集团诉讼与系统性偏袒之矫正--证券市场虚假陈述侵权案的博弈分析

无论是在单独诉讼还是共同诉讼,系统性偏袒均严重地阻碍投资者诉权的行使.集团诉讼有助于克服这种系统性偏袒,使原告和被告真正实现平等.同时,集团诉讼制度的引入,可以诱使上市公司选择不造假或虚假程度较低的策略,更为有效地遏制证券市场上造假行为.

Class Actions and the Correction of Systemic Bias--A Game Theory View for the Misrepresentation Case on the Securities Market

The systemic bias prevents the dispersed investors from exercising their litigation rights in both single and joint actions. The class action may overcome such bias, promoting the equality between the plaintiff and defendant in the process of litigation. In the meanwhile the introduction of class action may facilitate the listed firms to choose the strategy of no-fraud or lower fraud and more effectively curb the securities frauds.