作者：陈 洁
作者介绍：中国社会科学院法学研究所研究员
出版日期：2021年12月9日
内容提要 证券市场信息披露需由多个主体协作实施，故虚假陈述民事责任呈现连带 责任的特点。因行为人主观过错的不同，审验机构介入的虚假陈述行为呈现不同的共同侵权 行为样态。《证券法》主要规制审验机构的过失与委托人故意虚假陈述导致的投资者受损的 客观关联共同侵权行为，由此审验机构承担的连带责任性质上属于不真正连带责任。委托 人作为最终责任人，要对全部虚假陈述行为所造成的损害负赔偿责任，审验机构只对与其审 验行为有因果关系的损害、与委托人一起向投资者承担连带赔偿责任。审验机构之间连带 责任的范围划分，应当根据各个审验机构的过错程度以及原因力比例承担相应的赔偿责任。
关键词 证券虚假陈述 审验机构 连带责任 过错 原因力
Abstract: Information disclosure in the securities market needs to be implemented by multiple subjects, so the civil liability for misrepresentation presents the characteristics of joint and several liability. Due to the different subjective faults of actors, the misrepresentations involved by verification institutions present different forms of joint tort. The Securities Law mainly regulates the objective joint tort of investors’ damage caused by the negligence of the verification institution and intentional misrepresentation of clients. Therefore, the joint and several liability borne by the verification institution is not true joint and several liability in nature. As the ultimate responsible person, clients shall be liable for compensation for the damages caused by all misrepresentation. Verification institutions shall bear joint and several liabilities to investors together with clients for damages that have causal relationships with their verification behaviors. The scope of joint and several liabilities within the verification institutions shall be judged according to the fault of the infringer and the proportion of causative potency.