重构虚假陈述民事赔偿的发行人责任  

Restructuring Civil Liability for Issuers in Misrepresentation Cases

作　　者：彭冰[1,2] Peng Bing

机构地区：[1]北京大学法学院 [2]北京大学金融法研究中心

出　　处：《中国社会科学院大学学报》2023年第10期21-40,121,共21页Journal of University of Chinese Academy of Social Sciences

摘　　要：随着证券纠纷代表人诉讼在我国展开,虚假陈述的民事赔偿诉讼呈现失衡状态,其中发行人往往承担了巨额赔偿责任。但是,发行时的虚假陈述和持续披露中的虚假陈述在民事责任上性质不同,应该区分对待。在持续披露中的虚假陈述的民事责任上,要求发行人承担严格责任、全面赔偿投资者,是不公平、不合理的。应当对其赔偿额度加以限制,引导投资者追究实际控制人的赔偿责任。As securities class action is developing in China,there is imbalance in misrepresentation suits.In these cases,issuers have huge liability,which is unfair.In China,it is reasonable to distinguish civil liability for misrepresentation happening in offering and that in the secondary market.Yet for the misrepresentation happening in offering,there is strict liability for issuers.For the misrepresentation happening in the secondary market,the strict liability for issuers is unfair.Thus,we should cap the civil liability for issuers and make the controllers or managements take the main liability.

关 键 词：虚假陈述 民事责任 持续披露 责任限额 

分 类 号：D922.29[政治法律—经济法学]