欺诈发行证券罪的司法适用问题研究 -法学专业

摘要

欺诈发行证券罪作为我国刑法中规制证券市场违法行为的重要罪名，在维护资本市场秩序方面发挥着不可替代的作用。随着资本市场的快速发展，欺诈发行证券行为呈现出新特点，原有司法适用面临诸多挑战，如犯罪构成要件理解不一、证据认定标准模糊等，亟需深入研究以适应新的监管需求。本研究旨在通过对欺诈发行证券罪的司法适用问题进行系统梳理，明确该罪在司法实践中的具体适用规则。基于此目的，采用文献分析法全面收集国内外相关研究成果，运用案例分析法对大量司法判例进行剖析，结合规范分析法对现行法律法规进行解读。研究发现，当前司法实践中存在对“欺骗手段”的界定过于宽泛，“重大性”判断缺乏统一标准，以及因果关系认定困难等问题。通过对比分析域外立法经验，提出应构建以信息披露为核心，明确“重大性”量化标准，细化因果关系推定规则，并完善配套制度建设。本研究创新性地将域外先进立法理念与本土司法实践相结合，为解决欺诈发行证券罪司法适用难题提供了理论支持和实践路径，有助于提升我国证券市场监管水平，保障投资者合法权益，促进资本市场健康稳定发展。

关键词：欺诈发行证券罪司法适用信息披露

Abstract

The crime of securities fraud issuance, as a crucial charge in China's criminal law regulating securities market violations, plays an indispensable role in maintaining capital market order. With the rapid development of capital markets, securities fraud issuance has exhibited new characteristics, posing numerous challenges to existing judicial application, such as inconsistent interpretations of elements constituting the crime and ambiguous standards for evidence recognition. This study aims to systematically examine the judicial application issues of securities fraud issuance by clarifying specific rules for its practical application in the judiciary. To achieve this ob jective, a literature analysis method was employed to comprehensively gather relevant research findings both domestically and internationally. Case analysis was used to dissect a large number of judicial precedents, while normative analysis was applied to interpret current laws and regulations. The study found that current judicial practice suffers from overly broad definitions of "deceptive means," lack of unified standards for assessing "materiality," and difficulties in establishing causality. By comparing foreign legislative experiences, it is proposed that a fr amework centered on information disclosure should be constructed, with clear quantitative standards for "materiality" and detailed rules for inferring causality, along with improved supporting institutional structures. Innovatively integrating advanced foreign legislative concepts with domestic judicial practices, this research provides theoretical support and practical pathways to address the challenges in the judicial application of securities fraud issuance, thereby enhancing China’s securities market regulation, protecting investors’ legitimate rights and interests, and promoting the healthy and stable development of capital markets.

Keyword:Fraudulent Securities Issuance Judicial Application Information Disclosure

1绪论 1

1.1研究背景与意义 1

1.2国内外研究现状 1

2欺诈发行证券罪的构成要件分析 1

2.1主体要件的认定标准 1

2.2客观行为的表现形式 2

2.3主观故意的判断依据 3

3欺诈发行证券罪的司法认定难点 3

3.1证据收集与审查问题 3

3.2犯罪金额的计算方法 4

3.3因果关系的判定原则 4