上市公司虚假陈述行政处罚内部责任人认定逻辑之改进

在近30年的证券行政处罚实践中,我国目前已经形成了对上市公司虚假陈述内部责任人认定的全体负责逻辑和全部受处罚模式。这具有一定的合理性,但也存在改进的空间。在新《证券法》大幅度提高处罚额度的背景下,这种内部责任人认定逻辑应予改变。包含主观状态测试、义务主体测试、内部控制义务履行测试和实时监控义务履行测试的四步测试法,能很好地判断上市公司虚假陈述中董监高何者为责任人员。这是一种更具逻辑性、科学性、操作性、适用性,并包含有一定发展空间和弹性空间的理论主张,可以用来改进上市公司虚假陈述内部责任人认定的逻辑。

Improvement of Identification Logic of Internal Responsible Persons of Administrative Punishment for False Statements of Listed Companies

In the practice of administrative punishment in the past 30 years,an’all responsible’logic and an‘all punishable’model of identifying internal responsible persons for false statements of listed companies have been formed.The logic and the model have a certain degree of rationality,but there is room for improvement.In the context of the new Securities Law greatly increasing the amount of punishment,this kind of internal responsible person identification logic should be changed.The four-step test method,which includes subjective status test,obligation subject test,internal control obligation performance test,and real-time monitoring obligation performance test,can well determine which of the directors,supervisors,and senior managers of listed companies are the responsible persons.This is a theoretical proposition that is more logical,scientific,operational and applicable,and contains a certain development space and flexibility.It can be used to improve the logic of identifying the internal responsible person for false statements by listed companies.