证券中介机构虚假陈述中的比例连带责任研究

Research on Proportional Joint and Several Liability for Misrepresentation by Securities Intermediaries

摘要: 本文研究的是证券中介机构在虚假陈述案件中需要承担的比例连带责任问题。随着证券市场的不断发展，中介机构在证券市场出现的频率越来越高，其作用也越发重要。但在虚假陈述中，中介机构应该承担什么责任？承担多少责任？仍然是学界热烈讨论的问题。传统的“一刀切”式连带责任方式存在许多弊端：既有可能造成责任判定过重，也有可能削弱中介机构的积极性。为解决这一问题，本文首先通过分析比例连带责任的定义、特征及其起源来初步了解，然后进一步探讨对于该问题，学界存在的不同学说，包括不真正连带责任说、半叠加分别侵权说和集合体责任说等。接着，又深入分析了比例连带责任的理论基础，包括过错与责任相当原则和比例原则。最后，研究了适用比例连带责任的相关条件。希望通过这次研究，能为完善证券中介机构虚假陈述的责任判定制度，提供一些有用的参考。

Abstract: This thesis examines the proportional joint liability that securities intermediaries shall bear in cases of misrepresentation. With the continuous development of the securities market, securities intermediaries have become increasingly prevalent in the market and their functions have grown ever more important. However, questions such as what liabilities intermediaries should assume and to what extent they should be liable for misrepresentation remain a hotly debated topic in academic circles. The traditional one-size-fits-all approach to joint liability is fraught with drawbacks: it may lead to an overdetermination of liability and could also dampen the initiative of securities intermediaries. To address this issue, this thesis first provides a preliminary understanding of proportional joint liability by analyzing its definition, characteristics and origin. It then further explores different academic theories on this issue, including the theory of unreal joint liability, the theory of semi-superimposed separate torts and the theory of aggregate liability. Subsequently, an in-depth analysis was conducted on the theoretical foundations of proportional joint liability, encompassing the principle of commensurability between fault and liability as well as the principle of proportionality. Finally, it studies the relevant conditions for the application of proportional joint liability. It is hoped that this research can provide valuable references for improving the liability determination system for misrepresentation by securities intermediaries.