论诱空型虚假陈述因果关系认定规则在司法实践中的运用——以北大医药虚假陈述案为例

On the Application of the Causality Recognition Rule of Misrepresentation for Inducing Securities Selling in Judicial Practice--Taking the Cases of PKU HealthCare Corp.,Ltd.as an Example

诱空型虚假陈述行为是指行为人通过散布虚假的利空消息,或者通过隐瞒、延误披露真实的利好消息,诱使投资者以低于股票真实价值的价格出售股票的行为。我国法律和司法解释均未对诱空型虚假陈述进行规制,但实践中诱空型虚假陈述案例已层出不穷。目前,诱空型虚假陈述因果关系认定规则的学理理论愈加成熟,可以将其应用于案件审理过程中。法院在适用相关规则时,应先对诱空型虚假陈述行为的性质作出判断,在确定涉案虚假陈述实施日、揭露日、基准日的基础上采用“两分法”对虚假陈述行为进行论证,并作出涉案虚假陈述行为与投资者损害之间是否具有因果关系的认定。

The behavior of misrepresentation for inducing securities selling refers to the behavior of the actor by distributing false bad news,or by concealing or delaying the disclosure of real good news,inducing investors to sell stock at a price lower than the true value of the stock.China's laws and judicial interpretations have not regulated the misrepresentation for inducing securities selling,in practice,however,the cases of misrepresentation for inducing securities selling keep emerging.At present,the theoretical theory of the causality determination rules of the misrepresentation for inducing securities selling is mature enough to be applied in the case trial process.When applying the corresponding rules,the court should first judge the nature of the behavior of misrepresentation for inducing securities selling,and then use the"dichotomy"to demonstrate the false statement behavior on the basis of determining the implementation date and disclosure date of the false statement.Finally,it can be determined whether there is a causal relationship between the false statement involved in the case and the investor's damage.