摘要
系统风险已经成为证券虚假陈述赔偿诉讼中常见和重要的考量因素。适用证券市场系统风险作为责任扣减因素,涉及接受条件、参照基准、参照期间、数值确定、数值适用五个方面。判定系统风险存在,只需要求股价显著变动的定量要素,不宜强求以具体、明显的风险事件发生为定性要素,也不能以全有全无来理解系统风险的存在。系统风险的参照基准可以是宽窄不同的市场指数或同类可比股票,应允许法院各自展开探索。参照期间可以分为前期、后期和全期规则,同时又有共性化和个性化之别,个性化的全周期规则最合适,但计算成本很大。系统风险比例的确定方式可以根据公式计算和法院酌定比例,在适用上一般分别对应差额损失的间接比例法和直接比例法。由于计算系统风险的基数本身的不精确性和可运用的数学工具的局限性,所谓的精算方式的结果未必更精确,法官运用司法裁量权综合考量、酌定区间的意义不宜低估。
System risk has become an important factor in suits about securities misrepresentation compensation.When applying system risk as a determinant of risk reduction,we need to consider five aspects.First,only quantitative component of substantial changes of stock price is necessary for determining the existence of system risk.Second,the benchmark of system risk could be stock indexes or comparable stocks.Third,benchmark period varies.The most suitable one is individual-based whole period rule,but the cost of calculation is high.Fourth,the ratio of system risk could be drawn from a formula or be decided by the court.Fifth,since the bases for calculation of system risks are inaccurate and the mathematics methods are not without limits,the so-called calculation are not necessarily superior.It is suggested that the court use the judicial discretion when deciding the sentence.
出处
《东南大学学报（哲学社会科学版）》
CSSCI
2020年第5期91-102,155,156,共14页
Journal of Southeast University(Philosophy and Social Science)
基金
司法部研究项目“证券虚假陈述赔偿责任的演进与发展(2002—2020)”成果之一。
