信息披露违法追责与中小投资者保护——来自证券虚假陈述民事诉讼的证据  

Disciplining Information Disclosure Violations and Minority Investor Protection: Evidence from Civil Litigation Against Securities Misrepresentations

作　　者：吴溪[1] 江雨佳 王彦超[1] WU Xi;JIANG Yujia;WANG Yanchao(School of Accountancy,Central University of Finance and Economics)

机构地区：[1]中央财经大学会计学院,100081

出　　处：《经济研究》2025年第1期194-208,共15页Economic Research Journal

基　　金：国家社科基金重大项目(21&ZD145);中央财经大学重大研究支持计划“会计、审计与资本市场治理研究”和中央财经大学中国管理会计研究与发展中心资助。

摘　　要：信息披露违法对资本市场的影响是一个持续和耗散的过程:在曝光初期,违法行为虽未认定,但信息冲击和投资者的损失较大;随着违法事实逐步揭示和认定,增量信息衰减,市场波动和投资者损失趋弱。选择哪个时点作为法定的虚假陈述揭露日并认定违法者的赔偿责任,关乎中小投资者保护和违法成本。本文基于我国证券虚假陈述民事诉讼的证据显示,法院在揭露日选择和赔偿责任比例这两个关键的判决上,对原告主张的揭露日投资者损失呈现显著敏感性,而被告的主张无此特征。法院过往审理经验越丰富,其判决对投资者的损失幅度越敏感。证据还显示,法院判决对投资者损失补偿最大化原则的支持程度越大,投资者越倾向于选择其损失最大的时点提出赔偿主张。本文对从严打击财务造假、加强立体化追责、推动资本市场高质量发展具有参考价值。The faithfulness of information disclosure is critical to capital market efficiency and investor protection. Information disclosure violations, however, seriously infringe on the rights and interests of investors and disturb the wellfunctioning of capital markets. For a long time, administrative penalties have been a dominant approach in China to discipline information disclosure violations. With the development of capital markets, civil litigation has been increasingly popular during the recent decade. Evidence has been scant on how the judicial process for civil litigation operates in China and how effective it has been in protecting investors. This study aims to address the void.There are two key points of controversy in civil litigation against securities misrepresentations in China:(a) the date of misrepresentation exposure, and(b) the liability ratio. There is only one legitimate date of misrepresentation exposure in the principle of law, because only those investors who buy securities with false representations before the date and keep holding them afterward are entitled to claim compensation. However, misrepresentation exposure is a gradual and stepwise process of disclosing facts about false representations from a variety of exposure entities, which makes the exposure date subject to alternative choices and thus controversy. The defendants are incentivized to minimize their liability ratio by arguing investor losses being incurred due to the systematic risk of stock markets, whereas judicial practices have been diverse in measuring the systematic risk, which leads to controversy as well. These points of controversy speak to defining compensation-qualified investors and the amount of compensation, respectively, both of which are highly relevant to the extent of minority investor protection and law-breaching costs. This study examines whether court sentences over the above two points of controversy are sensitive to the magnitude of investor losses surrounding the plaintiff-claimed date of exposure. We pred

关 键 词：信息披露违法 民事追责 中小投资者保护 虚假陈述揭露日 赔偿责任比例 

分 类 号：D925.1[政治法律—诉讼法学] D922.287[政治法律—法学]