证券市场公开承诺法律性质及民事责任再解  

Reinterpreting the Legal Nature and Civil Liability of Public Commitments in the Securities Market

作　　者：徐明 李敬宜 XU Ming;LI Jingyi

机构地区：[1]华东政法大学国际金融法律学院 [2]华东政法大学经济法学院

出　　处：《中国政法大学学报》2025年第2期231-246,共16页Journal Of CUPL

摘　　要：公开承诺是证券市场上受约束的信息公开行为,本质上构成公开承诺人对承诺对象的赋权,以实现承诺对象的“知情权”。公开承诺人和信息披露义务人是两个不同的法律主体。当二者竞合时,承诺责任与信息披露责任也形成竞合,应以信息披露责任吸收承诺责任,此时承诺责任体现为虚假陈述的法律责任。当二者分离时,承诺责任与信息披露责任彼此独立。除非信息披露义务人存在故意或重大过失,在外部责任上,公开承诺人是真正责任人,信息披露义务人是补充责任人;在内部责任上,公开承诺人是主要责任人,信息披露义务人是次要责任人。而违反自愿披露的公开承诺并不必然导致民事责任的产生,需考量公开承诺与投资者损失之间的“因果力”。Public commitments represent legally binding acts of information disclosure within the securities market,serving to empower the recipients of the commitments and thereby facilitate their“right to know”.The parties engaged in public commitments and the information disclosure are two distinct legal entities.When these roles converge,the obligations arising from public commitments and information disclosure also intersect,necessitating that the obligation of information disclosure subsume the public commitment obligation;in this context,the liability associated with the commitment is expressed as liability for false statements.Conversely,when the two roles are separate,the obligations of public commitments and information disclosure remain independent.Unless the information disclosure obligor acts with intent or gross negligence,the public commitment party is regarded as the primary liable party in external contexts,while the information disclosure obligor assumes a supplementary liability;in internal contexts,the public undertaking party remains the primary liable party,and the information disclosure obligor is classified as the secondary liable party.Furthermore,a breach of voluntary disclosure commitments does not inherently lead to civil liability;it is imperative to evaluate the causal relationship between the public commitment and the investor’s losses.

关 键 词：公开承诺 强制信息披露 自愿信息披露 民事责任 

分 类 号：D922.287[政治法律—经济法学] D922.291.91[政治法律—法学]