虛假陳述侵權責任之侵權行為認定

The Identification of Misrepresentation in Tort Liability

虛假陳述行為不僅干擾經濟秩序，而且損害了廣大投資者的合法利益。在虛假陳述行為的認定上，應採納分層、分點的認定方法。首先在統合性標準方面，即虛假陳述行為的幾個共性要件上，應將“理性投資者”理論作為重大性的判斷標準，並借鑒“有效市場”理論作為公開性之認定標準。其次在類型化標準方面，根據虛假陳述行為的具體類型規定相應的認定標準。如虛假記載，強調的是真實性標準和合理性標準；誤導性陳述，針對的是準確性標準；重大遺漏，則針對完整性標準；不正當披露，強調及時性和法定形式性要求。此外，場外資本市場的虛假陳述行為認定應與場內市場保持一致，無需特別規定，予以區別對待。

The misrepresentation not only disturbs economic order, but also damages the majority of investor's legitimate interests. From my perspective, we should adopt stratified method to solve the problem. Firstly, in regard to unification, several common elements relate to misrepresentation, deeming 'reasonable investor' theory as the criteria of importance, referring to 'effective market' theory as the standard of identifying and emphasizing on objective. Secondly, in terms of categorization, standard of identifying according to specific types of misrepresentation should be stipulated. For example, false representation lays stress on authenticity and reasonable and misguids representation emphasizes accuracy. In addition, significant pretermission aims at completeness and improper disclosure relates to timeliness and legal form. What's more, identification criteria of misrepresentation in OTC market should be regarded same as it in inside market.