| 摘要: |
| 摘要：随着我国证券法律制度的不断完善，证券虚假陈述侵权责任制度逐渐发展为相对成熟的投资者救济机制。然而，当前司法实践普遍采取统一的特殊侵权路径处理此类案件，未能区分投资者在信息获取与判断能力上的差异，难以满足侵权法对因果关系推定所要求的标准。尤其当该路径依赖于欺诈市场理论时，此理论在理论逻辑与适用现实中均面临广泛质疑，且该理论无差别地推定所有投资者信赖市场价格，忽视了“买者自负”原则的应有之义，可能削弱市场理性预期与资源配置效率。为回应上述困境，基于二元论视角提出双重规制思路：其一，以交易市场区分推定信赖的适用范围，在公开竞价的二级市场中对所有投资者适用信赖推定；其二，以投资者类型为依据，对非知情投资者适用推定信赖，对知情投资者则要求其自行证明因果关系。通过细化投资者分类、差异化适用举证责任及制度设计，最终构建更符合市场规律、权责平衡的证券虚假陈述侵权责任体系。 |
| 关键词: 关键词：虚假陈述；知情投资者；非知情投资者；推定信赖；买者自负 |
| DOI： |
| 分类号:D922.28 |
| 基金项目: |
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| Research on the Liability Approach for Securities Misrepresentation Torts from a Dichotomous Perspective of Investor Types |
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GENG Xiao
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（Law School,Peking University）
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| Abstract: |
| Abstract：With the continuous improvement of China’s securities legal system,the liability regime for securities misrepresentation has gradually developed into a relatively mature mechanism for investor protection.However,current judicial practice tends to uniformly apply a special tort liability approach to such cases,without distinguishing between investors’ differences in information access and judgment capability.This uniformity makes it difficult to meet the “high probability” standard required by tort law for the presumption of causation.In particular,the fraud-on-the-market theory that underpins this approach has faced widespread criticism both in theoretical logic and practical application.By indiscriminately presuming all investors rely on market prices,it neglects the essence of the “caveat emptor” principle and risks undermining rational market expectations and resource allocation efficiency.To address these challenges,a dual-regulation framework based on a binary classification of investors can be proposed:first,distinguishing trading venues by applying the presumption of reliance to all investors in open-market transactions;second,differentiating by investor type,granting the presumption to uninformed investors while requiring informed investors to prove causation on their own.By refining investor classification and applying differentiated evidentiary burdens and institutional rules,a more market-consistent and responsibility-balanced tort liability system for securities misrepresentation can be constructed. |
| Key words: Key words：Misrepresentation;Informed Investors;Uninformed Investors;Presumption of Reliance; Caveat Emptor |
