement.If the misrepresentation is not material,it should be determined that there is no transaction causality.However,whether the misrepresentation is material or not depends on whether it leads to significant changes in the trading price and trading volume of the relevant securities.The complexity of the factors affecting securities prices and the directness of the causal relationship between losses determine that the defendant can plead for mitigation or disclaimer of defense on the grounds that“other people's manipulation of the market,the risk of the securities market,the overreaction of the securities market to specific events,the internal and external operating environment of the listed company and other factors caused the plaintiffs losses”.

关 键 词：虚假陈述 交易因果关系 损失因果关系 抗辩 

分 类 号：D92[政治法律—法学]