欺诈发行股票、债券罪的危险犯性质与解释路径

The Nature of Potential Damage Offense and Interpretation Approach in the Crime of Fraudulent Issuance of Shares and Bonds

欺诈发行股票、债券罪的规范目的为证券市场公平性的保护,不应包括投资者利益的保护。立法者基于欺诈发行股票、债券行为的累积对证券市场公平性损害的经验性观察,拟制了欺诈发行股票债券行为的抽象危险性。为限制处罚范围,立法者设置了欺诈发行股票、债券罪的罪量因素,其中,数额巨大和后果严重应当作为构成要件要素,严重情节不应作为构成要件要素。另外,对于欺诈发行股票、债券的基本行为方式,有必要在条文文义的范围根据规范目的进行限缩解释。"隐瞒重要事实"、"编造重大虚假内容"为评价性的规范构成要件要素,隐瞒和编造对象的"重要性"判断必须与证券市场的公平性有关。

The crime of fraudulent issuance of shares and bonds aims at protecting the fairness in secu-rity market instead of protecting the interests of investors. The Legislator determines potential dam-age of the crime of fraudulent issuance of shares and bonds through legal fiction on basis of the empirical ob-servations of damage to the fairness of security market by accumulated behaviors of fraudulent issuance ofshares and bonds. In order to limit the scope of punishment, the legislator stipulates the quantity conditionsfor the crime of fraudulent issuance of shares and bonds, among which, huge amount involved and seriousconsequences should be considered as elements of constitutive requirements, but serious circumstancesshould not be considered as elements of constitutive requirements. Moreover, the basic behavior modes ofthe crime of fraudulent issuance of shares and bonds should be restrictively interpreted within the boundaryof literal meaning of the text and in accordance with the purpose of the provision. ＂Concealing importantfacts＂ and ＂falsifying major information＂ should be considered as evaluative factors of constitutive require-ments of normative nature. The judgment of importance of what is concealed and falsified should be basedon the fairness of security market.