信息披露侵权民事赔偿责任探析

对信息披露侵权者追究民事赔偿责任,是保护投资者权益的价值要求。在最终确认民事赔偿责任承担时,要考虑证券市场的特殊性,从而对信息披露侵权民事赔偿责任作出不同于一般侵权民事责任的特殊认定:合理界定违反信息披露的范围和标准,强调责任主体与违反信息披露的关联性,灵活处理损失的计算方法,以信赖推定原则认定因果关系,归责原则要有利于投资者权益的实现。

On Civil Liability for Compensation Due to Infringement on Information Disclosure

The information disclosure infringer's civil liability for compensation shall be ascertained and investigated,which is the requirement of protecting the rights of investors.Before the ultimate ascertainment of the civil liability for compensation is made,it is necessary to take account of the particularity of security market so as to reach a specific determination in the very case other than the general civil liability for infringement.This determination shall include: to reasonably define the range and standard of infringement of information disclosure,to highlight the relevance between the liability subject and infringement on information disclosure,to manage the calculating procedure of loss in a flexible manner,to determine the cause-effect relationship according to the principle of the presumption of innocence,and to make the responsibility principle in favor of the realization of investors' rights and interests.