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从"黎明股份事件"看CPA审计 作者 胡寿龄 "黎明股份",上市号600617,总股本19000万股,流通股7000万股,1998年发行股票,1999年1月28日上市。在1999年度报告中,该公司为了掩饰其经营业绩,虚增资产8996万元,虚增负债1956万元,虚增所有者权益7413万元,虚增营业收入1.5亿元,虚增利润总额8679万元。负责对该公司进行审计的事务所是沈阳华伦会计师事务所,审计报告中说:该公司"在所有重大方面公允地反映了该公司1999年12月31日的财务状况、1999年度经营成果和1999年度现金流量情况"。这是一份典型的无保留意见的审计报告。很显然,会计师事务所的工作出现了较大的失误。 按照审计准则的要求,注册会计师在审计一个公司的财务会计报告时首先要进行符合性测试,包括:审计风险的评价、内部控制调查、重要性标准的估计,以及对销售、收款、采购、付款各环节的测试等等;在符合性测试的基础上制订审计计划,执行实质性测试,开始抄写工作底稿并评价。按审计要求,对实物,包括货币资金、存货、设备等都应实施抽查,抽查比例数量不小于40%,金额不少于60%。华伦会计师事务所在审计程序上估计不会出什么问题,但为什么这样重大的问题仍然查不出来呢。我们认为有其主观和客观方面的原因: 第一,从审计背景看,原来是财政、审计部门的会计师事务所改制以后,仍然保留政府行为的影子。例如,要照顾哪些公司,要对哪些企业开绿灯,事务所对此无法加以抗拒,事务所事实上成了'拿人钱财,替人消灾'的机构。 第二,从审计主体看,会计师事务所没有审查销售对方凭证和账册的权利,应收款项尽管可以询证,但对方可以不予理会。而专员办则有权审查任何国有企业的账册。 第三,从审计时间上看,会计师事务所从事上市公司审计的时间非常之短,从企业编制出财务会计报告,到对外公布,前后最多只有两个月时间,而有资格的会计师事务所都不只为一个上市公司服务,受时间制约的因素也是比较大的。 第四,从审计风险看,会计师事务所有各种风险: 1.有上市业务的风险。上市公司的财务会计报告众目所望,风险最高,是财政部、审计署、证监会等部门审查的重点。一旦发现问题,有上市资格的会计师事务所将面临一系列的处罚(主要是行政处罚)。 2.没有上市业务的风险。从审计收入看,有上市资格的会计师事务所其收入是比较高的,有上市资格的注册会计师,其待遇也是比较高的,事务所如果没有丰厚的收入,拿什么养活他(她)们?所以,从另一个角度看,没有上市业务的风险比有上市业务的风险更大一些。 第五,从审计人员看,现在能考取上市资格的注册会计师基本上都是年轻人,年轻人学理论比老年人快,理解能力高,但实践经验少,在一个会计师事务所里,如果没有很好的使用有丰富实践经验的老年注册会计师(包括有丰富实践经验的非注册会计师),那么出现华伦会计师事务所类似问题的可能性就大得多。
关键问题是:会计问题无论怎样包装,如加上复杂的'公司法'、'证券法'、'上市规则'等,无论什么性质的企业,包括上市公司和非上市公司,反映其经营情况和财务状况的会计要素的实质是不会改变的,这决不是通过什么考试所能解决了的。会计问题,理论固然重要,但更重要的却是实践问题,没有丰富的会计实践经验,考试成绩再好,也是解决不了像"黎明股份"这类的问题的。
《中国财经报》对"黎明股份"事件报导以后,很多有经验的会计师都说,这类问题在纺织、服装业是普遍存在的,所不同的是:上市公司想把业绩说大一点,而非上市公司想把业绩说小一点而已。 虽说"黎明股份"作假的本领确实不小,具有'均衡性'、'完整性'、‘多样性'和‘隐蔽性'等特点,作假手段近乎完美的程度。但是,再高明的作假手法,总会露出一些破绽,注册会计师应当努力学会深入分析财务会计报告的方法,首先从财务会计报告中发现这些破绽,再确定审查的重点,问题就比较好解决了。 现在,我们对黎明股份资产负债表和利润表粗略地看一下,看看能发现什么问题。 1.该企业的主营业务收入为40942.56万元,但主营业务税金却只有82.43万元,税率只有千分之二,这是一组非常不协调的数字。按常规,按增值税额的10%计算,该企业的主营业务税金应当是百分数。再看看期初数,期初的主营业务税率却在千分之六以上。 2.该企业的财务费用是负值,与资产负债表中短期借款8015.34万元明显矛盾。同比期初数,同样有短期借款,但财务费用却为正值。 3.从所得税看,企业的所得税率为20.5%,而期初的所得税率为35.2%,显然这是重大问题,必须作出说明。 4.该企业可供股东分配的利润是5269.75万元,按规定应提取法定盈余公积金10%,应为527万元,但只提取了345万元,只占可分配利润的6.55%,而期初数却达到了10%。 5.利润分配表中有应付普通股股利1900万元,但在资产负债表中的应付股利项目中却无此数,两表相互矛盾。 6.按常理,利润分配表中提取的盈余公积金,都应当在资产负债表中反映出来,但只要细看一下,便不难发现,该企业的盈余公积提取了690万元,而资产负债表中盈余公积却增加了862.66万元,两者相差173万元。 7.利润分配表中的未分配利润为2507万元,而资产负债表中的未分配利润为2417万元,两者相差90万
谈银广夏事件中审计方法的缺陷
银广夏做假事件中其管理当局固然要负首要责任,但从有关媒介披露的情况分析来看,中介机构在其审计过程因未能严格遵循审计原则和方法,未能保持应有的职业谨慎而导致审计失败亦应引起相当的重视。 首先,对银广夏进行年报审计的会计事务所未能对关键证据亲自取证,这些重要的证据如海关报关单,银行对账单,重要出口商品单价等均是由被审计单位提供,进行审计的会计师未能采取必要的审计程序对这些证据的真假作进一步确认。审计原则要求进行审计的会计师应对重要的外部证据亲自取证,如对应收账款、银行存款的函证,函证的询证函必须由事务所发出,但在实际操作中,许多事务所为了省事,将询证函交与被审计单位由其发出,甚至于由其收回后交与会计师事务所,这就为被审计单位做假提供了一个很大的方便,而由此取得的所谓外部证据的真实性已就大打折扣。很显然在银广夏事件中,被审计单位向事务所提供了假报关单及其他虚假的外部证据。而在“活力28”的年报做假案中,为了制造假报表,被审计单位居然伪造了高达几亿人民币的银行进账单。姑且不论这些做假者的胆大妄为及其做假伎俩的高超,进行年报审计的会计师如果能在执业过程中克尽职守,到银行、海关等地亲自取证,所有这些做假行为都是不难发现的。 其次,注册会计师在其审计过程中过份依赖被审计单位提供的会计资料亦可能是银广夏审计失败的原因之一。这里暴露了现在国内审计工作中一个并不罕见的问题——重实质性审计,轻符合性审计。这样做的一个重要弊端就是忽略了管理当局的品性以及对内控制度的充分了解,从而导致对审计风险的低估。有人可能会辩解说重视实质性审计正是为了降低审计风险,但这里有一个问题:如果管理当局提供的重要的会计资料都是有意伪造的,这时再一味强调实质性审计岂不是正中了被审计单位为注册会计师设下的圈套。相反,如果审计人员能在审计之初多花点时间到生产、管理现场作符合性审计,与相关的工作人员——操作工、质检员、库管员、统计员、业务员等交谈询问,许多管理漏洞,真实的生产经营及销售情况是不难被发现的。另外,如果有必要,还应该对相关的供应商、代理商、消费者、类似产品的市场竟争者等外部环境进行调查。通过如此全面的调查取证,即使象ST黎明那样通过虚开增值税发票以虚增收入的作假行为亦不难发现。现在我们审计工作中的一个重要失误就是到生产、管理现场的时间太少,而把大量的时间浪费在对会计数据的整理和复核上,这样做的一个重大隐患是:如果被审计单位提供的会计资料严重失真,所有其于这些资料的实质性审计都没有意义。因为我国证券市场不够规范等客观因素使得对国内上市公司的审计风险非常地高,这时更应该注意规避由于被审计单位管理当局不诚实所带来的审计风险。 另外,如果银广夏事件中的审计会计师没有参与作假,那么这些会计师在执业过程中是否保持了其应有的职业谨慎就是一个值得深究的问题。这表现在面对银广夏近乎奇迹般的增长时,主审会计师仍不可思义地、一如既往地相信其管理当局为其提供的所有证据;而另一方面许多“不知情”的股民及关注银广夏的社会人士却不止一次地对其惊人的业绩表示置疑,以至《财经》的两位记者甘愿为此奔波一年有余。我们不禁要问:为什么凭着普通的逻辑思维得出的结论比专业会计师们通过严密的审计程序得出的结论更为真实呢?这究竟是巧合还是必然?是我们的注册会计师过余疏忽呢,还是我们的审计方法并非如我们想象的那样有用?一个不容忽视的现象是;我们的许多审计人员是乎是为了审计而审计,往往是审计底稿做得有板有眼,看起来滴水不漏,而实质上许多更重要的审计工作却有意无意地被忽视了,如对管理当局的诚信调查,如对银行存款等重要证据的亲自取证。“实质重于形式”是审计工作中一项重要的指导原则,也许是由于人与生俱来的惰性和不求有功但求无过的心理,以致该原则并没有引起足够地重视和被更有效地运用。据此也就不难理解为什么所谓的“外行”,如一般股民、《财经》杂志的记者等,会对一个股价上涨440%的上市公司的业绩深表怀疑,并提出了有力的佐证;而作为专业人员的注册会计师却会连续几年对该公司的年报审计发表无保留意见(这里,我们假设签字会计师并没有参与作假)。 如果说会计师对银广夏的审计失败完全是因为重大过失所致,那么这起事件的发生无疑是对我们审计人员的“专业性”的一个绝大的讽刺。当然我们不能以偏概全,就此认为所有的审计方法都是无效的,或者认为所有审计工作的都有问题,然而无庸致疑的是现在普遍采用的审计方法和手段确实存在着许多不容忽视的漏洞。正视存在的问题,用更挑剔的眼光审查我们的审计工作应该是每一个有着社会责任感的审计工作者的当务之急。只有这样,我们才都取信于民,才能使那些做假者无处遁形。
财政部对中天勤作出行政处罚决定,认定中天勤存在重大审计过失,中天勤执业资格及两位签字会计师的会计牌照被正式吊销。

该处罚决定认定,中天勤事务所未能发现银广夏的严重财务问题,存在重大审计过失,严重损害了广大投资者的合法权益和证券市场“三公”原则,违反了《中国注册会计师法》、《独立审计 [pic]准则》等注册会计师质量控制基本准则。依据有关条款,有关部门决定依法吊销签字注册会计师刘加荣、徐林文的注册会计师资格;吊销中天勤会计师事务所的执业资格,并会同证监会吊销其证券、期货相关业务许可证。

“最昂贵的和解”会发生在中国吗
[pic][上海证券报 评论员 时寒冰] 2006-01-10 02:29

日本保险公司状告德勤会计师事务所一案有了最终结果。近日,德勤向日本一家保险公司支付了大约1亿美元的赔偿金,就此事达成和解。至此,该项诉讼已让德勤付出了2亿多美元的代价,成为有史以来达成的最昂贵的诉讼和解之一。

此次法律争端起源于德勤为北卡罗来纳州的再保险公司Fortress提供的审计服务。曾在Fortress办理再保险业务的两家日本保险公司,指控德勤为Fortress掩盖负债情况,导致他们蒙受了巨额亏损。此次受害者在北卡罗来纳州格林斯伯勒的州法院对德勤提起诉讼,适用的是美国北卡罗来纳州法律,美国法律对于企业此类造假行为惩处之严厉众所周知,也因此,美国此类诉讼的密集度超过英国10倍以上。

即便如此,近年来,四大国际知名会计师事务所仍然丑闻不断。除了德勤之外,经典案例尚有毕马威为世界第一大能源交易商安然公司做假账------虚报盈利共计近6亿美元!毕马威因为涉嫌帮富人非法避税,与美国有关监管部门和解,付出了4.56亿美元的代价。另一主角安达信会计师事务所,则因妨碍司法调查被美国休斯敦联邦地方法院作出严厉判决,禁止其在5年内从事相关业务。《纽约时报》评论说,这实际上宣告安达信"89年的生命结束了"!

和解前德勤面临着怎样的危险呢?第一,声誉扫地,这是会计师事务所的立身之本;第二,执业资格;第三,巨额诉讼费用和惩罚性的民事赔偿。

正是美国法律在惩处违法者时毫不手软,当两家日本保险公司在美国法院对德勤提起诉讼后,德勤最好的选择就是和解,以免事态扩大。

四大国际会计师事务所在中国的信誉也频频面临质疑,但是,德勤与普华永道等事务所从来也没有因为违规在中国受到赔偿额小得多的处罚。因此,假如此事发生在中国,会出现"最昂贵的和解"吗?显然不会。因为前提不成立,会计师事务所既不必面对巨额赔偿,也不会恐惧诉讼的风险,当然,也无虞在中国市场的丑闻扩大为世界性丑闻,从而影响声誉,导致信用等级下降。

有很多先例可循。在"琼民源"造假事件中,中华会计师事务所执业注册会计师参与虚构利润5.4亿元,虚构资本公积6.57亿元。当有股民质疑琼民源的利润的真实性时,对"琼民源"年报进行审计的海南中华会计师事务所公开站出来,通过媒体表示报表的真实性不容置疑。会计师事务所不遗余力地帮助造假,所得到的也仅仅是行政处罚了之。

随后,又有多家会计师事务所一一被揭出有造假行为,但结果大都罚款了事,罚的款也仅仅是造假收益中的一部分。如此,哪里还会有威慑力?

具体到德勤,有媒体披露:上市公司古井贡少缴纳企业所得税5910万元人民币,德勤华永会计师事务所作为该公司的独立审计机构虽已查明相关问题,但其注册会计师未予以指明;2005年由创维事件直接披露出,德勤在担任其独立审计机构时帮助伪造会计记录,使创维成功在港上市;2002年以来,顾雏军等人在科龙电器采取虚增收入、少计费用等多种手段,虚增利润,德勤为科龙电器连续3年的财报出具审计报告,其中2003年度出具了无保留意见审计报告……假如这些都得到查实,受害者能得到什么赔偿呢?

法律既然对造假行为手软,那么,谁愿以巨大的成本维护市场的诚信,对市场表示尊重?要赢得一个诚信的审计机构,办法无他,对审计机构本身进行更严格的审计、监管和违法惩处即可。

嘉宝实业:首例获赔案 上海投资者彭淼秋女士诉嘉宝实业公司等因虚假陈述引起的证券民事赔偿案于2002年11月11日以和解方式在上海市第二中级人民

法院结案。这是最高人民法院今年初颁布司法解释以来,在各地法院受理893件案件中第一起结案的案件,也是上海市第二中级人民法院受理的24件诉嘉宝实业案件中第一个结案的案件,彭淼秋女士成为我国证券民事赔偿诉讼案中获得赔偿的第一人,该案也成为中国证券民事赔偿诉讼第一案。 1999年4月29日,嘉宝实业公布了1998年年报。2000年8月15日,中国证监会认定该年报存在严重的信息披露虚假陈述行为,对嘉宝实业公司、13名董事、两名注册会计师做出了行政处罚。 彭淼秋在虚假信息披露日和被揭露日之间的合理时间内买入嘉宝实业股票1000股,并在其后发现嘉宝实业公司情况并非如其1998年年报所称,并在知悉嘉宝实业被处罚后,将所持的股票先后全部抛出,合计损失1312.32元。 彭淼秋聘请律师于1月24日提起诉讼,2月22日上海市第二中级人民法院正式立案受理。在法院主持下,原被告双方两次举行庭前交换证据和听证,9月10日,双方签订了《和解协议书》。

大庆联谊:股市索赔第一案 “大庆联谊案”是最高院“1·16”通知下发后,首个被法院受理的证券市场因虚假陈述引发的民事诉讼案。其诉讼人数之多、涉及面之广,在同类诉讼案件中也极为罕见。目前该案仍在进展中。 今年春节前,哈尔滨市中级人民法院正式受理3位股民起诉大庆联谊等3个法人被告及12名自然人被告。3位股民索赔数额共144783.37元。其后又有近七百名股民委托律师向法院正式递交起诉状。大庆联谊案今年8月1日首次开庭,由于采用单独立案、单独审理的方式,根据法院原先的安排,首批开庭的案件陆续审理到9月29日。 682位股民状告大庆联谊 2000年3月31日,大庆联谊(600065)因虚假陈述受到中国证监会行政处罚。2002年1月24日,哈尔滨中院正式宣布受理投资者诉大庆联谊民事侵权案,该案由此成为中国首例被法院受理的证券民事索赔案。由中伦金通律师事务所郭锋、宣伟华等律师代理的三位投资者将大庆联谊以及相关的证券公司、会计师事务所共15个被告告上法庭,涉及起诉金额14万元。 3月28日,同样由郭锋、宣伟华代理的大庆联谊索赔案第二批起诉的679位原告,向法院正式递交了起诉状,起诉金额超过1700万,并申请采用共同诉讼的形式。这次事情却未如想象中的顺利。面对共同诉讼,这个在固有观念中和社会不稳定划上等号的新概念,法院以向上级汇报为由,迟迟不肯打开自己的大门。时至近八个月后的今天,记者从律师事务所处得到的消息是,他们仍然没有接到法院受理的通知。谈起这点,郭锋和宣伟华总是一肚子的委屈。如果共同诉讼,诉讼费不到10万元,如果单独诉讼,诉讼费将高达60多万元,如果以每个原告单独准备诉状的话,光诉讼材料就将达到3吨重,而法院将要开庭679次,对社会资源的浪费不可想象。 更大的意外出现在4月1日,媒体接到宣伟华律师的传真,表示她和郭锋律师已从中伦金通律师事务所跳槽至国浩律师事务所。宣伟华当时对媒体坦陈跳槽是因为代理大庆联谊的案件受到了很大的压力,而具体的原因则至今仍不肯透露。但她表示,得到国浩的支持,他们一定会把大庆联谊案支持下去。 8月1日,哈尔滨中院开庭审理了大庆联谊一案。但选择了由上海锦天城律师事务所律师严毅民代理原告上海股民陈志华的案件。据法院的解释,因为陈志华只选择了大庆联谊一家作为被告,案件相对比由郭锋、宣伟华代理的三股民诉15名被告一案较为简单,因此先开庭,有试点的意思存在。当天庭审不到三小时即宣告结束,没有任何结果。据业内人士分析,在《证券民事赔偿案审理规定》出台以前,作出宣判的可能性几乎没有。

最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定

来源:作者:
发布部门: 最高人民法院
发布文号: 法释〔2003〕2号

《最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》已于2002年12月26日由最高人民法院审判委员会第1261次会议通过。现予公布,自2003年2月1日起施行。

二○○三年一月九日

为正确审理证券市场因虚假陈述引发的民事赔偿案件,规范证券市场民事行为,保护投资人合法权益,根据《中华人民共和国民法通则》、《中华人民共和国证券法》、《中华人民共和国公司法》以及《中华人民共和国民事诉讼法》等法律、法规的规定,结合证券市场实际情况和审判实践,制定本规定。 一、一般规定

第一条 本规定所称证券市场因虚假陈述引发的民事赔偿案件(以下简称虚假陈述证券民事赔偿案件),是指证券市场投资人以信息披露义务人违反法律规定,进行虚假陈述并致使其遭受损失为由,而向人民法院提起诉讼的民事赔偿案件。

第二条 本规定所称投资人,是指在证券市场上从事证券认购和交易的自然人、法人或者其他组织。 本规定所称证券市场,是指发行人向社会公开募集股份的发行市场,通过证券交易所报价系统进行证券交易的市场,证券公司代办股份转让市场以及国家批准设立的其他证券市场。

第三条 因下列交易发生的民事诉讼,不适用本规定: (一)在国家批准设立的证券市场以外进行的交易; (二)在国家批准设立的证券市场上通过协议转让方式进行的交易。

第四条 人民法院审理虚假陈述证券民事赔偿案件,应当着重调解,鼓励当事人和解。

第五条 投资人对虚假陈述行为人提起民事赔偿的诉讼时效期间,适用民法通则第 一百三十五条的规定,根据下列不同情况分别起算: (一)中国证券监督管理委员会或其派出机构公布对虚假陈述行为人作出处罚决定之日; (二)中华人民共和国财政部、其他行政机关以及有权作出行政处罚的机构公布对虚假陈述行为人作出处罚决定之日; (三)虚假陈述行为人未受行政处罚,但已被人民法院认定有罪的,作出刑事判决生效之日。 因同一虚假陈述行为,对不同虚假陈述行为人作出两个以上行政处罚;或者既有行政处罚,又有刑事处罚的,以最先作出的行政处罚决定公告之日或者作出的刑事判决生效之日,为诉讼时效起算之日。 二、受理与管辖

关联法规:

第六条 投资人以自己受到虚假陈述侵害为由,依据有关机关的行政处罚决定或者人民法院的刑事裁判文书,对虚假陈述行为人提起的民事赔偿诉讼,符合民事诉讼法第 一百零八条规定的,人民法院应当受理。 投资人提起虚假陈述证券民事赔偿诉讼,除提交行政处罚决定或者公告,或者人民法院的刑事裁判文书以外,还须提交以下证据: (一)自然人、法人或者其他组织的身份证明文件,不能提供原件的,应当提交经公证证明的复印件; (二)进行交易的凭证等投资损失证据材料。

关联法规:

第七条 虚假陈述证券民事赔偿案件的被告,应当是虚假陈述行为人,包括: (一)发起人、控股股东等实际控制人; (二)发行人或者上市公司; (三)证券承销商; (四)证券上市推荐人; (五)会计师事务所、律师事务所、资产评估机构等专业中介服务机构; (六)上述(二)、(三)、(四)项所涉单位中负有责任的董事、监事和经理等高级管理人员以及(五)项中直接责任人; (七)其他作出虚假陈述的机构或者自然人。

第八条 虚假陈述证券民事赔偿案件,由省、直辖市、自治区人民政府所在的市、计划单列市和经济特区中级人民法院管辖。

关联法规:

第九条 投资人对多个被告提起证券民事赔偿诉讼的,按下列原则确定管辖: (一)由发行人或者上市公司所在地有管辖权的中级人民法院管辖。但有本规定第 十条第二款规定的情形除外。 (二)对发行人或者上市公司以外的虚假陈述行为人提起的诉讼,由被告所在地有管辖权的中级人民法院管辖。 (三)仅以自然人为被告提起的诉讼,由被告所在地有管辖权的中级人民法院管辖。

第十条 人民法院受理以发行人或者上市公司以外的虚假陈述行为人为被告提起的诉讼后,经当事人申请或者征得所有原告同意后,可以追加发行人或者上市公司为共同被告。人民法院追加后,应当将案件移送发行人或者上市公司所在地有管辖权的中级人民法院管辖。 当事人不申请或者原告不同意追加,人民法院认为确有必要追加的,应当通知发行人或者上市公司作为共同被告参加诉讼,但不得移送案件。

第十一条 人民法院受理虚假陈述证券民事赔偿案件后,受行政处罚当事人对行政处罚不服申请行政复议或者提起行政诉讼的,可以裁定中止审理。 人民法院受理虚假陈述证券民事赔偿案件后,有关行政处罚被撤销的,应当裁定终结诉讼。 三、诉讼方式

第十二条 本规定所涉证券民事赔偿案件的原告可以选择单独诉讼或者共同诉讼方式提起诉讼。

第十三条 多个原告因同一虚假陈述事实对相同被告提起的诉讼,既有单独诉讼也有共同诉讼的,人民法院可以通知提起单独诉讼的原告参加共同诉讼。 多个原告因同一虚假陈述事实对相同被告同时提起两个以上共同诉讼的,人民法院可以将其合并为一个共同诉讼。

第十四条 共同诉讼的原告人数应当在开庭审理前确定。原告人数众多的可以推选二至五名诉讼代表人,每名诉讼代表人可以委托一至二名诉讼代理人。

第十五条 诉讼代表人应当经过其所代表的原告特别授权,代表原告参加开庭审理,变更或者放弃诉讼请求、与被告进行和解或者达成调解协议。

第十六条 人民法院判决被告对人数众多的原告承担民事赔偿责任时,可以在判决主文中对赔偿总额作出判决,并将每个原告的姓名、应获得赔偿金额等列表附于民事判决书后。 四、虚假陈述的认定

第十七条 证券市场虚假陈述,是指信息披露义务人违反证券法律规定,在证券发行或者交易过程中,对重大事件作出违背事实真相的虚假记载、误导性陈述,或者在披露信息时发生重大遗漏、不正当披露信息的行为。 对于重大事件,应当结合证券法第 五十九条、第 六十条、第 六十一条、第 六十二条、第 七十二条及相关规定的内容认定。 虚假记载,是指信息披露义务人在披露信息时,将不存在的事实在信息披露文件中予以记载的行为。 误导性陈述,是指虚假陈述行为人在信息披露文件中或者通过媒体,作出使投资人对其投资行为发生错误判断并产生重大影响的陈述。 重大遗漏,是指信息披露义务人在信息披露文件中,未将应当记载的事项完全或者部分予以记载。 不正当披露,是指信息披露义务人未在适当期限内或者未以法定方式公开披露应当披露的信息。

关联法规:

第十八条 投资人具有以下情形的,人民法院应当认定虚假陈述与损害结果之间存在因果关系: (一)投资人所投资的是与虚假陈述直接关联的证券; (二)投资人在虚假陈述实施日及以后,至揭露日或者更正日之前买入该证券; (三)投资人在虚假陈述揭露日或者更正日及以后,因卖出该证券发生亏损,或者因持续持有该证券而产生亏损。

第十九条 被告举证证明原告具有以下情形的,人民法院应当认定虚假陈述与损害结果之间不存在因果关系: (一)在虚假陈述揭露日或者更正日之前已经卖出证券; (二)在虚假陈述揭露日或者更正日及以后进行的投资; (三)明知虚假陈述存在而进行的投资; (四)损失或者部分损失是由证券市场系统风险等其他因素所导致; (五)属于恶意投资、操纵证券价格的。

第二十条 本规定所指的虚假陈述实施日,是指作出虚假陈述或者发生虚假陈述之日。 虚假陈述揭露日,是指虚假陈述在全国范围发行或者播放的报刊、电台、电视台等媒体上,首次被公开揭露之日。 虚假陈述更正日,是指虚假陈述行为人在中国证券监督管理委员会指定披露证券市场信息的媒体上,自行公告更正虚假陈述并按规定履行停牌手续之日。 五、归责与免责事由

第二十一条 发起人、发行人或者上市公司对其虚假陈述给投资人造成的损失承担民事赔偿责任。 发行人、上市公司负有责任的董事、监事和经理等高级管理人员对前款的损失承担连带赔偿责任。但有证据证明无过错的,应予免责。

第二十二条 实际控制人操纵发行人或者上市公司违反证券法律规定,以发行人或者上市公司名义虚假陈述并给投资人造成损失的,可以由发行人或者上市公司承担赔偿责任。发行人或者上市公司承担赔偿责任后,可以向实际控制人追偿。 实际控制人违反证券法第 四条、第 五条以及第 一百八十八条规定虚假陈述,给投资人造成损失的,由实际控制人承担赔偿责任。

关联法规:

第二十三条 证券承销商、证券上市推荐人对虚假陈述给投资人造成的损失承担赔偿责任。但有证据证明无过错的,应予免责。 负有责任的董事、监事和经理等高级管理人员对证券承销商、证券上市推荐人承担的赔偿责任负连带责任。其免责事由同前款规定。

第二十四条 专业中介服务机构及其直接责任人违反证券法第 一百六十一条和第 二百零二条的规定虚假陈述,给投资人造成损失的,就其负有责任的部分承担赔偿责任。但有证据证明无过错的,应予免责。

关联法规:

第二十五条 本规定第 七条第(七)项规定的其他作出虚假陈述行为的机构或者自然人,违反证券法第 五条、第 七十二条、第 一百八十八条和第 一百八十九条规定,给投资人造成损失的,应当承担赔偿责任。 六、共同侵权责任

关联法规:

第二十六条 发起人对发行人信息披露提供担保的,发起人与发行人对投资人的损失承担连带责任。

第二十七条 证券承销商、证券上市推荐人或者专业中介服务机构,知道或者应当知道发行人或者上市公司虚假陈述,而不予纠正或者不出具保留意见的,构成共同侵权,对投资人的损失承担连带责任。

第二十八条 发行人、上市公司、证券承销商、证券上市推荐人负有责任的董事、监事和经理等高级管理人员有下列情形之一的,应当认定为共同虚假陈述,分别与发行人、上市公司、证券承销商、证券上市推荐人对投资人的损失承担连带责任: (一)参与虚假陈述的; (二)知道或者应当知道虚假陈述而未明确表示反对的; (三)其他应当负有责任的情形。 七、损失认定

第二十九条 虚假陈述行为人在证券发行市场虚假陈述,导致投资人损失的,投资人有权要求虚假陈述行为人按本规定第 三十条赔偿损失;导致证券被停止发行的,投资人有权要求返还和赔偿所缴股款及银行同期活期存款利率的利息。

第三十条 虚假陈述行为人在证券交易市场承担民事赔偿责任的范围,以投资人因虚假陈述而实际发生的损失为限。投资人实际损失包括: (一)投资差额损失; (二)投资差额损失部分的佣金和印花税。 前款所涉资金利息,自买入至卖出证券日或者基准日,按银行同期活期存款利率计算。

第三十一条 投资人在基准日及以前卖出证券的,其投资差额损失,以买入证券平均价格与实际卖出证券平均价格之差,乘以投资人所持证券数量计算。

第三十二条 投资人在基准日之后卖出或者仍持有证券的,其投资差额损失,以买入证券平均价格与虚假陈述揭露日或者更正日起至基准日期间,每个交易日收盘价的平均价格之差,乘以投资人所持证券数量计算。

第三十三条 投资差额损失计算的基准日,是指虚假陈述揭露或者更正后,为将投资人应获赔偿限定在虚假陈述所造成的损失范围内,确定损失计算的合理期间而规定的截止日期。基准日分别按下列情况确定: (一)揭露日或者更正日起,至被虚假陈述影响的证券累计成交量达到其可流通部分100%之日。但通过大宗交易协议转让的证券成交量不予计算。 (二)按前项规定在开庭审理前尚不能确定的,则以揭露日或者更正日后第30个交易日为基准日。 (三)已经退出证券交易市场的,以摘牌日前一交易日为基准日。 (四)已经停止证券交易的,可以停牌日前一交易日为基准日;恢复交易的,可以本条第(一)项规定确定基准日。

第三十四条 投资人持股期间基于股东身份取得的收益,包括红利、红股、公积金转增所得的股份以及投资人持股期间出资购买的配股、增发股和转配股,不得冲抵虚假陈述行为人的赔偿金额。

第三十五条 已经除权的证券,计算投资差额损失时,证券价格和证券数量应当复权计算。 八、附则

第三十六条 本规定自2003年2月1日起施行。

第三十七条 本院2002年1月15日发布的《关于受理证券市场因虚假陈述引发的民事侵权纠纷案件有关问题的通知》中与本规定不一致的,以本规定为准。

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