证券虚假陈述侵权损失核定的路径选择

The Path Selection for the Determination of Securities Misrepresentation Infringement Losses

近年来证券虚假陈述诉讼案件数量激增,索赔规模迭创新高,损失核定问题逐步凸显.证券市场投资者损失原因复杂,如何区分虚假陈述造成的损害和正常市场风险带来的损害一直是证券损害赔偿的难点.既往司法实践中,由于缺乏科学量化的计算方法,法院通常采取"相对比例法"或"酌定比例法"确定虚假陈述的损害,这一"简单粗暴"的方法备受指责.近年来委托专业机构进行个案损失核定成为主流趋势,算法愈加趋向多样化、层次化和精细化.专业机构的"精算"更加贴近"损失因果关系"的判断实质,是顺应数字技术、人工智能等科技发展趋势的体现.与此同时,法院也应当发挥司法裁量的独特价值,构建专业机构"精算"与司法"斟酌"相结合的协同治理机制,在充分参与和利益平衡的基础上裁定最终的赔付比例,实现个案正义和裁判效果的良好延伸.

Determination of the amount of losses in disputes over liability for securities misrepresentation is a difficult point in trial practice.In recent years,entrusting professional institutions to assess losses has become the mainstream trend,and algorithms have become increasingly diversified,hierarchical and refined.The"actuarial"of professional institutions is closer to the essence of the judgment of"causality of loss",which is a manifestation of conforming to the development trend of digital technology,artificial intelligence and other technologies.While entrusting professional institutions with"actuarial",courts should give full play to the unique value of judicial discretion and build a collaborative governance mechanism that combines professional institutions'"actuarial"and judicial"discretion".The"actuarial"process should reflect the refined and quantitative analysis of financial judicial logic,the supervision should form an authoritative certification system for loss assessment algorithms in a timely manner,and the judiciary should provide legitimate"algorithmic interpretation rules"to achieve the rule of rules;the"consideration"process should balance interests from a dynamic perspective from individual financial behaviors to collective financial behaviors,so as to achieve a balance between the interests of investors and the burdens of other market entities such as listed companies,and contribute wisdom to the order and stability of the securities market and the benign governance of the financial market.