论证券承销商对投资者的民事责任

发布时间：2018-11-29 11:17

【摘要】：本文以界定承销商以及承销行为为出发点，研究了承销商与投资者之间的法律关系，归纳出承销商在证券承销过程中对投资者所负有的法定义务。当承销商违反这些法定义务时，将对投资者承相应的违约责任或侵权责任。现实中，证券发行信息披露违法行为频频发生，如欺诈、虚假信息披露等，投资者往往是最终的受害者。虽然发行人会在一定程度上承担行政、刑事或民事责任，但是，作为与投资者直接交易的证券承销商，却没有承担其应有的法律责任，使得投资者的法定权益得到保护。这是本文的研究动因。本文的研究目的在于，明确承销商的法定义务以及其承担法律责任的方式，从而更好地保护投资者的法定权益。本文以买卖合同法律关系中买卖双方的权利义务理论为基础，归纳了在证券承销法律关系中承销商的法定义务。此外，文章通过对大庆联谊等六个案例进行综合分析，指出目前在证券承销方面的立法以及司法过程中对投资者权益保护存在的问题。本文除引言和结论外，包括五章内容。第一章着重界定了证券承销主体以及承销行为的概念。第二章考察了证券承销商对投资者承担的义务。着重分析了证券承销商对投资者承担义务的理论基础；论证了承销商的主要义务，以及对义务违反的后果。第三章讨论了我国现行立法对承销商对投资者的民事责任规制现状。第四章从实证角度考察了证券承销商对投资者的所实际承担的民事责任。第五章针对司法实践存在的问题，，提出从程序和实体立法两个方面解决证券承销商对投资者承担民事责任规制不足的问题。
[Abstract]:Based on the definition of underwriters and underwriting behavior, this paper studies the legal relationship between underwriters and investors, and concludes the legal obligations of underwriters to investors in the process of securities underwriting. When the underwriter violates these legal obligations, he will be liable for breach of contract or tort to the investor. In reality, the illegal behavior of securities issuance information disclosure occurs frequently, such as fraud, false information disclosure, investors are often the ultimate victims. Although the issuer will bear administrative, criminal or civil liability to a certain extent, but as a securities underwriter dealing directly with investors, he does not bear its due legal liability, which makes the legal rights and interests of investors protected. This is the motivation of this paper. The purpose of this paper is to clarify the legal obligations of underwriters and the ways of their legal liability, so as to better protect the legal rights and interests of investors. Based on the theory of the rights and obligations of both parties in the legal relationship of sale and purchase contract, this paper summarizes the legal obligations of the underwriters in the legal relationship of securities underwriting. In addition, through the comprehensive analysis of six cases such as Daqing Friendship, the paper points out the problems existing in the protection of investors' rights and interests in the current legislation and judicial process of securities underwriting. In addition to the introduction and conclusions, this paper includes five chapters. The first chapter focuses on defining the subject of securities underwriting and the concept of underwriting behavior. The second chapter examines the obligations of underwriters to investors. The theoretical basis of the securities underwriter's obligation to the investor is emphatically analyzed, and the main obligations of the underwriter and the consequences of breach of the obligation are demonstrated. The third chapter discusses the current situation of China's current legislation on the underwriter's civil liability to investors. Chapter four examines the actual civil liability of securities underwriters to investors from an empirical point of view. In the fifth chapter, aiming at the problems in judicial practice, the author puts forward that the securities underwriters should solve the problem of inadequate regulation of the civil liability of investors from the aspects of procedure and substantive legislation.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832.51

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