证券中介机构虚假陈述比例连带责任形态研究

Research on the Proportionate Joint Liability Form for False Statements of Securities Issuance Intermediary Institutions

摘要: 证券虚假陈述责任本质上属于侵权责任，当中介机构与发行人在主观上存在共同故意时，构成共同侵权是显而易见的。但在实际情况中，中介机构对虚假陈述事实主要存在过失，如果此时要求其承担全部连带责任，显然有失公平。正是在这种情况下，现行司法实践出现了一种新的责任形态，即比例连带责任，这一责任形态突破了连带责任中各责任人需承担完全赔偿责任的原则。

Abstract: The liability for false statements in securities essentially falls under tort liability. When intermediaries and issuers share a common intention subjectively, it is obvious that they constitute joint tort. However, in actual situations, intermediaries are mainly at fault for false statements. If they are required to bear full joint and several liability at this time, it is clearly unfair. It is precisely in this context that a new form of liability has emerged in current judicial practice, namely, proportionate joint liability. This form of liability breaks through the principle that each responsible person in joint and several liability should bear full compensation liability.