新修证券市场虚假陈述司法解释施行引发的司法实践转向及应对——基于229组上市公司虚假陈述类案件判决书的分析

The Judicial Practice Diversion and Countermeasures Caused by the Implementation of the Judicial Interpretation of the Newly Revised Securities Market False Statements——An Analysis Based on the Judgments of 229 Groups of Misrepresentation Cases of Listed Companies

最高人民法院新修订的关于审理证券市场虚假陈述的司法解释以虚假陈述行为主体侵权责任为规范对象,侧重于拓宽投资者的救济渠道,体现了对上市公司虚假陈述司法规制的实践转向。以229组上市公司虚假陈述类案件的判决书为研究样本,分析当前我国上市公司虚假陈述类案件基本态势,可以发现其在司法规制转向方面的主要特点。在分析该司法解释对未来上市公司虚假陈述诉讼影响的基础上,站在投资者维权策略的角度提出相应对策:注重维权主体证据能力的提升,引入第三方专业技术协助调查取证,精准认定中介机构及独立董事的勤勉尽责义务,准确认定虚假陈述的适格被告,完善登记结算机构、监管机构、交易所的信息获取制度。

The new judicial interpretation of the Supreme People's Court on the trial of false statements in the securities market takes the tort liability of the false statements subject as the normative object,and focuses on broadening the investor's relief channels,which reflects the practical diversion in the judicial regulation of false statements by listed companies.Taking the judgments of 229 groups false statements cases of listed companies as research samples,to analyze the basic situation of false statements cases of listed companies in China at present,we can find its main characteristics in judicial regulation diversion.On the basis of analyzing the influence of this judicial interpretation on the false statements litigation of the future listed companies,we put forward the corresponding countermeasures from the perspective of investors rights protection strategy such as focusing on the improvement of the evidence ability of rights protection subjects,introducing the third-party professional technology to assist in investigation and evidence collection,accurate identification of the diligence and due obligations of intermediaries and agencies,accurate identification of eligible defendants for false statements,and improvement of information acquisition systems for registration and settlement institutions,regulatory agencies and exchanges.