虚假陈述比例连带责任的认定模式与体系展开
邹学庚虚假陈述比例连带责任的认定模式与体系展开
Determination Model and System Construction of the Proportionate Joint and Several Liability for Misrepresentation
期刊名称：《法学研究》
期刊年份：
作者：邹学庚
单位：
中文关键词：中介机构;虚假陈述;比例连带责任;数人侵权;民事责任
英文关键词：intermediaries; misrepresentation; proportionate joint and several liability; multiple tortfeasors; civil liability
中文摘要：
作为施加于过失虚假陈述人的新型责任形式，比例连带责任彰显比例原则精神、契合激励相容原理、与现行法不存在价值判断或规范矛盾。美国1934年证券交易法第21D条(f)规定的比例责任，实质是比例连带责任。在认定比例时，应采识别不同虚假陈述事项的区分认定模式，以过错和因果关系为标准，认定所有对原告损失负有责任之人的责任占总责任的比例，且诸比例相加须为100%。该比例既是比例连带责任之比例，也是其内部责任份额之比例，故在内部关系上，不存在责任大小无法确定的情形，追偿问题依民法典第178条第2款处理。在外部关系上，应采将债务人资力不足之风险全部分配给债务人群体的强保护模式，只要债权人未获全额清偿且存在比例连带债务人的给付未达其比例份额，该债务人就须继续给付。为缓和比例连带责任替代全额连带责任后对投资者利益之冲击，宜使比例连带债务人对自然人小投资者承担全额连带责任，对其他投资者未获清偿部分继续承担总计不超过其比例份额50%的责任。
英文摘要：
As a new form of liability imposed on negligent misrepresenters, proportionate joint and several liability demonstrates the spirit of the principle of proportionality, tallies with the principle of incentive compatibility, and has no contradiction with the existing law in terms of value judgment or norms. The proportionate liability under Section 21 D (f) of the U. S. Securities Exchange Act of 1934 is essentially proportionate joint and several liability. In determining the percentage of liability, a differentiated model for identifying different misrepresentations should be adopted. In this model fault and causation are taken as the criteria for ascertaining the percentage of the liability of all persons who have caused or contributed to the plaintiff's loss and the total percentage is 100 percent. This is the percentage of proportionate joint and several liability as well as the percentage of internal share of liability. Therefore, in terms of internal relations, there is no situation where the proportion of liability cannot be determined, and the issue of contribution is dealt with in accordance with Article 178 Paragraph 2 of Chinese Civil Code. In terms of external relations, a strong protection model should be adopted to allocate the entire risk of the debtor's insolvency to the debtor group. As long as the creditor has an uncollectible share and any proportionate joint and several debtor has not fully paid its proportionate share, the latter is required to continue to pay. In order to mitigate the impact on investors' interests when proportionate joint and several liability replaces full joint and several liability, it would be appropriate for proportionate joint and several debtors to be fully jointly and severally liable to small natural person investors, while continuing to be liable for the outstanding portion of other investors up to 50 percent of its proportionate share.
全文阅读： 点击下载
