证券代表人诉讼中投保机构角色的理论阐释与规则厘清——基于“康美药业虚假陈述案”的分析  

Theoretical Interpretation and Rule Clarification of the Role of Insurance Institutions in Securities Representative Litigation——Analysis Based on the“Kangmei Pharmaceutical Company’s False Statement Case”

作　　者：谷佳杰[1] GU Jiajie

机构地区：[1]西南政法大学法学院

出　　处：《经贸法律评论》2024年第1期22-38,共17页Business and Economic Law Review

基　　金：最高人民检察院检察理论研究课题“破产检察监督的实现路径研究”(项目批准号:GJ2023D35)。

摘　　要：“康美药业虚假陈述案”反映出证券代表人诉讼实践中投保机构存在的角色困惑,主要表现为投保机构不同角色之间可能产生的利益冲突以及投保机构的诉讼代表人角色与投资者和法院之间的权责模糊。这是由投保机构公私属性的理论分歧和投保机构以诉讼代表人身份参加诉讼的理论争议所造成的。投保机构的性质应当定位为证券领域中以私法主体实现公益目标的专门机构。投保机构一方面通过相应投资者委托授权的任意诉讼担当获得以诉讼代表人身份参加证券代表人诉讼的资格,另一方面通过“明示退出、默示加入”的法定诉讼担当来集合最广泛的案涉中小投资者之诉讼实施权。通过厘清投保机构的股东、调解人、诉讼代表人等身份角色在纠纷事前预防阶段、事中控制阶段与诉讼执法阶段的功能分工,细化投保机构与投资者在诉讼实施权与监督权上的分配规则,平衡案涉权利人范围确定中法院的职权干预与投保机构的私人执法权限,才能在维护投资者合法权益的基础上,充分发挥证券代表人诉讼在我国资本市场中震慑违法企业、规范企业治理与维护证券市场秩序的治理效能。“Kangmei Pharmaceutical Company’s False Statement Case”reflects the role confusion of insurance institutions in the litigation practice of securities representatives,mainly focusing on the possible conflicts of interests between the different roles of insurance institutions,as well as the unclear rights and responsibilities between the litigation representative of insurance institutions and investors and the court.This is brought about by the theoretical differences between the public and private attributes of insurance institutions and the theoretical differences about insurance institutions participating in litigation as representatives.The nature of insurance institutions should be targeted as specialized institutions in the securities field that achieve public welfare goals by private law.The insurance institution obtains the qualification to participate in securities representative litigation as a litigation representative by getting the authorization from proportionate investors,and gathers the widest range of litigation implementation rights involving both small and medium-sized investors through the legal undertaking rule of“expressed withdrawal and implied joining”.Only by clarifying the functions of shareholders,mediators,litigation representatives and other identity roles of insurance institutions in the dispute prevention stage,the control stage and litigation law enforcement stage,refining the distribution rules of insurance institutions and investors in litigation implementation and supervision rights,balancing the scope of rights involved in the case,and determining the intervention of the court’s authority and the private enforcement authority of insurance institutions,can we give full play to the effectiveness of securities representative litigation to deter illegal enterprises in China’s capital market,standardize corporate governance and maintain the order in China.

关 键 词：康美药业虚假陈述案 证券代表人诉讼 投保机构 诉讼担当 

分 类 号：D925.1[政治法律—诉讼法学] D922.287[政治法律—法学]