一个被忽视的命题:虚假陈述讨论中的股债差异及其修正  

An Overlooked Proposition:the Stock-bond Discrepancy in the Misrepresentation Debate and Its Correction

作　　者：宋华健 Song Huajian(School of Economics and Law,East China University of Political Science and Law,Shanghai 200042,China)

机构地区：[1]华东政法大学经济法学院,上海200042

出　　处：《金融发展研究》2023年第5期54-60,共7页Journal Of Financial Development Research

基　　金：国家社科基金2022年度青年项目“平台经济发展的税法规制研究”(22CFX031)。

摘　　要：公司债券与股票在基础法律性质、投资者回报方式以及风险来源等方面均存在差异,传统以股票为预设模型的证券虚假陈述归责机制套用至债券市场时存在明显缺陷。债券语境下虚假陈述归责路径的构建应当以其内在价值形成机制为基点,充分考量“证券”概念统合下股债的差异本质及历史成因,总结两者在信息重大性判断标准、因果关系认定路径以及责任分配三个维度上的差异性。具体制度选择上应当建立以偿债能力为核心的信息重大性认定体系,在因果关系界定中甄别欺诈市场理论概括适用的合理性,在过失虚假陈述责任分配中尝试以最大信赖损失范围为赔偿责任认定边界。There are differences between corporate bonds and equities in terms of the underlying legal nature,the way investors are rewarded and the source of risk,and there are obvious shortcomings in applying the traditional equity-based model of securities misrepresentation to the bond market.The construction of the path of liability for misrepresentation in the context of bonds should be based on their intrinsic value formation mechanism,fully consider the nature and historical causes of the differences between stocks and bonds under the concept of"securities",and summarise the differences between the two in terms of the criteria for judging the materiality of information,the path of determining causality and the allocation of liability.In terms of specific institutional choices,a system should be established to determine the materiality of information with solvency as the core,to screen the reasonableness of the general application of the fraudulent market theory in the definition of causation,and to try to use the maximum range of reliance loss as the boundary of liability in the allocation of liability for negligent misrepresentation.

关 键 词：证券 股债差异 虚假陈述 归责机制 

分 类 号：F830.91[经济管理—金融学]