IPO注册制下发行人与中介机构虚假陈述民事责任研究

以信息披露为核心的股票发行注册制改革背景下,发行人与中介机构虚假陈述民事责任面临新挑战。统计发现,上市公司信息披露违规行为大多与控股股东、实际控制人的故意欺诈有关,建议在制度设计与监管执法方面强化对“首恶”的追责,并探索中介机构过错大小与责任承担相匹配的法律路径。中介机构之间的虚假陈述民事责任划分,应综合多维度指标,按照过错程度与导致损失的原因力大小确定责任份额,并厘清第三方主体间接导致虚假陈述的民事责任。在此基础上,从中介机构、行政监管与司法审判三方面提出对注册制下虚假陈述民事责任的风险防范与政策调整建议。

Research on the Civil Liability for False Statements of Issuers and Intermediaries under the IPO Registration-Based System

With the registration-based IPO system,the civil liability for false statement from issuers and intermediaries is facing new challenges.Based on the relevant statistical information,this paper discovers that most of the information disclosure violations from listed companies are related to the deliberate fraud of the controlling shareholders and actual controllers,hence,it is suggested to strengthen the accountability of the“chief criminal”in the aspects of system design,supervision and law enforcement,and explore the legal path matching the fault degree of intermediary with its assumption of responsibility.Regarding the civil liability division for false statement between intermediaries,it is suggested to integrate multi-dimensional indicators from this paper,and determine the liability share according to the fault degree of intermediaries and the causal force size of losses.Meanwhile,based on the investigation,this paper has specially analyzed the civil liability problem of the third party which indirectly leads to the misrepresentation,and raised the solution in accordance with China’s empirical law.Finally,this paper offers a proposal for prevention and policy adjustment of civil liability risk of false statement with the registration-based IPO system from the aspects of intermediary,administrative supervision and judicial trial.