民事责任能威慑证券市场违法行为吗——基于证券代表人诉讼判决的准自然实验

Can Civil Liability Deter Securities Market Misconducts:A Quasi-Natural Experiment Analysis Based on the Judgments of Representative Litigation

“执法重要假说”和“法条重要假说”是近年来法律与金融研究的热点。随着证券市场注册制改革的推进和新《证券法》的颁布,多层次代表人诉讼和金融司法专业化改革在“纸面上”提升了民事责任的强度,但司法裁判能否在边际上提升对违法行为的威慑力仍存在不确定性。利用首份证券代表人诉讼判决带来的外生冲击检验上述假说,通过事件研究法发现违法上市公司的股票组合在“五洋案”一审判决后获得显著为负的超额收益,且其超额收益率与上市公司所在省(市)的司法环境质量存在显著负相关关系。该研究为“执法重要假说”提供了支持性证据,对于落实证券违法零容忍政策具有重要借鉴意义。

“Law Matters Hypothesis”and“Enforcement Matters Hypothesis”have been heatedly debated in law and finance scholarship in recent years.With the registration reform and 2019 revision of Securities Law in China issued,the multi-level representative litigation and the specialization of Chinese courts in financial disputes adjudication have de jure increased the intensity of private enforcement,but it is uncertain whether the judicial judgments can furthermore increase the deterrence of securities misconducts.Using the exogenous shock brought about by the first judgment of securities representative litigation to test the aforementioned hypotheses,the event studies find that the portfolio of stocks issued by listed companies committing securities misconducts shows significant and negative abnormal return after the disclosure of the first-instance judgment of“Wuyang Case”;at the same time,it is estimated that there is a negative correlation between the abnormal return and the judicial quality of the province(city)where the listed company is located.The empirical research provides supporting evidence for the“Enforcement Matters Hypothesis”,and has important implications for the“zero tolerance”policy for securities violations.