证券欺诈民事责任论

发布时间：2018-05-27 02:00

本文选题：证券 + 欺诈　；参考：《西南政法大学》2003年硕士论文

【摘要】： 投资者的保护是规范证券市场永恒的话题。我国的证券市场是新兴和转型市场，以政府主导型的发展理念往往会导致对市场参与者权益的忽略。因此，在发展中规范、在规范中发展便是WTO要求的市场化、国际化为中国证券市场书写的下文。我国证券立法尚未形成规制证券市场欺诈行为的民事法律责任体系，实务当中也是以种种站不住脚的理由漠视广大中小投资者合法权益被肆意侵犯。作者亲身体验了中国证券市场的动荡，并对通过证券市场表现出来的人性贪婪的一面与弱势投资者感同身受，加之数年受法律尤其是民商法权利本位、诚实信用观念的冲击，于是有了本文便是自然而然的事情了。全文除了前言和结语外，分为三个部分，计三万八千余字。第一部分，首先对全文的两个关键词——证券和证券市场依据国内立法作出了界定。证券是经济发展到一定阶段的产物，指的是记载并且代表一定权利的凭证。它使人们对财产的实际占有转为法律占有，对实物的形态控制转为权利控制。证券本身就代表一定的权利。证券市场指的是证券的发行、交易等形成资金、资本需求与供给的交易场所及其组成部分的总和。在我国证券市场包括发行市场、交易市场及依据有关法律法规经批准设立的其它证券市场。其次解释了欺诈在整个法律体系中的三个层面上的意义：第一是法律行为制度中的欺诈，第二是侵权行为法上的欺诈(二者合称为民事欺诈)，第三是，刑事欺诈即诈骗罪。并对三者作了区分。而本文所指的证券欺诈仅限民事欺诈，指的是在证券发行、交易及相关活动中任何违反公平合理和诚信原则的行为。最后指出了证券欺诈行为的危害，不仅违背证券市场公开、公平、公正原则，践踏了诚实信用原则而且损害了投资者的合法权益。这也是全文立论的基础。第二部分着重抓住民事责任这一关键词，从行为性质界定到责任构成要件上去认定和把握证券欺诈行为在民商事法律中的共性和个性。共性部分表现为民法在关于欺诈行为民事责任构成要件上传统的思维方式。证券欺诈行为主体基于主观上的故意或过失对正常的市场交易秩序的破坏行为，造成权利主体的财产利益的损害。如果二者之间存在相当的因果关系，那么接下去的就是民事责任的承担。文章在民事责任承担方面具体列出了撤销合同的若干情形，，也指出了现行立法在赔偿损失计算上采用算术平均法的不合理性，忽略了证券投资和交易的权重在于交易成本:即股价乘以股数，而不在于股价。个胜部分则体现在对证券欺诈行为属性突破了契约责任的传统界定，认为证券欺诈行为由于表现形式的多样化，可以并且主要表现为侵权责任，同时在归贵原则上由于主体的不同而体现出来的灵活性进一步强化了这种个性.这是全文的核心部分. 第三部分，在前两部分的基础上，对证券欺炸行为具体的表现类型作了大篇幅的展开.界定内幕交易主要从三个方面入手，即知情人员范围、内幕信息的认定以及内幕交易的行为类型。其归责理论主要有侵权行为理论、信用义务理论、临时内部人理论和窃取理论。操纵市场行为的特殊之处在于行为方式的多样化。而把握欺诈客户的难点在于责任性质的复杂性，既有合同责任又不能排除侵权责任的承担，甚至还有竟合的可能。对虚假陈述的澎退由于掌握的资料较为丰富以及考虑到实务操作，文章作了较详尽的阐述。虚假陈述主体范围囊括了证券市场主要的参与者，从发行人发起人及其高级管理人员到社会中介机构皆有可能承担对投资者的赔偿责任;其行为样态包括虚假记载、误导性陈述、重大遗漏、不正当披露; 对信息重大性标准的确定直接关系到投资的因果关系以及损失的因果关系的认定;最后对不同主体虚假陈述的民事责任及其归责原则，文章也作了大量仔细的分析。如果有利于立法和司法实践借鉴，这便是本文的初衷。
[Abstract]:The protection of investors is an eternal topic in the regulation of the securities market. China's securities market is a new and transitional market. The concept of government led development will often lead to the neglect of the rights and interests of the market participants. Therefore, in the development of norms, the development of the standard in the standard is the WTO demand of the market and the internationalization of the Chinese securities market. China's securities legislation has not yet formed a civil legal liability system to regulate the fraud in the securities market. In practice, the legal rights and interests of small and medium small investors are indifferent to the untenable reasons. The author has experienced the turbulence in the Chinese securities market and the greed of human nature expressed through the stock market. In addition to the impact of the law, especially the right standard of civil and commercial law, and the impact of honesty and credit, this article is a natural thing. In addition to the preface and conclusion, the full text is divided into three parts, with more than thirty thousand words.
In the first part, the two key words of the full text, the securities and the securities market, are defined according to the domestic legislation. The securities are the product of the economic development to a certain stage, which refers to the records and the vouchers representing the certain rights. It makes the real possession of the property into legal possession and the control of the physical form to the right control. The securities itself represents a certain right. The securities market refers to the distribution of securities, transactions and other forms of capital, the exchange of capital demand and supply, and the sum of its components. In China, the securities market includes the issuing market, the trading market and other securities markets approved according to the relevant laws and regulations. Secondly, the fraud is explained. In the three aspects of the whole legal system, the first is the fraud in the legal system, the second is the fraud on the tort law (the two is called civil fraud), and the third is the criminal fraud, the crime of fraud. And the other is the distinction between the three. And the securities fraud in this article refers to the civil fraud, which refers to the issuance of securities. Any violation of the principle of fair and good faith in the related activities. Finally, it points out the harm of securities fraud, not only violates the open, fair and impartial principles of the securities market, trampling the principle of honesty and credit and undermines the legitimate rights and interests of investors. This is the basis of the full text.
The second part focuses on the key words of civil liability. From the definition of the nature of the behavior to the elements of responsibility, the common part and the personality of the securities fraud act in civil and commercial law are identified and grasped. The common part is the thinking mode of the civil law in the civil liability of fraud, the main basis of the securities fraud. The destructive behavior of the subjective intention or negligence on the order of the normal market transaction causes the damage to the property interests of the rights subject. If there is a considerable causal relationship between the two, the following is the undertaking of civil liability. The article lists several cases of the cancellation of the contract in the aspect of the civil liability bearing, and points out that the contract is revoked. The current legislation adopts arithmetic average in the calculation of compensation for losses.
The unreasonableness of law ignores that the weight of securities investment and transactions depends on transaction costs: share price multiplied by
The number of shares, not the share price, is a breakthrough in the nature of securities fraud.
The traditional definition of liability is that securities fraud can be varied because of its diversification of forms.
It should be manifested as a tort liability, and at the same time, flexible in the principle of return.
Sex further strengthens this personality. This is the core of the whole article.
The third part, on the basis of the first two parts, makes a detailed description of the specific types of securities bullying.
The definition of insider trading mainly starts from three aspects, namely, the scope of insiders.
The identification of insider information and the types of insider trading are mainly attributable to tort theory.
On the theory of credit obligation, the theory of temporary insiders and the theory of stealing.
The difficulty lies in the complexity of liability.
It is not only a contract liability but also a tort liability.
Because of the rich information and the practical operation, the article has made a false statement.
The main body of the false statement includes the main participants in the stock market, from issuing.
It is possible for a sponsor and his senior manager to pay compensation to investors in a social intermediary.
Liability for compensation; its behavior includes false records, misleading statements, major omissions, and improper disclosure.
The determination of the standard of materiality is directly related to the causality of investment and the causality of loss.
Finally, the civil liability and the principle of imputation of misrepresentation of different subjects are also presented.
A lot of careful analysis. If it is beneficial to draw lessons from legislation and judicial practice, this is the original intention of this article.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2003
【分类号】：D913

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