证券专业中介机构虚假陈述民事责任研究

发布时间：2018-02-26 11:14

本文关键词： 证券市场中介机构虚假陈述民事责任　出处：《云南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：投资者是证券市场信息披露的主要消费者，也是违法信息披露的主要受害者，投资者根据证券市场主体披露的信息判断证券的价格，进行投资决策。因此，真实、准确、完整、及时地进行信息披露是证券发行和交易市场中相关主体的义务。其中，证券专业中介机构参与制作和出具的报告文件是投资者进行投资决策的重要参考，然而，在证券市场中，专业中介机构的虚假陈述事件屡见不鲜，这严重损害了投资者的合法权益，破坏了证券市场信息披露制度，违背了市场经济的诚实信用原则。面对我国证券市场专业中介机构的虚假陈述行为，投资者作为最大的受害者，却不能获得有效的法律救济，原因在于我国证券法对于虚假陈述法律责任的追究只侧重于行为人的行政责任和刑事责任，而忽视了其民事责任；而且关于中介机构虚假陈述的民事责任的规定较为零散简陋，缺乏可操作性。因此，必须充分认识证券专业中介机构虚假陈述民事责任制度的重要性，深入研究探讨该制度，以建立健全证券中介机构虚假陈述民事责任的相关法律法规，这对于促进和完善我国证券市场的发展具有重要意义。本文从证券市场的发展实情出发，通过分析我国专业中介机构虚假陈述民事责任的现状，借鉴其他国家（地区）相关的法律法规，结合类似案件的司法判例，，试图为我国专业中介机构虚假陈述民事责任制度构建一个趋于完善的理论框架。文章首先概述了证券专业中介机构虚假陈述民事责任的基本理论和法律概况，然后在分析比较学术界相关理论的基础上，对其民事责任的性质进行了深入探讨，认为我国应当以侵权责任说作为法理基础，完善相关立法。之后，明确其民事责任的构成要件，从实体法方面对专业中介机构的违法行为、损害结果、因果关系及其抗辩事由等方面进行研究，在综合分析的基础上推导出其归则原则为过错推定责任原则。最后论述了证券专业中介机构虚假陈述民事责任的诉讼形式，分析我国目前证券民事赔偿诉讼机制的不足，对比美国集团诉讼制度，结合我国法律法规以及最高人民法院司法解释的有关规定，对我国中介机构虚假陈述民事诉讼机制的完善和多元化的纠纷解决机制的建立提出相应的建议。
[Abstract]:Investors are the main consumers of information disclosure in the securities market, and also the main victims of illegal information disclosure. Investors judge the price of securities according to the information disclosed by the main body of the securities market and make investment decisions. Timely disclosure of information is the obligation of the relevant parties in the securities issuance and trading market. Among them, the report documents produced by the securities professional intermediary institutions are important references for investors to make investment decisions, however, in the securities market, The misrepresentation of professional intermediary organizations is common, which seriously damages the legitimate rights and interests of investors, destroys the information disclosure system of the securities market, and violates the principle of good faith in the market economy. In the face of the misrepresentation of professional intermediary organizations in China's securities market, investors, as the greatest victims, are unable to obtain effective legal remedies. The reason lies in the fact that the investigation of the legal liability for false statements in China's securities law only focuses on the administrative liability and criminal liability of the perpetrator, but neglects its civil liability, and the provisions on the civil liability of the intermediary organization for the false statement are relatively scattered and simple. Therefore, it is necessary to fully understand the importance of the civil liability system for misrepresentation of securities professional intermediary organizations, and to study the system in depth in order to establish and improve the relevant laws and regulations on the civil liability of securities intermediary institutions for false statements. This is of great significance for promoting and perfecting the development of China's securities market. Based on the development of the securities market, this paper analyzes the present situation of the civil liability of the professional intermediary organizations in China, draws lessons from the relevant laws and regulations of other countries (regions), and combines the judicial precedents of similar cases. This paper attempts to construct a perfect theoretical framework for the civil liability system of misrepresentation of professional intermediary organizations in China. Then, on the basis of analyzing and comparing the relevant theories in academic circles, the author deeply discusses the nature of its civil liability, and thinks that our country should take tort liability theory as the legal basis and perfect the relevant legislation. Make clear the constitution of its civil liability, from the aspect of substantive law, study the illegal behavior, the result of damage, the causality and the reason of defense of the specialized intermediary organization, etc. On the basis of comprehensive analysis, this paper deduces the principle of presumption of fault liability. Finally, it discusses the litigation form of civil liability for misrepresentation of securities professional intermediary organizations, and analyzes the deficiency of the current litigation mechanism of securities civil compensation in our country. Comparing with the American group litigation system, combining with the laws and regulations of our country and the relevant provisions of the judicial interpretation of the Supreme people's Court, This paper puts forward some suggestions on the perfection of civil litigation mechanism and the establishment of diversified dispute resolution mechanism for intermediary organizations in China.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287;D923;D925.1

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