《证券法》虚假信息责任条款适用研究

The Application of Civil Liability for Misrepresentations in the Securities Law

在我国证券市场上,上市公司发布虚假信息损害投资者利益的情况十分严重,这是导致我国证券市场股票价格像"过山车"一样大起大落、发展不稳定的重要原因之一。我国《证券法》不仅在第63条等条款中明确规定了上市公司必须承担的"真实、准确、完整的信息披露"义务,而且分别在第69条、第193条和第231条中规定了违反这一义务时相关责任人必须承担的民事赔偿责任、行政处罚责任和刑事责任。为什么在我国有如此严格法律规定的情况下上市公司依然会不断发布虚假信息呢?这是本文探究的核心问题。本文将从分析上述法律条款的适用状况入手探求上述问题的答案,因为即使最完善的法律条款,如果未能切实实施,也是水中月。文章首先界定了虚假陈述的概念,并从义务和责任两个方面分析了《证券法》中相关的法律条款,然后,结合有关实证调查的结果和法律规定,分别探究了这些法律条款在我国的适用状况,最后剖析了产生此种状况的深层原因并提出了针对性的改革思路。

In Chinese stock market,it happens very often that the listed companies disclose false information and damage the interests of the investors accordingly,which is one of the important reasons of the high volatility in China A-share Market.Article 63 of Chinese Securities Law stipulates the obligation of listed companies to disclose real,accurate and complete information very clearly.Besides,according to Articles 69,193 and 231of Chinese Securities Law the concerned persons must bear the legal liability of civil compensation,of administrative penalty and even of criminal penalty in case of violation of this obligation.Why do so many listed companies still disclose false information in spite of such strict rules?This is the key question the paper will try to research.By analyzing of the application status of these clauses this paper is trying to find an answer to the question above.This paper explores the application of the clauses on the responsibilities of false information disclosure by listed companies in the Chinese Securities Law.The research starts with the definition of'false information disclosure',and introduces the legal framework of false information disclosure by listed companies in the Chinese Securities Law from the aspects of obligation and legal liability respectively.Then it analyses the actual application status of these provisions based on the result of empirical studies and related legal clauses.In the end,the paper tries to reveal the deep reasons that cause the current status and makes suggestions on how to reform it.