证券虚假陈述赔偿的巨额化与有限社会化分散机制  

On the Enormous Compensation for Securities False Statement and Limited Socialized Dispersion Mechanisms

作　　者：邢会强[1] Xing Huiqiang

机构地区：[1]中央财经大学法学院

出　　处：《东方法学》2024年第4期212-224,共13页Oriental Law

基　　金：2023年教育部哲学社会科学研究后期资助项目“证券虚假陈述法律责任研究”(项目批准号:23JHQ072)的阶段性研究成果。

摘　　要：当前,证券虚假陈述损害赔偿出现了巨额化现象,导致威慑过度与赔偿不足的双重困境。证券虚假陈述民事赔偿巨额化的深层次原因在于侵权法的过度扩张,凸显了完善证券虚假陈述侵权法律制度的现实需求。要建立健全证券虚假陈述侵权损害赔偿的社会化分散机制,但社会化分散机制是有限的。这些有限的社会化分散机制包括侵权人赔偿梳理、责任保险制度和公平基金制度等。同时,还应适当限缩证券虚假陈述民事法,进一步发挥合同法对特定的专业投资者的救济功能,引入非故意的被告赔偿责任上限制度。Currently,the compensation for damages caused by securities misrepresentation has become increasingly substantial,leading to the dual dilemmas of excessive deterrence and insufficient compensation.The deeper-root reason for the enormous civil compensation in securities misrepresentation lies in the over-expansion of tort law,highlighting the real need to improve the torts system governing securities misrepresentation.There is a need to establish and imporve a sound socialized dispersion mechanism for securities misrepresentation compensation,but such a mechanism is inherently limited.These limited socialized dispersion mechanisms include sorting out infringers,implementing liability insurance systems,and establishing fair fund systems.Additionally,the scope of civil law regarding securities misrepresentation should be appropriately narrowed,further leveraging contract law to provide remedies for specific professional investors.The introduction of a non-intentional system of capping the liability of defendants is also recommended.

关 键 词：虚假陈述 巨额赔偿 大规模侵权 责任保险 社会化分散机制 赔偿责任上限 

分 类 号：DF438[政治法律—经济法学]