欺诈市场理论反思
耿利航欺诈市场理论反思
Reflections on the Fraud-on-the-Market Theory
期刊名称：《法学研究》
期刊年份：
作者：耿利航
单位：中国政法大学民商经济法学院、制度学研究院
中文关键词：欺诈市场理论;交易因果关系;虚假陈述;集团诉讼;代表人诉讼
英文关键词：the fraud-on-the-market theory; transaction causation; misrepresentation; class action; representative litigation
中文摘要：
对于中国证券市场虚假陈述民事责任纠纷，最高人民法院参考美国欺诈市场理论，给出了推定虚假陈述与投资者之间交易因果关系和损失因果关系之裁判规则。然而，不仅欺诈市场理论在美国经历了激烈的、持续的理论和司法适用纷争，该理论所支撑的虚假陈述民事集团诉讼补偿投资者和威慑不当行为人的政策目标也落空。政策困境是美国欺诈市场理论和司法适用纷争缘起之主因。在同为欺诈市场理论支撑下的中国虚假陈述民事群体诉讼既往实践中，法院不仅遇到了同样的司法适用窘迫，政策困境也一样不少。立法（司法）的努力方向应是竭力控制公司对外赔偿责任，将虚假陈述民事诉讼的核心目标定位在打击隐于公司背后的实施欺诈责任人。法院适当提高代表人诉讼中交易因果关系推定的适用门槛，也许是一个暂时可行的改革方案。
英文摘要：
The Supreme People's Court of China, by drawing on the fraud-on-the-market theory in the US, has established the adjudicative rule on the relations of transaction causation and loss causation between constructive misrepresentation and alleged shareholder losses in cases of disputes over securities civil liability. However, the fraud-on-the-market theory has not only been the subject of an intense and prolonged controversy both in theory and in judicial application, but also failed to realize its policy goals of compensating shareholders and deterring wrongdoers through civil class action against misrepresentation supported by this theory in the US. Policy dilemma is the main cause of this controversy. In the past judicial practice of civil class action against misrepresentation in China, which also took the fraud-on-the-market theory as its theoretical foundation, Chinese courts have experienced the same judicial application dilemma and policy dilemma. The direction of future legislative and judicial efforts should be to limit corporations' external liability for compensation, and to take the punishment of the persons responsible for the fraud behind corporations as the core objective of civil actions against misrepresentation. A tentative and pragmatic reform scheme after the implementation of the new Securities Law would be for courts to moderately raise the threshold for constructing the transaction causation in representative litigation.
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