操纵证券市场民事责任的因果关系研究

发布时间：2019-03-08 13:07

【摘要】：操纵证券市场和虚假陈述、内幕交易是证券侵权行为的三种主要表现形态。证券侵权行为是一种特殊的民事侵权行为,由于证券市场的复杂性和行为的高技术性等特征,使得其一出现就伴随着与一般民事侵权行为不同的色彩,从而成为众多学者研究的对象。证券市场出现较一般商品交易市场较晚,交易规则与法律规制规则均处在探索阶段,我国证券市场发展晚于其他国家,规则也大多为泊来之品。由于法律规则的不完善和交易市场主体的不诚信等原因,使得我国证券市场发展问题层出,证券侵权行为较为猖獗,而操纵证券市场行为也不例外。操纵证券市场不仅妨碍了证券交易的正常开展,损害了广大投资者的合法权益,更是阻碍了证券市场的健康有序发展。但是我国目前对操纵证券市场行为责任的追究基本上限于行政责任和刑事责任,对于民事责任几乎是空白。纵观各国司法实践,行政责任和刑事责任不应当优先于民事责任,操纵证券市场对广大投资者带来的损害是不可逆转的,而弥补这种损害只能依赖于民事责任,维护证券市场的公平发展离不开民事赔偿制度的完善,而因果关系的认定则成为首要解决的问题。所谓操纵证券市场民事责任的因果关系,即是指投资者的损害事实与操纵者的操纵行为之间具有的因果关系。在我国,操纵证券市场民事责任的判例中采用的是必然因果关系理论,即投资者的损害事实与操纵行为之间必须存在必然的,本质的联系。除去在实践中运用的必然因果关系理论之外,学者多主张采用信赖推定规则和相当因果关系理论。信赖推定规则来源于美国,基础是“欺诈市场理论”,信赖推定规则经过很长时间的发展最终在美国得以确立,成为认定操纵证券市场民事责任因果关系的最主要的规则。有学者提出我国也应当运用信赖推定规则对因果关系进行认定,也有学者认为该规则在我国不具有适用的前提,即半强势的有效市场。基于此,学者提出了相当因果关系理论,相当因果关系理论是在条件理论的基础上发展而来的,是大陆法系一般因果关系认定的主要方式。信赖推定规则与相当因果关系理论在我国究竟能不能适用?应当如何适用? 最高院出台了《关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》,自此结束了必然因果关系理论在虚假陈述民事责任因果关系判定中的运用,也引发了一轮虚假陈述民事责任的因果关系认定问题的讨论。同为证券侵权行为的一种,处于同一证券市场,操纵证券市场民事责任的因果关系认定又该何去何从?笔者在梳理了我国操纵证券市场民事责任因果关系认定的现状、司法裁判实务和学者理论的基础上,结合一般民事侵权行为民事责任因果关系的认定规则和操纵证券市场行为基本形态下因果关系一般样态的分析,以期对其做出一个系统的阐述与分析。
[Abstract]:Manipulation of securities market and false statements, insider trading is the three main forms of securities infringement. The securities tort is a kind of special civil tort. Because of the complexity of the securities market and the high technical characteristics of the behavior, one of them is accompanied by a different color from the general civil tort. As a result, it has become the object of many scholars' research. The stock market appears later than the general commodity exchange market, the trading rules and the legal regulation rules are both in the exploration stage. The development of our securities market is later than that of other countries, and most of the rules are the products of our country. Due to the imperfection of the legal rules and the dishonesty of the main body of the trading market, the problems of the development of our country's securities market arise. The securities infringement is more rampant, and the manipulation of the securities market is no exception. The manipulation of securities market not only hinders the normal development of securities trading, damages the legitimate rights and interests of investors, but also hinders the healthy and orderly development of securities market. However, at present, the liability for manipulation of securities market in China is basically limited to administrative responsibility and criminal liability, which is almost blank for civil liability. Throughout the judicial practice of various countries, administrative liability and criminal liability should not take precedence over civil liability, and the damage caused by the manipulation of the securities market to the vast majority of investors is irreversible, and compensation for such damage can only depend on civil liability, To maintain the fair development of securities market can not be separated from the perfection of civil compensation system, and the identification of causation becomes the primary problem to be solved. The causation of civil liability for manipulation of securities market refers to the causal relationship between the damage facts of investors and the manipulation of manipulators. In our country, the theory of inevitable causality is adopted in the case law of civil liability for manipulation of securities market, that is, there must be an inevitable and essential connection between the damage facts of investors and the manipulation behavior. In addition to the theory of inevitable causality applied in practice, scholars mostly advocate the rule of presumption of trust and the theory of equivalent causality. The rule of presumption of trust comes from the United States and is based on the "Fraud Market Theory". After a long period of development, the rule of presumption of trust has been established in the United States, and has become the most important rule for determining the causal relationship of civil liability in securities market manipulation. Some scholars put forward that the rule of presumption of trust should also be used to identify causality in our country, and some scholars think that the rule does not have the premise of application in our country, that is, semi-strong efficient market. Based on this, scholars put forward the theory of equivalent causality, which is developed on the basis of conditional theory and is the main way of determining the general causal relationship in continental law system. Can the rule of presumption of trust and the theory of equivalent causality be applied in our country? How should it apply? The Supreme Court issued several provisions on the trial of Civil compensation cases caused by false statements in the Securities Market, which has since ended the application of the theory of inevitable causality in the determination of civil liability for false statements. It also leads to a discussion on the causation of civil liability for false statements. The same is a kind of securities infringement, in the same securities market, how to determine the cause and effect of civil liability of securities market manipulation? On the basis of combing the status quo of the causation of civil liability in China's securities market manipulation, judicial practice and scholars' theory, Combined with the rules of determining civil liability and the general pattern of causation in the basic form of securities market manipulation, the author hopes to make a systematic exposition and analysis of the causation in order to make a systematic analysis of it.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287;D923

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