违反信息披露义务责任主体多层次体系的构建  

On the Construction of A Multi-level System on Parties Liable for Violating the Obligations of Information Disclosure

作　　者：石一峰 SHI Yifeng

机构地区：[1]浙江大学光华法学院,浙江杭州310008

出　　处：《政治与法律》2025年第3期144-161,共18页Political Science and Law

基　　金：国家社会科学基金项目“金融稳定目标下银行风险处置法律机制研究”(项目批准号:24BFX080)的研究成果。

摘　　要：违反信息披露义务责任中关于各责任主体之间的责任区分引发了广泛讨论,而责任主体多层次体系的构建是解决上述问题的关键。首先,应以可归责性程度作为责任主体层次区分的依据。可归责性判断包括指向预见性的归责能力和指向控制力的归责事由两大基本要求。违反信息披露义务中不同责任主体在预见性和控制力上均存在差异,此决定了责任主体的层次性。其次,鉴于过错归责、过错与原因力综合判断等传统责任区分方法的局限性,可引入更契合的风险归责理论来构建违反信息披露义务责任主体多层次体系。最后,风险归责下的具体考量因素包括风险预见性下的职责重合度、信息可及性、行为风险认知性等;风险控制力下风险产生的控制、风险预防的控制和风险存续的控制等。通过对这些因素的具体分析可区分出各责任主体的可归责性程度,进而构建起区分各类主体责任范围和形态的多层次体系。The determination of respective liability of liable parties in the construction of the system on liabilities for violating information disclosure obligations has sparked extensive discussion,and the construction of a multi-level system of liable parties is the key to solution to the above issue.Firstly,the degree of imputability should be used as the basis for determining their respective levels of liable parties.The determination of imputability includes two basic requirements:the imputationbased capability pointing to foreseeability and the imputation-based causes pointing to controlling power.There are differences in foreseeability and controlling power among different liable parties in the violation of information disclosure obligations,which determines the different levels where liable parties stand.Secondly,given the limitations of traditional methods of determining respective liabilities such as fault-based imputation and comprehensive determination based on fault and causal force,a more suitable theory of risk-based imputation can be introduced to construct a multi-level system on parties liable for violating information disclosure obligations.Finally,the specific consideration factors under risk-based imputation include the degree of overlapped responsibility,information accessibility,and behavioral risk awareness under risk foreseeability;and the control of risk generation,the control of risk prevention,and the control of risk continuation under controlling power of risk.Through the specific analysis of these factors,the degree of imputability of each liable parties can be respectively determined,and then a multi-level system can be constructed to respectively determine the scope and form of liability of parties involved.

关 键 词：违反信息披露 责任主体 多层次体系 风险归责 

分 类 号：DF438.7[政治法律—经济法学]