我国证券虚假陈述侵权责任规范模式之重构  

Reconstruction of Securities Misrepresentation Tort Liability Norm Model in China

作　　者：邢会强[1] XING Huiqiang

机构地区：[1]中央财经大学法学院

出　　处：《法学研究》2025年第1期137-154,共18页Chinese Journal of 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”(23JHQ072)的阶段性成果。

摘　　要：我国证券法基于“威慑导向策略”,以统一的侵权责任规范、相同的侵权责任构成要件,规制不同市场以及不同发行方式的证券虚假陈述侵权行为,形成了证券虚假陈述侵权责任规范的一元模式。基于投资者特殊保护的目的,该一元模式下的侵权责任规范被定位为特殊侵权责任规范,实行无过错责任或过错推定责任、交易因果关系(信赖)推定和损失因果关系推定。这不完全符合欺诈市场理论,其过度应用扰乱了证券法制度的基本逻辑,导致证券市场主体利益失衡。我国证券虚假陈述侵权责任规范模式应重构为二元模式,即公开发行市场欺诈发行的特殊证券侵权责任规范与除公开欺诈发行之外的其他虚假陈述的一般证券侵权责任规范,后者仅在有效市场或信息披露义务人隐瞒重大信息情形下实行交易因果关系推定。China's Securities Law is based on a"deterrence-oriented strategy"and regulates securities misrepresentation tortious acts in different issuance markets and methods with a unified tort liability norm and identical elements of tort liability,forming a monistic model of securities misrepresentation tort liability norm.To give special protection to investors,the tort liability norm under this monistic model is positioned as a special tort liability norm,implementing no-fault liability and presumption of fault,presumption of transaction causation(reliance),and presumption of loss causation,which does not fully conform to the fraud-on-the-market theory,disrupts the basic logic of the securities law system,and leads to an imbalance of interests among securities market entities.The securities misrepresentation tort liability norm model of China should be reconstructed into a dual model,namely,the special securities tort liability norm for fraudulent offering in the public offering market and the general securities tort liability norm for other securities misrepresentations except for public fraudulent offering.The presumption of transaction causation should only be implemented in the case of an efficient market or when the information disclosure obligor conceals material information.

关 键 词：虚假陈述 欺诈发行 欺诈市场理论 过错推定 因果关系推定 

分 类 号：D922.287[政治法律—经济法学]