【摘要】：自1986年新中國證券市場建立以來，我國證券業(yè)迅速發(fā)展，證券交易品種日益繁多、投資數(shù)額大幅遞增。證券業(yè)蓬勃發(fā)展的同時，對于證券法律體系的完善也急需與時俱進。從日本“百年老店”奧林巴斯會計造假到美國“世界百強”高盛集團投資欺詐，從我國“證券虛假陳述第一索賠案”東方電子虛假記載到“白酒巨頭”五糧液不規(guī)范披露。近年來，世界各國證券市場中，因虛假陳述行為引發(fā)的訴訟案件屢見不鮮，雖然刑罰能在打擊犯罪、行政處罰能在規(guī)范市場秩序方面起到一定作用，但兩者都難以在最大程度上彌補善意投資者的損失。在證券市場法律體系極為完善的美國，虛假陳述民事訴訟在司法實踐中處于重要地位，與此同時，證券虛假陳述民事責(zé)任相關(guān)法律問題也逐漸進入我國學(xué)者的研究視野。 五糧液虛假陳述一案作為2009年證券市場最具影響力的案件，其影響范圍之大、涉及面之廣，已經(jīng)成為繼東方電子案、銀廣夏案、科龍電器案、大慶聯(lián)誼案之后最值得關(guān)注的證券虛假陳述案件。筆者發(fā)現(xiàn)法院在處理上述案件引起的民事訴訟時，往往離不開對于虛假陳述民事責(zé)任之基本構(gòu)成要件的認定。其中，對虛假陳述行為、責(zé)任人和因果關(guān)系的界定，在審判實踐時，顯得尤為重要。而在訴訟程序方面，美、日等資本市場發(fā)達國家已經(jīng)建立了較為全面的法律機制，因此筆者希望通過深入比較，為完善我國證券虛假陳述民事責(zé)任制度提供幫助。 本文以證券虛假陳述民事責(zé)任相關(guān)法律問題為研究對象，結(jié)合法學(xué)和金融學(xué)的知識，綜合運用比較分析法、歷史分析法和法解釋學(xué)等方法，在比較發(fā)達國家和臺灣地區(qū)對于虛假陳述民事責(zé)任的相關(guān)制度規(guī)定的基礎(chǔ)上，對我國虛假陳述民事責(zé)任中的構(gòu)成要件和訴訟程序進行深入分析，重點探討五糧液虛假陳述案中涉及的民事責(zé)任問題，，進而提出改進建議。本文擬從以下五部分進行探討： 第一章在簡要介紹宜賓五糧液股份有限公司虛假陳述一案的基礎(chǔ)上，對該案涉及的民事責(zé)任當(dāng)事人、因果關(guān)系和前置程序中存在的問題提出疑問。 第二章主要對證券虛假陳述民事責(zé)任行為的基礎(chǔ)理論進行分析，對該案涉及的具體行為進行深入探討。 第三章主要比較境外相關(guān)法律法規(guī)，介紹我國關(guān)于證券虛假陳述民事責(zé)任當(dāng)事人的具體規(guī)定，從責(zé)任人和請求權(quán)人兩方面對該案民事責(zé)任當(dāng)事人進行深入探討。 第四章主要比較美國相關(guān)法律法規(guī)，介紹我國關(guān)于證券虛假陳述民事責(zé)任因果關(guān)系的具體規(guī)定，以虛假陳述揭露日為重點對該案涉及的因果關(guān)系進行深入探討，并提出建議。 第五章對我國證券虛假陳述民事訴訟前置程序進行分析，對該程序中存在的問題進行反思，并提出建議。
[Abstract]:Since the establishment of New China's securities market in 1986, China's securities industry has developed rapidly, the variety of securities transactions has become more and more, and the amount of investment has increased greatly. With the vigorous development of the securities industry, the improvement of the securities legal system is also in urgent need of keeping pace with the times. From the accounting fraud of Olympus in Japan to the investment fraud of the "Top 100 Goldman Sachs Group in the World" in the United States, from the "first claim of false statement of Securities" in China to the irregular disclosure of Wuliangye of "Liquor Giant". In recent years, litigation cases caused by false statements are not uncommon in securities markets all over the world, although penalties can play a certain role in cracking down on crimes and administrative penalties can play a certain role in standardizing market order. But neither can make up for the losses of bona fide investors to the greatest extent. In the United States, where the legal system of the securities market is very perfect, the civil litigation of false statements plays an important role in judicial practice. At the same time, the legal issues related to the civil liability of false statements of securities have gradually entered the research field of vision of Chinese scholars. The case of Wuliangye's false statement, as the most influential case in the securities market in 2009, has become the case of Dongfang Electronic case, Yinguang Xia case and Kelong Electric Appliance case, which has a wide range of influence. After Daqing Friendship case, the most worthy of attention is the case of false statement of securities. The author finds that when the court deals with the civil proceedings caused by the above cases, it is often inseparable from the identification of the basic constituent elements of the civil liability for false statements. Among them, the definition of false statement behavior, responsible person and causality is particularly important in trial practice. In the aspect of litigation, the developed countries such as the United States and Japan have established a more comprehensive legal mechanism, so the author hopes to improve the civil liability system of false statements of securities in China through in-depth comparison. In this paper, the legal issues related to civil liability for false statements of securities are taken as the research object, combined with the knowledge of law and finance, and the methods of comparative analysis, historical analysis and legal hermeneutic are used comprehensively. On the basis of the relevant regulations of civil liability for false statements in more developed countries and Taiwan, this paper makes an in-depth analysis of the constituent elements and litigation procedures of civil liability for false statements in China. This paper mainly discusses the civil liability involved in the case of false statement of Wuliangye, and then puts forward some suggestions for improvement. This paper intends to discuss from the following five parts: the first chapter, on the basis of a brief introduction to the case of false statement of Yibin Wuliangye Co., Ltd., deals with the parties involved in the case. The causality and the problems existing in the pre-procedure are questioned. The second chapter mainly analyzes the basic theory of civil liability behavior of securities false statement, and probes into the specific behavior involved in this case. The third chapter mainly compares the relevant laws and regulations abroad, introduces the specific provisions of our country on the civil liability parties for securities false statements, and probes into the civil liability parties in this case from two aspects: the responsible person and the applicant. The fourth chapter mainly compares the relevant laws and regulations of the United States, introduces the specific provisions of our country on the causality of civil liability for securities false statements, probes into the causality involved in the case with emphasis on the date of disclosure of false statements, and puts forward some suggestions. The fifth chapter analyzes the pre-procedure of civil litigation of false statement of securities in our country, reflects on the problems existing in this procedure, and puts forward some suggestions.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：D923;D922.287

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