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在董事证券虚假陈述职务侵权时,董事承担的是连带责任。学界关于董事承担连带责任的理论有越权行为无效理论、公司独立人格理论与公司代表理论、现代雇主责任理论与公共政策考量理论等。董事证券虚假陈述职务侵权责任的类型包括因连带侵权行为产生的连带责任、因连带保证及共同保证产生的连带责任和因不真正连带侵权产生的连带责任。我国现行董事证券虚假陈述侵权责任制度的安排一般都止于责任的认定,忽视或漠视责任的具体分配,因此,必须对其进行重构。从公司治理角度出发,这种重构可以从以下几个方面着手:(1)重新分配和排定董事、提名人股东及公司之间的赔偿责任及顺位;(2)明确规定各董事之间、各提名人股东之间的连带责任及各自应承担的赔偿份额;(3)创设公权处罚执行回补私权救济的制度;(4)注重与股东派生诉讼制度的协调。
In the event of infringement of the directors’ misrepresentation of positions in securities, the directors bear joint and several liability. Academic circles on the directors assume the joint responsibility of the theory of invalid behavior of ultra vires behavior, the company’s independent personality theory and company representative theory, the modern theory of employer responsibility and public policy considerations theory. The types of liability for misrepresentation of directors’ securities include the joint and several liability arising from joint and several liability, joint and several liability arising from joint guarantee and joint guarantee and joint and several liability arising from unjustified joint and several infringement. The arrangement of the tort liability system of the current directors’ misrepresentation of securities in our country generally ends with the recognition of responsibility, ignoring or disregarding the specific assignment of responsibility, so it must be reconstructed. From the perspective of corporate governance, such restructuring can proceed from the following aspects: (1) redistribution and scheduling of liability and sequence among directors, nominee shareholders and the company; (2) Between the shareholders of the nominees and their respective share of the compensation should be borne; (3) the creation of public authority to implement the system of remedial private remedy; (4) pay attention to the coordination of shareholder derivative litigation system.