招股说明书要约性质研究——兼论缔约前陈述与保证法律化.pdfVIP

2007年12月 时代法学 Dec． 2007 第5卷第6期 Presentday Law Science V01．5 No．6 招股说明书要约性质研究 一 兼论缔约前陈述与保证法律化 刘道远 ，王晓锦2 (1．北京工商大学，北京100037；2．中国人民大学法学院，北京100872) 摘 要：招股说明书是具有法律约束力的意思表示，其内容、格式和披露程序具有法定性，其性质为要约， 这一定位也已经成为国际证券法立法实践中的一个重要惯例。要约本质性在于合同主体作出的允诺。在合 同缔结中，法律强制将当事人事实陈述与保证纳入合同条款，成为目前国际法律实践中的重要通例。 关键词：招股说明书；要约；陈述与保证；法律化；虚假陈述 中图分类号：D922 文献标识码：A 文章编号：1672-769X(2007)06-0047-07 Research on the Nature of Prospectus LIU Dao—yuan，WANG Xiao-jin (Belling Business and Technology University，Beijing 100037，China) Abstract：Prospectus is a legally binding manifestation，its content，format and procedures of disclosure are of the statutory characteristics，and its nature is offer．This position has become an important legislative practice of international securities law．In essence，Offer is the promise and as— surance made by the parties．During the conclusion of the contract，the statement of the facts and en— surance will be included in the terms of the contract by law in force，which has become an important custom of international legal practice．Awareness of this issue is of great significance for US to under— standing the nature of prospectus．The position of the offer in current legal system of OUlcountry has learn much from the international theoretical experience，but it needed to be clarified and improved． Key words：Prospectus offer statement and ensurance legalization mispresentation 我国《合同法》第15条第1款规定：要约邀请是希望他人向自己发出要约的意思表示。寄送的价 目表、拍卖公告、招标公告、招股说明书、商业广告等为要约邀请。据此规定，股份公司发布招股说明书 之行为为要约邀请，而不是要约。明确这一定位，对于体系性构建我国的证券法律制度，尤其是对虚假 陈述民事责任制度的完善，