证券虚假陈述比例连带责任的反思与超越  

Reflection and Transcendence on Partial Joint and Several Liability for Securities Misrepresentation

作　　者：陈敏光 CHEN Min-guang(Beijing Academy of Social Sciences,Beijing 100101,China)

机构地区：[1]北京市社会科学院,北京100101

出　　处：《河北法学》2025年第1期117-137,共21页Hebei Law Science

基　　金：2021年度国家社会科学基金项目“回应型法治中的金融法动态适应性问题研究”(21BFX204)的阶段性研究成果。

摘　　要：在我国强监管和证券虚假陈述诉讼多发的背景下,作为责任主体之一的中介机构往往面临巨额赔偿,连带责任机制运作下中介机构过责不相当的问题日益凸显。法院在个案裁判中形成了比例连带责任的判法,回应了现实的合理诉求,有较大的创新价值;但也面临合法性是否充足、比例是否明确、连带是否合理等拷问。通过比较镜鉴,应破除比例连带责任之表象,平衡好中介机构和投资者等各方利益,着眼于过责相当、精准追责,并结合我国实际,在短期内改进比例连带责任之适用,在长期内则应探索包容动态责任体系之配置。In the background of strong regulation and the surge in class action lawsuits in China,securities service institutions are facing huge compensation for securities misrepresentation,and the issue of unequal liability of securities service institutions under joint and several liability operation is becoming increasingly prominent.The court has formed a partial joint and several liability judgment in the case judgment,which responds to the reasonable demands of reality and has great innovative value.However,partial joint and several liabilities face doubts about their legality,clarity,and reasonableness.Through comparative analysis,it is necessary to break away from the appearance of partial joint and several liability,balance the interests of securities service institutions and investors,and focus on equal and precise accountability.Based on Chinas actual situation,we should improve the application of partial joint and several liability in the short term,and explore the configuration of an inclusive dynamic liability system in the long term.

关 键 词：比例连带责任 过责相当 相应责任 证券侵权 

分 类 号：DF438.7[政治法律—经济法学]