论证券分析师对第三人的民事责任

The Civil Liability of the Security Analyst for the Third Party

证券分析师是向投资者提供证券投资咨询服务的专业人士。他们对第三人的民事责任应该定性为侵权责任,并采取过错推定的归责原则,其因果关系的认定,可以考虑借鉴"欺诈市场"理论和"信赖推定"原则,减轻第三人的举证责任,以有效地保护第三人的利益。同时通过合理界定第三人的范围和规定免责事由,以保护证券分析师的合法权益,实现二者利益的平衡。

The security analysts are experts who provide suggestions for the security investors. Their civil liability should be determined as tort liability. When it comes to the causality, we can adopt the 'fraud on the market' theory and the 'inferred reliance' doctrine, to decrease the burden of the third party and protect the third party. In order to balance the legal rights and interests between the security analysts and the investors, we should regulate the scope of the third party and reasons to exempt the security analysts' liability.