证券虚假陈述中因果关系认定与损害赔偿数额计算的日本模式——以东芝案为例

The Japanese Model for Determining Causation and Calculating the Damages in False Statement:Toshiba Corporation Case as an Example

在虚假陈述民事赔偿制度中,因果关系的认定与损害赔偿数额的计算是其中最核心的问题。我国法制度中的基本立场是严格区分交易因果关系与损失因果关系,力求精确计算损害赔偿数额。但是由于虚假陈述本身所具有的高度复杂性,从结果上来说事实上存在许多的不确定性。日本法从理念上与我国存在巨大不同,在因果关系的认定以及具体损害赔偿数额的计算上大量采用了推定的方式,从某种意义上来讲,可以说牺牲了精确性、提高了制度的效率。发生在2015年的东芝虚假陈述案是日本近年来发生的一起具有重大社会影响的案件。2022年3月福冈地方法院对东芝公司虚假陈述案做出的判决非常立体地呈现出日本虚假陈述民事赔偿制度的立法理念与具体的法制度,为我国在虚假陈述民事赔偿的相关问题的处理上提供一个全新的视角。

The assessment of the causative relationship and the calculation of damages are two of the most important concerns in the civil compensation mechanism for false statements.Our legal system’s fundamental principle is to strictly distinguish between transaction and loss causation and to strive for precise computation of damages.However,due to the exceedingly complicated nature of the false statement itself,the outcome is extremely unpredictable.Japanese laws are conceptually significantly different from ours,and there are a huge number of presumptions utilized in determining cause and calculating specific damages in Japanese laws,sacrificing precision while boosting system efficiency.The Toshiba false statement case,which occurred in 2015,is one of the recent events that has had a big social impact in Japan.In March 2022,the Fukuoka District Court’s opinion in the Toshiba false statement case may offer the legislative concept and detailed legal system of Japan’s civil compensation system for false statement to China,and provide a fresh viewpoint on dealing with issues linked to civil liability compensation for false statement in China.