上市公司虚假陈述中独立董事侵权责任机制探析

A Probe into the Tort Liability Mechanism of Independent Directors in Misrepresentation Cases of Listed Companies

通过实证分析发现,在上市公司虚假陈述案件审理过程中法院未对独立董事进行类型化区分,未明确独立董事侵权责任认定标准,大都保留着“签字即担责”的行政责任认定做法,并且在比例连带责任下仍存在独立董事过责失当的问题。为准确认定独立董事在上市公司虚假陈述中的民事责任,应以独立董事的角色定位为切入点,分析现有过错认定标准与归责形态的弊端,结合现实情况引入商业判断规则、职业审慎标准以及限定赔偿制度,合理设计独立董事阶梯式差异化责任承担形态,构建公平合理的独立董事侵权责任承担机制。

Through empirical analysis,it is found that in the process of hearing misrepresentation cases of listed companies,the court does not distinguish the types of independent directors and does not make clear the identification standard of tort liability of independent directors.Most of them retain the administrative liability identification practice of"signature is responsibility",and there is still the problem of misconduct of independent directors under the proportional joint and several liability.In order to accurately determine the civil liability of independent directors in misrepresentation cases of listed companies,we should take the role of independent directors as the starting point,analyze the disadvantages of the existing fault identification standards and imputation forms,introduce commercial judgment rules,professional prudence standards and limited compensation system according to the actual situation,reasonably design the ladder differential liability bearing form of independent directors,and construct a fair and reasonable tort liability bearing mechanism of independent directors.