证券发行中虚假陈述及民事责任
摘要
本文主要研究证券发行虚假陈述及其民事责任。围绕信息披露的民事责任制度，全面分析了我国证券法中虚假陈述民事责任的憾缺，并从实体和程序法的角度为完善我国虚假陈述民事责任，确实保护投资者的利益提出建议。
本文分为五章。第一章导论。本章简单介绍了我国证券发行市场的基本情况及信息披露的功能，进而提出问题。
第二章证券发行中信息披露义务的表现形式。本章论述了证券发行主体在信息披露中承担的不同义务，并对虚假陈述行为进行界定。前者分为信息披露主体和信息披露参与主体，后者包括虚假陈述、误导性陈述和重大遗漏。
第三章承担证券发行虚假陈述民事责任的主体。主体有发行人、发起人、上市公司；证券承销商；专业中介机构；有关单位负有责任人员。
第四章证券发行虚假陈述的实体法救济措施。第一，民事责任的性质应以承担侵权责任更为妥当。第二，请求权人和请求权基础是《证券法》等相关法律条文。第三，虚假陈述民事责任的构成要件包括虚假陈述行为、主观过错、损害后果、虚假陈述和损害后果之间的因果关系。第四，虚假陈述的民事责任方式有撤销合同和赔偿损失两种形式。
第五章证券发行虚假陈述民事责任的诉讼实现机制。对完善代表人诉讼制度提出了可行性解决办法，还对我国设立诉讼担当制度提出些初步的想法。
This article is mainly about false statement in issuing securities and corresponding civil liabilities. Centering on civil liability system about information disclosure, the author analyses the defects of civil liability system in securities regulation of China and comes up with constructive advices from the substantive and the procedural point of view to improve our civil liability system about false statement and to protect the interests of investors effectively.
This article is divided into five chapters. The first chapter is the introduction, which briefly introduces Chinese securities issuing market and the functions of information disclosure and further puts forward some issues.
The second chapter is the concerning forms of information disclosure duties in issuing securities. It discusses different duties of securities issuing subjects including primary subjects and participants in information disclosure and defines the action of false statement including misrepresentation, misleading statement and major omission.
The third chapter discusses the subject responsible for false statement in issuing securities, from issuers, sponsors, listed companies, securities underwriters, professional public intermediary organizations to persons responsible in involved units.
The fourth chapter focuses on substantive measures of remedies to false statement. First, it is desirable to define the nature of liability about false statement as tortious liability. Second, claimant and rights of claim are based on securities law of China and other relevant provisions. Third, the constitutive elements of a false statement consist of the action of misrepresentation, damages and the casual relation between them, as well as subjective faults. Fourth, the civil liabilities of false statement include rescinding the contract and compensating for the losses.
The fifth chapter is about litigation mechanism of false statement. Feasible solutions to improving the system of representative action, as well as some preliminary conception of our litigation guarantee system, have been advanced.
本文分为五章。第一章导论。本章简单介绍了我国证券发行市场的基本情况及信息披露的功能，进而提出问题。
第二章证券发行中信息披露义务的表现形式。本章论述了证券发行主体在信息披露中承担的不同义务，并对虚假陈述行为进行界定。前者分为信息披露主体和信息披露参与主体，后者包括虚假陈述、误导性陈述和重大遗漏。
第三章承担证券发行虚假陈述民事责任的主体。主体有发行人、发起人、上市公司；证券承销商；专业中介机构；有关单位负有责任人员。
第四章证券发行虚假陈述的实体法救济措施。第一，民事责任的性质应以承担侵权责任更为妥当。第二，请求权人和请求权基础是《证券法》等相关法律条文。第三，虚假陈述民事责任的构成要件包括虚假陈述行为、主观过错、损害后果、虚假陈述和损害后果之间的因果关系。第四，虚假陈述的民事责任方式有撤销合同和赔偿损失两种形式。
第五章证券发行虚假陈述民事责任的诉讼实现机制。对完善代表人诉讼制度提出了可行性解决办法，还对我国设立诉讼担当制度提出些初步的想法。
This article is mainly about false statement in issuing securities and corresponding civil liabilities. Centering on civil liability system about information disclosure, the author analyses the defects of civil liability system in securities regulation of China and comes up with constructive advices from the substantive and the procedural point of view to improve our civil liability system about false statement and to protect the interests of investors effectively.
This article is divided into five chapters. The first chapter is the introduction, which briefly introduces Chinese securities issuing market and the functions of information disclosure and further puts forward some issues.
The second chapter is the concerning forms of information disclosure duties in issuing securities. It discusses different duties of securities issuing subjects including primary subjects and participants in information disclosure and defines the action of false statement including misrepresentation, misleading statement and major omission.
The third chapter discusses the subject responsible for false statement in issuing securities, from issuers, sponsors, listed companies, securities underwriters, professional public intermediary organizations to persons responsible in involved units.
The fourth chapter focuses on substantive measures of remedies to false statement. First, it is desirable to define the nature of liability about false statement as tortious liability. Second, claimant and rights of claim are based on securities law of China and other relevant provisions. Third, the constitutive elements of a false statement consist of the action of misrepresentation, damages and the casual relation between them, as well as subjective faults. Fourth, the civil liabilities of false statement include rescinding the contract and compensating for the losses.
The fifth chapter is about litigation mechanism of false statement. Feasible solutions to improving the system of representative action, as well as some preliminary conception of our litigation guarantee system, have been advanced.
引文
[1] 张文显主编：《法理学》，法律出版社1997年10月第11版。
[2] 沈宗灵主编：《法理学》，高等教育出版社1994年版。
[3] 刘军宁主编：《经济民主与经济自由》，三联书店1997年版。
[4] 姜明安主编：《行政法与行政诉讼法》，北京大学出版社，1999年10月第4版。
[5] 魏振瀛主编：《民法》，北京大学出版社，2000年9月第1版。
[6] 沈宗灵著：《比较宪法》，北京大学出版社，2002年1月第1版。
[7] 张军著：《现代产权经济学》，上海人民出版社，1994年11月第1版。
[8] 张文显著：《法学基本范围研究》，法律出版社，2000年10月第3版。
[9] 马俊驹著：余廷满，《民法原论》，法律出版社，1998年2月第1版、
[10] 王利明著：《中国民法案例与学理研究》，法律出版社1998年6月第1版。
[12] [美]爱伦．斯密德，《财产、权力和公共选择》，1999年6月第1版。
[13] [英]戴维．沃克：《牛津法律大辞典》，光明日报出版社1988年版。
[14] [英]西德里克．桑福德主编：《成功税制改革的经验与问题》，中国人民大学出版社，2000年1月第1版。
[15] [美]理查德．波斯纳著：《法律的经济分析》，蒋兆康译，中国百科全书出版社1997年版。
[16] [奥地利]凯尔森著：《法与国家的一般理论》，沈宗灵译，中国大百科全书，1996年版。
[2] 沈宗灵主编：《法理学》，高等教育出版社1994年版。
[3] 刘军宁主编：《经济民主与经济自由》，三联书店1997年版。
[4] 姜明安主编：《行政法与行政诉讼法》，北京大学出版社，1999年10月第4版。
[5] 魏振瀛主编：《民法》，北京大学出版社，2000年9月第1版。
[6] 沈宗灵著：《比较宪法》，北京大学出版社，2002年1月第1版。
[7] 张军著：《现代产权经济学》，上海人民出版社，1994年11月第1版。
[8] 张文显著：《法学基本范围研究》，法律出版社，2000年10月第3版。
[9] 马俊驹著：余廷满，《民法原论》，法律出版社，1998年2月第1版、
[10] 王利明著：《中国民法案例与学理研究》，法律出版社1998年6月第1版。
[12] [美]爱伦．斯密德，《财产、权力和公共选择》，1999年6月第1版。
[13] [英]戴维．沃克：《牛津法律大辞典》，光明日报出版社1988年版。
[14] [英]西德里克．桑福德主编：《成功税制改革的经验与问题》，中国人民大学出版社，2000年1月第1版。
[15] [美]理查德．波斯纳著：《法律的经济分析》，蒋兆康译，中国百科全书出版社1997年版。
[16] [奥地利]凯尔森著：《法与国家的一般理论》，沈宗灵译，中国大百科全书，1996年版。