欺诈发行证券罪的立法反思与教义学阐释——以《刑法修正案(十一)》为视角

The Reflection of legislation and the Doctrinal Interpretationof Law in the Crime of Fraudulent Issuance of Securities——From the Perspective of the“Criminal Law Amendment XI”

《刑法修正案(十一)》对欺诈发行证券罪进行了较大幅度的修订,扩大了犯罪行为对象的范围,同时新增控股股东、实际控制人作为独立行为主体,实现了控股股东、实际控制人组织、指使行为的正犯化。立法层面的调整具有现实价值,同时也带来了法律适用中的困惑与争议。在行为对象方面,“发行文件”以及“国务院依法认定的其他证券”的表述均具有开放性,需要立足于前置法,对上述概念进行限缩解释。在行为主体方面,控股股东、实际控制人在共同犯罪中的行为定性存在争议。应贯彻追究“首恶”的基本立场,加大对控股股东、实际控制人等欺诈发行幕后行为主体的刑事打击力度,认定控股股东、实际控制人与直接责任人员成立共同正犯,以实现罪刑法定的基本原则。

The“Criminal Law Amendment XI”has significantly revised the Crime of Fraudulent Issuance of securities.The amendment expands the scope of the object of the crime and adds controlling shareholders and actual controllers as independent subjects of crime.At the same time,the organizing and instigating behaviors of controlling shareholders and actual controllers have been regarded as principal offenders.The legislative adjustments have practical value,but also bring confusion and controversy in the application of the law.In terms of the object of crime,the identification of“offering documents”and“other securities recognized by the State Council”has certain openness.It is necessary to make a restrictive interpretation to them in sense of criminal law based on the pre-emptive law.As for the subject of crime,there are disputes about the organizing and instigating behaviors of the controlling shareholders and the actual controllers in the joint crime.We should implement the basic position of investigating the?first?responsible?person,and strength the punishment of criminal law on the controlling shareholders,actual controllers and other subjects of crime behind the scenes.In the meantime,it is necessary to identify the controlling shareholders,actual controllers and other directly responsible subjects as joint principal offenders,so as to implement the principle of legality in criminal justice.