论证券虚假陈述投资者损失计算的“事前观点”

发布时间：2018-07-09 11:33

本文选题：证券虚假陈述 + 损失计算　；参考：《清华法学》2017年03期

【摘要】：我国司法解释采用了"事后观点"来计算证券虚假陈述中的投资者损失,即用平均买入价减去平均卖出价或者基准价乘以可索赔的股票数量。该方法简便易行,但是也存在若干问题,例如不符合证券市场的实际运作、诱发虚假陈述行为人的道德风险以及投资者获得赔偿过多或过少等。法院应当允许诉讼当事人采用"事前观点"来计算损失,即用投资者在交易时的平均买入价减去股票真实价格乘以购买的股票数量。通过"事件分析法",可以计算出交易时股票的真实价格。采用"事前观点"计算投资者损失具有准确、直接以及公允的优点,可以解决"事后观点"所产生的问题,当然该方法也有一定局限性。
[Abstract]:The judicial interpretation of our country adopts the "hindsight" to calculate the investors' losses in the misrepresentation of securities, that is, the average purchase price is subtracted from the average selling price or the base price multiplied by the number of shares that can be claimed. This method is simple and easy to carry out, but there are some problems, such as not conforming to the actual operation of the securities market, inducing the moral hazard of the perpetrator of false statements, and getting too much or too little compensation from investors, etc. The court should allow the litigant to use a "prior view" to calculate the loss, that is, to use the average purchase price of the investor at the time of trading minus the real price of the stock multiplied by the number of shares purchased. By means of event analysis, the real price of the stock can be calculated at the time of trading. It has the advantages of accuracy, directness and fairness to calculate investor losses by "prior viewpoint", which can solve the problems caused by "hindsight", but this method also has some limitations.
【作者单位】：上海财经大学法学院;
【分类号】：D922.287

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