证券市场虚假陈述交易因果关系认定规则研究——基于更高注意义务视角的分析  

A Study on the Rules of Determining Misrepresentation of Transaction Causation in Securities Market——An Analysis from the Perspective of Higher Duty of Care

作　　者：苏畅 窦鹏娟 Su Chang;Dou Pengjuan(Faculty of Law,The Chinese University of Hong Kong,999077;School of Economic Law,East China University of Political Science and Law,Shanghai 200050)

机构地区：[1]香港中文大学法学院,中国香港999077 [2]华东政法大学经济法学院,上海200050

出　　处：《天津法学》2024年第3期86-92,共7页Tianjin Legal Science

基　　金：2020年度上海市社科规划一般课题“新《证券法》下的债券持有人利益保护机制研究”,项目编号:2020BFX007。

摘　　要：证券虚假陈述交易因果关系的认定中,部分投资者会被要求承担更高注意义务。更高注意义务的相关规则在理论和实践中均没有统一的认识。通过分析更高注意义务的相关司法案例,更高注意义务主体的划分有专业投资者标准和特定投资者标准;更高注意义务内容包括形式要件和实质要件两方面;更高注意义务的举证责任包括原告承担举证责任和被告承担举证责任。但更高注意义务规则在主体的划分标准、义务的具体内容和举证责任的分配上均存在一定的不足。为此,要坚持以特定投资者标准确定义务主体;进一步明确或者免除自然人投资者形式要件的要求,以及坚持以过程为中心,审慎确定实质要件的范围;同时要坚持以原告承担举证责任为原则、以被告承担举证责任为补充。Where the courts determine whether there is a transaction causation in the securities market misrepresentation,some investors will be required to bear a higher duty of care.There is no consensus in academic research and judicial practice on the rules relating to the higher duty of care.Through the analysis of the relevant cases involving the higher duty of care,the obligors of the higher duty of care can be ascertained by the professional investor test or the specific investor test;the content of the higher duty of care includes two aspects:formal and substantive elements;the burden of proof of the higher duty of care includes the burden of proof borne by the plaintiff and the burden of proof borne by the defendant.However,there are some deficiencies concerning the approach to determining the scope of obligors,the specific content of obligations and the distribution of the burden of proof.Therefore,the obligor should be identified by the specific investor test;it is necessary to further clarify or exempt the formal requirements imposed on individual investors and determine the range of the substantive elements sparingly through the process-focused approach.Meanwhile, the major burden of proof shall be imposed on the plaintiff and the defendant only bears the supplementary burden of proof.

关 键 词：证券虚假陈述 专业投资者 更高注意义务 

分 类 号：D912.287[政治法律—民商法学]