证券虚假陈述比例连带责任之反思  

Reflection on Proportional Joint and Several Liability for Misrepresentation of Securities

作　　者：郑晓剑[1] ZHENG Xiaojian(School of Law,Xiamen University,Xiamen 361005,Fujian)

机构地区：[1]厦门大学法学院,福建厦门361005

出　　处：《厦门大学学报(哲学社会科学版)》2025年第2期167-180,共14页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：国家社会科学基金重点项目“比例原则在民法上的适用研究”(21AFX016)。

摘　　要：近年来,我国不少地方法院在审理证券虚假陈述侵权案件时,判处证券中介机构等责任主体承担比例连带责任。这种现象和做法是否合理,值得探讨。比例连带责任的司法适用,欠缺规范依据,缺乏理论基础,有违连带债务的基本原理,加剧了司法适用中的混乱及冲突,损害了法的安定性及可预期性。为了实现法的安定性及妥当性,有关部门应当秉持解释论方法,依据连带债务的基本原理对《证券法》第85条和第163条作出恰当的解释及适用,以缓和因立法之刚性及严苛可能引发的负面效应。In recent years,numerous courts have awarded proportional joint and several liability to securities intermediaries and other responsible parties in cases of misrepresentation.The reasonableness of this practice warrants discussion.The establishment and application of this liability lack a normative basis and theoretical foundation,violate the principles of joint and several liability,ex-acerbate confusion and conflict in judicial application,and undermine the stability and predictability of the law.To enhance legal stability and appropriateness,it is essential to adopt an interpretive approach,making suitable interpretations and applications of Ar-ticles 85 and 163 of the Securities Law in alignment with the principle of joint and several liability.This approach can help mitigate the negative effects that may arise from the strictness of the legislation.

关 键 词：连带责任 比例连带责任 部分连带责任 虚假陈述 《证券法》 

分 类 号：D922.287[政治法律—经济法学]