我国证券中介机构虚假陈述的民事责任

Civil Liability for False Statements by Securities Intermediary Institutions in China

摘要: 证券中介机构在证券虚假陈述中应承担何种民事责任，一直都存在众多观点。看门人理论认为中介机构要与发行方承担全额连带责任。但司法机关在近几年证券虚假陈述案件中逐步认识到，完全连带责任运用于中介机构，在证券市场上并没有很好地平衡利益关系，所以才有了比例连带责任这一责任形式。通过将半叠加的侵权行为理论及其部分连带责任带入比例连带责任进行证成和分析，解决虚假陈述案件中证券中介机构及其他主体的责任承担问题。

Abstract: There have been many views on what civil liability securities intermediaries should bear in securities false statements. The gatekeeper theory holds that the intermediary should bear full joint and several liability with the issuer. However, the judicial organs have gradually realized in the cases of securities false statement in recent years that the application of full joint liability to intermediary agencies does not balance the interest relationship well in the securities market, so there is this form of proportional joint liability. By bringing the theory of semi-superimposed tort and part of its joint and several liability into proportional joint and several liability for proof and analysis, the problem of liability of securities intermediaries and other subjects in the case of false statement is solved.