论独立董事虚假陈述民事责任之优化——基于260家上市公司年报的实证研究  

On the Reconstruction of Independent Directors’ Civil Liability for Misrepresentation ——An Empirical Study Based on the Annual Reports of 260 Listed Companies

作　　者：张素华[1] 刘寅 Zhang Suhua;Liu Yin(Law School,Wuhan University,Wuhan,Hubei 430072)

机构地区：[1]武汉大学法学院,湖北武汉430072

出　　处：《河南财经政法大学学报》2024年第6期67-77,共11页Journal of Henan University of Economics and Law

基　　金：2021年国家社会科学基金一般项目“《民法典》的溯及力研究”(项目编号:21BFX016);2023年最高人民法院司法研究重大项目“民法典的体系化适用研究”(项目编号:ZGFYZDKT202312-02)的阶段性成果。

摘　　要：独立董事虚假陈述民事责任的核心问题是,一方面过分依赖行政处罚决定书的认定结果,径直认定独立董事需承担民事责任;另一方面在虚假陈述损害后果过分高于独立董事赔偿能力的情况下,尚无适当的责任减免规则。原因在于,现有规则错误地将独立董事定位为“全能型董事”。基于实证研究,我国应当塑造“监督型独立董事”,并构建与监督角色相契合的虚假陈述民事责任规则。在责任认定上,以勤勉义务为基础差异化判断独立董事损害行为,科学计算虚假陈述损害后果,采“相当性”原则认定独立董事损害行为与损害后果的因果关系,并优化无过错抗辩事由。在责任承担上,强制上市公司为独立董事购买责任险,使其覆盖独立董事轻微过错时的赔偿责任;在独立董事具有一般过错时应承担“差额倍数上限”赔偿责任;而在独立董事具有故意、重大过失时不能享受责任减免。The core problem of the civil liability of independent directors for misrepresentation is that,on the one hand,it relies too much on the results of the administrative penalty decision to determine that the independent directors are liable for civil liability;on the other hand,there are no appropriate rules for the mitigation of liability when the damaging consequences of misrepresentation are excessively higher than the compensation capacity of the independent directors.The reason is that the existing rules incorrectly positioned independent directors as “omnipotent directors”.Based on empirical research,China should shape the “supervisory independent director”,and establish civil liability rules for misrepresentation that are compatible with the supervisory role.In terms of liability determination,the damage behavior of independent directors is differentially judged on the basis of the duty of diligence,the damage consequences of misrepresentation are scientifically calculated,the causal relationship between the damage behavior of independent directors and the damage consequences is determined on the principle of “proportionality”,and the no-fault defense is optimized.In terms of liability,listed companies are forced to purchase liability insurance for independent directors to cover their liability when they are at minor fault;when they are at general fault,they should bear the compensation liability of the “upper limit of the difference multiple of their salary”;and when they have intentional or gross negligence,they cannot enjoy liability relief.

关 键 词：独立董事 虚假陈述民事责任 公司治理 

分 类 号：D923.99[政治法律—民商法学]