论我国虚假陈述民事责任主体的困境与创新

发布时间：2018-02-13 22:22

本文关键词： 虚假陈述责任主体主体单一化先行赔付　出处：《证券市场导报》2017年07期 　论文类型：期刊论文

【摘要】：本文利用实证数据剖析我国虚假陈述民事责任主体单一化的问题,并将之与美国司法实践中责任主体的多元化进行对比。本文发现,我国《证券法》虽然规定了虚假陈述的多层次责任主体,但司法实践却出现责任主体单一化的结果,由此带来民事责任与行政责任不匹配、中介机构责任不凸显、控股股东、实际控制人责任虚化等问题。证券监管部门为强化中介机构的主体责任,利用行政权力主导推进保荐机构、主要股东对受损害的投资者先行赔付,并最终通过股票发行制度改革予以固化。先行赔付作为一种制度创新,承受着多方面的质疑。但先行赔付制度有助于解决司法实践中责任主体单一化的法律困境,欺诈发行中由保荐机构承担先行赔付责任,符合现实需要和法理基础。
[Abstract]:This paper uses empirical data to analyze the problem of the simplification of the subject of civil liability of false statement in China, and compares it with the pluralism of the subject of responsibility in the judicial practice of the United States. Although the securities law of our country stipulates the multi-level responsibility subject of false statement, the judicial practice actually appears the result that the subject of responsibility is single, which brings about the mismatch between civil liability and administrative liability, the responsibility of intermediary organization is not prominent, and the controlling shareholder. In order to strengthen the principal responsibility of the intermediary institution, the securities supervision department uses the administrative power to lead the promotion of the sponsor organization, and the main shareholders pay the injured investor in advance. And finally solidified through the reform of the stock issuance system. As a kind of system innovation, the advance indemnity system bears many questions. However, the advance payment system is helpful to solve the legal dilemma of the unitary responsibility subject in judicial practice. In the fraud issue, the sponsor organization assumes the responsibility of payment in advance, which accords with the realistic needs and the legal basis.
【作者单位】：清华大学法学院;
【分类号】：D922.287

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