论证券虚假陈述中董事的法律责任

发布时间：2018-03-10 20:54

本文选题：信息披露　切入点：虚假陈述　出处：《中央民族大学》2011年硕士论文　论文类型：学位论文

【摘要】：我国自1990年重新建立证券市场以来,在《证券法》、《公司法》、《上市公司信息披露管理办法》等法律规范中分别规定了董事在证券虚假陈述中的法律责任。在实践中,先以证券监管部门追究董事在虚假陈述案件中的行政责任为开端,进而启动追究董事刑事责任或民事责任的程序。在这种模式下,董事在虚假陈述案件中多承担行政责任与刑事责任,较少承担民事责任,受害者寻求救济时面临诉讼时间长、赔偿得不到保障等许多不利因素。在借鉴国外经验与结合本国实情的基础上,我国立法者应从以下几方面入手补充和修改相关法律规范,以确保公司对外披露信息的准确、及时等,规制董事滥用信息优势侵害他人利益的行为。第一、明确董事在信息披露中的法律义务。立法者应明确董事的勤勉与诚信义务,以更好地约束董事的职务行为。第二、明确董事承担赔偿责任的认定标准。在虚假陈述案件中,董事要与其任职的公司等主体承担连带赔偿责任。立法者应明确董事的勤勉抗辩规则和承担连带责任的判定标准,以准确地认定董事的赔偿责任。第三、完善董事在虚假陈述中的刑事责任。立法者应扩大对证券虚假陈述犯罪客观方面的规定,适度提高刑罚,以惩戒董事的违法行为。第四、改进虚假陈述赔偿案件的审理方式。由于前置程序的要求和证券虚假陈述诉讼具有群体性、复杂性的特点,司法人员可以借鉴国外示范诉讼的模式审理虚假陈述案件以提高效率。第五、明确董事在内部控制活动中的责任。内部控制活动与信息披露有着紧密的联系,立法者应明确董事在信息披露中的法律责任,以确保公司对外披露信息的真实、完整、及时。由于证券虚假陈述案件较为复杂,其中会涉及发行公司及其董事、会计事务所、保荐人等多方主体,本文主要说明和讨论证券虚假陈述中发行人董事的法律责任。通过比较中外法律对证券虚假陈述中董事法律责任的规定与结合具体案例,分析我国证券虚假陈述中董事法律责任的不足和需要尽快解决的问题,并提出一些改进建议。本文主要分为四部分：第一部分证券虚假陈述中董事法律责任的基础问题。主要介绍信息披露与虚假陈述行为,董事在信息披露中的义务,证券虚假陈述中董事的责任构成要件。第二部分证券虚假陈述中董事法律责任的比较。分别介绍美国、香港特别行政区、日本法律中对证券虚假陈述中董事法律责任的规定。第三部分我国法律对证券虚假陈述中董事法律责任的规定。分析和说明现阶段我国证券虚假陈述中董事的法律责任,以及实践中存在的不足。第四部分完善我国证券虚假陈述中董事法律责任的建议。立法者应进一步完善证券虚假陈述中董事刑事责任、民事责任中的具体内容,协调证券虚假陈述中董事责任追究机制等。
[Abstract]:Since the re-establishment of the securities market in 1990, the legal liability of directors in the false statements of securities has been stipulated in the legal norms of Securities Law, Company Law, and measures for the Information Disclosure of listed companies, respectively. The first step is to investigate the administrative liability of the directors in the case of false statement, and then to initiate the procedure of investigating the director's criminal liability or civil liability. Many unfavorable factors such as administrative and criminal liability and less civil liability are taken by the directors in false statement cases. The victims face long litigation time and the compensation can't be guaranteed when they seek redress. On the basis of drawing lessons from foreign experience and combining with the reality of our country, our legislators should supplement and modify the relevant legal norms from the following aspects to ensure the accuracy and timeliness of the company's disclosure of information to the outside world. First, it is clear that the legal obligation of directors in information disclosure. Legislators should make clear the duty of diligence and good faith of directors, in order to better restrain the duties of directors. In the case of false statement, the director should bear the joint and several liability with the company, etc. The legislator should make clear the rules of the director's diligent defense and the judgment standard of the joint and several liability. Third, perfect the director's criminal liability in false statement. The legislator should expand the objective provisions on the crime of securities misrepresentation, appropriately increase the penalty to punish the director's illegal behavior. 4th, To improve the trial method of compensation cases for false statements. Due to the requirement of pre-procedure and the characteristics of group and complexity of securities misrepresentation litigation, Judicial personnel can learn from the model of foreign model litigation to try misrepresentation cases in order to improve the efficiency. 5th, clear director's responsibility in the internal control activities, internal control activities and information disclosure has a close relationship, The legislator should make clear the legal responsibility of the director in the information disclosure to ensure the truth, integrity and timely disclosure of the company's information to the outside world. As the case of misrepresentation of securities is relatively complex, it will involve the issuing company and its directors, accounting firms, sponsors, and other parties, This paper mainly explains and discusses the legal liability of the issuer in the false statement of securities. By comparing the legal liability of the director in the false statement of securities between China and foreign countries and combining with specific cases, This paper analyzes the deficiency of the director's legal liability in China's securities misrepresentation and the problems that need to be solved as soon as possible, and puts forward some suggestions for improvement. This paper is divided into four parts:. The first part is about the basic issues of directors' legal liability in securities misrepresentation. It mainly introduces information disclosure and misrepresentation behavior, directors' obligations in information disclosure, and the constitutive requirements of directors' liability in securities misrepresentation. The second part is the comparison of the legal liability of directors in securities misrepresentation. It introduces the legal liability of directors in the United States, Hong Kong Special Administrative region and Japan respectively. The third part is about the legal liability of directors in the false statement of securities in our country. It analyzes and explains the legal liability of directors in the misrepresentation of securities in our country at the present stage, as well as the deficiency in practice. In the 4th part, the author proposes to perfect the legal liability of directors in the false statement of securities in China. The legislator should further perfect the specific contents of the criminal liability and civil liability of directors in the false statement of securities. Coordinate the accountability mechanism of directors in the false statement of securities.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;D922.291.91

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