证券特别代表人诉讼的理论阐释与规则反思——兼评康美药业集体诉讼案  

A Theoretical Interpretation of Litigation Concerning Special Representative of Securities and A Reflection on Relevant Rules--On the Class Action Case of Kangmei Pharmaceuticals

作　　者：苏和生 杨严炎[1] SU Hesheng;YANG Yanyan

机构地区：[1]复旦大学法学院,上海200438

出　　处：《安徽大学学报（哲学社会科学版）》2023年第2期104-113,共10页Journal of Anhui University(Philosophy and Social Sciences Edition)

基　　金：国家社科基金重大项目“民事司法程序现代化问题研究”(21ZD206);国家社科基金重点项目“推进法治国家、法治政府、法治社会一体化建设的民事司法保障制度研究”(21AZD090)。

摘　　要：作为全国首例证券集体诉讼案件,康美药业案为证券群体性纠纷化解开辟了新道路。然而,由于缺乏体系性的立法框架及精细化的实践指南,该案反映出诸多值得深思的问题。原告主体资格方面,“投保机构主导程序”与“明示退出模式”的核心特征使得特别代表人诉讼与其他群体诉讼区分开来。特别代表人诉讼本质上属于团体诉讼,投保机构诉讼实施权来源于法定的任意诉讼担当。被告责任司法认定方面,在实体性维度,该案中独董责任承担扩张化的现象值得省思;在程序性维度,证券群体纠纷的一次性解决与防止矛盾裁判之司法目标需要理性衡平。投保机构是特别代表人诉讼的“唯一性原告”,投保机构选案程序的妥当性、公正性是必须正视的问题。此外,为稳步推进证券集体诉讼的渐进式发展,还需以程序法理为据对特别代表人诉讼制度予以结构性优化,即厘清投保机构创新职能与传统职能的关系、明晰投资者退出诉讼的阶段、反思诉讼费用的缴纳及分担。As the first securities class action case in China,the Kangmei Pharmaceuticals case has opened up a new path for the resolution of securities group disputes.However,due to the lack of a systematic legislative framework and refined practical guidelines,the case reveals a number of issues worth pondering.In terms of the plaintiff's eligibility,core features of“insurance-agency-led procedures”and“express exit mod-el”distinguish the special representative's litigation from other group litigation.The special representative law-suit is essentially a group lawsuit,and the right to enforce the lawsuit by the insurance agency is derived from the statutory arbitrary action.In terms of the judicial determination of the defendant's liability,the expansion of the sole director's liability in the case is worthy of consideration in the substantive dimension and the judicial goal of one-time resolution of securities group disputes and prevention of contradictory adjudication needs to be rationally balanced in the procedural dimension.As the“sole plaintiff”,the appropriateness and fairness of the selection and screening of the case by the investment insurance agency must be addressed.In addition,in order to steadily promote the progressive development of securities class action lawsuits,it is necessary to structurally optimize the special representative litigation system based on procedural jurisprudence,by clarif-ying the relationship between the innovative and traditional functions of insurance agencies,delineating the stages of investor withdrawal from litigation and reflecting on the payment and sharing of litigation costs.

关 键 词：证券特别代表人诉讼 团体诉讼 投资者保护机构 集体诉讼 康美药业案 

分 类 号：D925.1[政治法律—诉讼法学]