证券虚假陈述比例连带责任的理论证成及其修正适用  

The Theoretical Justification and its Modified Application of Proportional Joint Liability for Misrepresentation of Securities

作　　者：李建伟[1] 李欢[1] Li Jianwei;Li Huan

机构地区：[1]中国政法大学民商经济法学院,北京100089

出　　处：《证券市场导报》2023年第8期52-64,共13页Securities Market Herald

基　　金：国家社科基金重大项目“营商环境法治化的制度架构与实现研究”(项目编号:20ZDA044)。

摘　　要：在新近的证券虚假陈述案件中,我国法院逐渐认识到对中介机构机械适用全额连带责任会带来实质不公。为避免证券市场的滥诉和中介机构的寒蝉效应,商事审判中出现比例连带责任的责任形态,即要求责任人员在一定比例内承担连带责任。比例连带责任亟待理论正当性的证成及其适用解释,以切实解决商事审判中的类案问题,其中典型难题包括比例如何确定、内部如何追偿等。证券虚假陈述侵权责任可以适用内地法系侵权法的基础理论,侵权法中半叠加的分别侵权行为的部分连带责任规则为此可堪大用。半叠加的分别侵权行为理论的重要性已在环境侵权的立法与司法中得到验证,故而可以充分引入该理论以解决虚假陈述案件中相关人员的责任承担问题。同时,应修正该理论,以形成“外部比例”+“内部比例”的双比例内部追偿规则。In recent cases of securities misrepresentation,Chinese courts have gradually realized that the mechanical application of full joint liability to intermediaries will bring about substantial injustice.In order to avoid excessive litigation in the securities market and the chilling effect of intermediaries,the liability form of proportional joint liability appears in commercial trials,that is,it requires the responsible persons to bear joint liability within a certain proportion.Proportional joint liability urgently requires the justification of the theory legitimacy and its application interpretation in order to effectively solve the case problems in commercial trials,among which the typical problems include how to determine the proportion,how to recover internally and so on.The tort liability of misrepresentation of securities can be applied to the basic theory of tort law of the Civil law system.The partial joint liability rule of half-superposed respective tort in tort law can be useful for this purpose.The importance of the half-superposed respective tort theory has been verified in the legislation and judicature of environmental torts.Therefore,the theory can be fully introduced to solve the problem of liability bearing of the relevant personnel in the cases of misrepresentation.At the same time,the theory should be modified to form a two-ratio internal recovery rule of“external ratio”+“internal ratio”.

关 键 词：虚假陈述 比例连带责任 半叠加的分别侵权行为 部分连带责任 

分 类 号：D922.287[政治法律—经济法学]