论文标题:证券欺诈民事赔偿实务研究
On the Aggrieved Parties" Rights in Litigation
论文作者 刘东
论文导师 吴弘,论文学位 硕士,论文专业 法律
论文单位 华东政法学院,点击次数 68,论文页数 57页File Size2188k
2002-04-02论文网 http://www.lw23.com/lunwen_225040792/ 罪刑法定; 个人自由; 人权保障
E(electronic)-commerce; insurance; E(electronic)-insurance contract; electronic errors(electronic mistake); standard terms; electronic signature; digital signature; electronic payment; electronic money; applicable law; jurisdiction; electronic evidence.
2001年中国证券市场发生了几起大的证券欺诈案件,遭受重大损失的投资者却无法通过民事赔偿维护自己的合法权益,于是引发了笔者将证券欺诈民事赔偿责任作为研究题目。本文在总结现有理论的基础上,主要从实务操作角度出发阐述自己的看法,具体分析目前中国投资者受到证券欺诈寻求民事救济时,在实体法和程序法方面会遇到什么实际问题,以现行法律为标准如何解决问题,以及现行法律有什么缺陷并提出相应的解决办法,希望籍此推动建立并完善中国的证券欺诈民事赔偿机制。本文共分为五个部分。第一部分是导言。证券欺诈的滋生、蔓延,阻碍了证券市场健康发展,严重损害了证券投资者的利益。证券欺诈案愈演愈烈的一个重要原因就是民事赔偿责任制度的缺位。第二部分为证券欺诈民事赔偿概述。阐述了几个基本概念,并将本文的研究范围届定在虚假陈述、内幕交易、操纵市场三种证券欺诈行为上,还着重探讨了证券欺诈民事赔偿的性质。第三部分阐述了证券欺诈民事赔偿中四个实体法问题。关于证券欺诈民事赔偿义务人,学者们对发行人应承担无过错责任,意见比较一致,但对《证券法》第63条要求证券承销商承担相同的无过错责任,认为过于苛刻。但笔者认为,无论《证券法》是否有不完善之处,只要法律没有被修改或废除,我们就必须严格依照法律来办事。追究专业机构和人员责任时,笔者倾向于民事赔偿的权利人先请求专业机构赔偿,然后再由专业机构向有故意或重大过失行为的人员追偿。 关于民事赔偿责任的四个构成要件,笔者认为那些现仍持有相关公司股票而未抛出的投资者由于没有发生实际损失,不能要求赔偿损失。因果关系是确定民事赔偿责任的难点,我国应实行因果关系推定原则,投资者只要证明有侵权行为和损害事实即可。证券欺诈民事赔偿的抗辩事由主要有:不可抗力,受害人过错,发行人、证券承销商以外的人勤勉尽职的,诉讼时效已过。由于法院“暂不受理”内幕交易与操纵市场案件,这二类案件应视为诉讼时效的中止。确定赔偿金额时,应根据证券欺诈的不同类型,采用“非法所得计算法”或“实际损失计算法”。第四部分阐述了证券欺诈民事赔偿的三个程序法问题。管辖问题上,主要探讨了级别管辖与地域管辖。在地域管辖问题上,笔者认为,最高人民法院在司法解释中剥夺了原告在侵权行为地起诉的权利,不符合《民事诉讼法》的规定。诉讼形式问题上,探讨了单独诉讼、共同诉讼、代表人诉讼与集团诉讼。我国《民事诉讼法》规定的人数不确定的代表人诉讼与集团诉讼不能等同。民事诉讼的启动不应以其他行政处理为前提,因此前置程序的规定与《民事诉讼法》相悖。当证券欺诈行为被追究刑事责任或行政处罚当事人提起行政复议或行政诉讼,都可能导致投资者因缺乏前置程序,起诉不被受理。因此笔者认为,在经过一定阶段的司法实践并获得经验后,应该放弃这个前置程序。第五部分结语阐述了如何建立并完善我国证券欺诈民事赔偿机制。建议将《股票发行与交易管理暂行条例》第77条的内容加进《证券法》,并废止《股票发行与交易管理暂行条例》,以避免法律之间的冲突。强调要严肃执法,真正做到“有法必依,执法必严”。
In 2001, there are several big securities fraud law cases occurred in China stock market. Investors who suffered a lot on money cannot protect their legal rights through civil compensation, which initiated the author’s interests in making the civil compensation liabilities of securities fraud as a research topic. Based on the summary of current theories, this thesis expresses its views mainly from the practical angle; analyze in detail the practical problems that chinese investors may encounter in substantive law and procedural law when they suffer securities fraud and seek civil relieve; how to resolve problem with existing laws as standards, what limitations existing laws have and raise corresponding resolving methods, hope to promote to establish and perfect the civil compensation mechanism of securities fraud in China.The thesis consists of 5 chapters. Chapter 1 is an introduction. The appearance and spread of securities fraud postpone the healthy development of stock market; seriously damage the profits of securities investors. The very important reason for the growing securities fraud law cases is the vacancy of civil compensation liabilities system.Chapter 2 is the brief explanations of the civil compensation of securities fraud. Expatiate several fundamental concepts, range the research scope of this thesis between three securities fraud actions as Misstatements, Inside Trading, Manipulation, and pay some extra attention to the research of nature of the civil compensation of securities fraud.Chapter 3 expatiate 4 substantive law problems in the civil compensation of securities fraud. About the civil compensation obligator of securities fraud, scholars get some agreement on that issuer shall take the no-fault liabilities, but feel too rigorous about the Article 63 of Securities Law which require the underwriter shall take the same no-fault liabilities too. But the author feels that, whatever the Securities Law is perfect or not, we shall strictly abide by the law if only it is not modified or abolished. When investigate the liabilities of professional institutes and personnel, the author is inclined to that the righter of civil compensation applies for the compensation from professional institutes first, and the professional institutes then recover the person with big misstep.About the four consisting elements of civil compensation liabilities, the author holds the view that those investors who still have the securities of related companies and haven’t sold them out in fact have no loss, and shall not ask for the loss compensation. Causation is the hard point of confirming the civil compensation liabilities. China shall take causation putative principle, which means investors only need to prove the existence of acts of tort and damage facts.Major points of plea of securities fraud civil compensation are force majeure, sufferer fault, people except for issuer and underwriter, who are diligent, and extinction of actions. Because the courts “contemporary do not accept” law cases of Inside Trading and Manipulation, these two kinds of cases shall be deemed as suspension of prescription.When figure the compensation sum, we shall adopt illegal taking calculating method or practical loss calculating method.Chapter 4 expatiate 3 procedural law problem of the securities fraud civil compensation. On the jurisdiction, mainly discuss the level jurisdiction and region jurisdiction. On the topic of region jurisdiction, author feels that it is not accord with the regulations of Civil Procedural Law that in the judicial interpretation of law, the Supreme Court deprives the plaintiff’s right of initiating a public prosecution at the place where the acts of tort occur.On the topic of action form, the thesis discusses signal action, common action, representative action, and class action. The Civil Procedural Law of China regulates that number not confirmed representative action differs to class action.The startup of civil action shall not take other administrative disposal as prem
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