如果瑞幸咖啡財務造假髮生在國內證券市場
What if Luckin Committed the Fabrication in Chinese Stock Market
2019年5月赴美上市的瑞幸咖啡於2020年4月2日發佈公告，承認其2019年第二季度到第四季度的銷售收入存在虛增，金額達22億元。該消息很快在各大媒體傳遍，各路財經和法律專家、知名學者紛紛發表意見和觀點，對本案的緣由和走向進行分析。
Luckin Coffee, a China Concept Stock listed on Nasdaq Stock Market in May 2019, confessed on April 2 2020 that its aggregate sales amount associated with the fabricated transactions from the second quarter to the fourth quarter of 2019 amounted to around 2.2 billion yuan. It soon stirred broad discussions among public media and attracted extensive views and comments of financial and legal experts regarding its cause and possible development.
本文所要探討的是，如果瑞幸咖啡造假行為發生在國內證券市場，根據我國現行法律法規和規則框架，瑞幸咖啡及其控股股東、實際控制人，以及董事、監事和高級管理人員可能承擔哪些責任。
It was discussed here how would Luckin and/or its controlling shareholder, actual controller, directors, supervisors or officers be held liable, according to applicable laws and regulations of China, if it has committed the fabrication in Chinese Stock Market.
根據我國現行有關證券發行、交易、信息披露等相關法律法規、規章和司法解釋等，刑事責任方面，瑞幸咖啡可能涉嫌違規披露、不披露重要信息罪；民事責任方面，其可能需要對投資者承擔證券虛假陳述的民事賠償責任；行政責任方面，可能面臨監管部門依照2019年12月通過並於2020年3月1日起施行的新《證券法》作出的行政處罰，包括最高達1000萬元的罰款和市場禁入措施。以下對該幾項責任予以闡述。
According to current Chinese laws, regulations and administrative decrees on securities issuing, transaction and information disclosure etc., Luckin may commit the Crime of Illegal Disclosure of Critical Information or of Failing to Disclose Critical Information, and may be subject to the misstatement civil compensation in stock market, in addition to which Luckin may be subject to the administrative punishment according to the Securities Law as amended in December 28 2019 and enforced as of March 1 2020, which may include but not limited to top fines of 10 million Yuan and securities market prohibition.
一、刑事責任方面，可能涉嫌違規披露、不披露重要信息罪
I. The behavior may be suspected of committing the crime of illegal disclosure of critical information or of failing to disclose critical information
《刑法》第一百六十一條規定：依法負有信息披露義務的公司、企業向股東和社會公眾提供虛假的或者隱瞞重要事實的財務會計報告，或者對依法應當披露的其他重要信息不按照規定披露，嚴重損害股東或者其他人利益，或者有其他嚴重情節的，對其直接負責的主管人員和其他直接責任人員，處三年以下有期徒刑或者拘役，並處或者單處二萬元以上二十萬元以下罰金。
According to Article 161 of the Criminal Law, in the event companies and enterprises obligated to disclose certain information rendered to shareholders and the public any financial and accounting report which contained false information or conceal critical fact, or failed to disclose other critical information they were lawfully obliged to disclose, which severely impaired interests of shareholders or others, or involved other severe condition, the executives directly in charge of the case and other staff directly held liable shall be subject to fixed term imprisonment no more than three years, or to detention, and simultaneously subject to fines of more than 20 000 Yuan and less than 200 000 Yuan; the aforesaid people may be subject to fines of more than 20 000 Yuan and less than 200 000 Yuan, alone.
該條是關於違規披露、不披露重要信息罪的規定。
The above is the description of criminal punishment against the crime of illegal disclosure of critical information or of failing to disclose critical information
具體到瑞幸咖啡的財務造假案件，如果案件由證監會調查結束，認為涉嫌犯罪並移送公安機關，公安機關查實瑞幸咖啡存在虛增收入和利潤行為，並嚴重損害股東或其他人利益或者有其他嚴重情節，公司將涉嫌違規披露、不披露重要信息罪，參與本次造假事件的直接負責的主管人員和其他直接責任人員，可能需要依法承擔刑事責任。
In terms of Luckin fabrication, if CSRC finished its investigation and held that Luckin may have committed crimes, it will turn the case to relevant public security authority, which normally will open a criminal file regarding the case and make criminal detection. In case it was discovered through detection that Luckin committed fabrication of sales data and revenue, and seriously harmed the interests shareholders and others, or involved other severe conditions, Luckin may commit the crime of illegal disclosure of critical information or of failing to disclose critical information, in which event the executives directly in charge of the case and other staff directly held liable shall be subject to criminal punishment.
2017年證監會查處江蘇雅百特科技股份有限公司財務造假案件時認為，根據《刑法》及《最高人民檢察院 公安部關於公安機關管轄的刑事案件立案追溯標準的規定（二）》的有關規定，雅百特的行為涉嫌構成違規披露、不披露重要信息罪，並根據《行政執法機關移送涉嫌犯罪案件的規定》及有關規定，將案件移送公安機關。公司實際控制人陸永犯違規披露重要信息罪，被判處有期徒刑九個月，緩刑一年，並處罰金十五萬元，而當年財務造假的關鍵人物之一李馬松犯違規披露重要信息罪，被判處有期徒刑六個月，緩刑一年，並處罰金十萬元。
It was held by CSRC after its investigation of Jiangsu Yabaite Technology Co., Ltd fabrication case that, according to relevant provisions of the Criminal Law and the Regulations of the Supreme People's Procuratorate and the Ministry of Public Security regarding the Standard of Placing the Criminal Case on File for Criminal Cases Falling into the Jurisdiction of the Public Security Authorities (II), Yabaite fabrication case was suspected of committing the crime of illegal disclosure of critical information or of failing to disclose critical information. Accordingly, CSRC turned the case to relevant public security authority according to the Regulations on Transferring Crime-suspicion Cases by Administrative Enforcement Organ. Ultimately, Lu Yong, actual controller of the Company, was sentenced to nine-month imprisonment with a suspension of one year, for the crime of the illegal disclosure of critical information, in addition to which he was fined for RMB150 000. In the same case, Li Masong, a key figure in the financial fabrication case, was sentenced to six-month imprisonment with a suspension of one year due to committing the crime of illegal disclosure of critical information, in addition to which he was fined for RMB100 000.
二、民事責任方面，信息披露義務人可能要承擔虛假陳述的民事責任。
II. Information disclosure obligor of Luckin may bear the civil liability of misstatement
新《證券法》第八十五條規定：信息披露義務人未按照規定披露信息，或者公告的證券發行文件、定期報告、臨時報告及其他信息披露資料存在虛假記載、誤導性陳述或者重大遺漏，致使投資者在證券交易中遭受損失的，信息披露義務人應當承擔賠償責任；發行人的控股股東、實際控制人、董事、監事、高級管理人員和其他直接責任人員以及保薦人、承銷的證券公司及其直接責任人員，應當與發行人承擔連帶賠償責任，但是能夠證明自己沒有過錯的除外。該條是對上市公司信息披露義務人的證券市場虛假陳述民事責任的原則性規定。
According to Article 85 of the Securities Law, in case the information disclosure obligor fails to disclose information according to regulations, or the securities issuing documents, routine report, temporary report and other information disclosure document announced, contained any false content, misleading statement or serious omission, which caused losses to investors in securities transaction, the information disclosure obligor shall be liable for civil compensation. Controlling shareholder, actual controller, director, supervisor, officer and other people directly held liable, sponsor, undertaking securities company and its staff directly held liable, shall be jointly liable for the aforesaid civil compensation, except for those who can prove that he has committed no fault in the case. It is the general provision on securities market misstatement related civil liabilities of information disclosure obligor.
另外根據《最高人民法院關於審理證券市場因虛假陳述引發的民事賠償案件的若干規定》規定，證券市場投資人以信息披露義務人違反法律規定，進行虛假陳述並致使其遭受損失為由，而向人民法院提起訴訟的民事賠償案件的，人民法院應當受理，這類案件中的被告包括髮起人、控股股東等實際控制人，發行人或者上市公司及相關中介機構等。賠償責任的範圍則以投資人因虛假陳述而實際發生的損失為限，包括投資差額損失及投資差額損失部分的佣金和印花稅。
According to Relevant Regulations of the Supreme People’s Court regarding the Trial of Civil Compensation Cases Arising from False Statement in Securities Market, the People’s Court shall accept civil compensation cases instituted by securities market investors based on the accusation that information disclosure obligor has violated laws and made misstatement, which causes losses to them. In such cases, parties subjecting to the lawsuit may include initiators, controlling shareholder, the securities releasing company or relevant intermediaries etc. Civil compensation shall be limited to actual losses suffered from such misstatement, including the investment variance losses, and commissions and stamp duty relating to the said losses.
三、行政責任方面，瑞幸咖啡及其直接負責的主管人員和其他直接責任人員可能要承擔鉅額罰款
III. Luckin, its executives directly in charge of the case and other staff directly held liable may be subject to huge fines
前述江蘇雅百特財務造假案件中，證監會查實該公司於2015年至2016年9月，通過虛構巴基斯坦公交工程項目、虛構國際貿易和國內貿易等手段，累計虛增營業收入達5.8億元，虛增利潤約2.6億元，依據修訂前《證券法》決定對其處以頂格罰款60萬元，對直接負責的主管人員陸永處以30萬元頂格罰款，並採取終身市場禁入措施。
As listed above, in the investigation regarding Jiangsu Yabaite financial fabrication, CSRC found that the Company has, from 2015 to September 2016, fabricated the public traffic project in Pakistan, and other international and domestic trade, which led to the inflation of 580 million Yuan in sales revenue, and the inflation of profit for around 260 million Yuan. Accordingly, CSRC imposed the top fines of 600 000 Yuan to the company, and imposed the top fines of 300 000 Yuan plus lifelong securities market prohibition to Lu Yong, the executive in direct charge of the fabrication, all according to the then prevailing Securities Law.
根據修訂後的《證券法》第一百九十七條第二款，信息披露義務人報送的報告或者披露的信息有虛假記載、誤導性陳述或者重大遺漏的，責令改正，給予警告，並處以一百萬元以上一千萬元以下的罰款；對直接負責的主管人員和其他直接責任人員給予警告，並處以五十萬元以上五百萬元以下的罰款。發行人的控股股東、實際控制人組織、指使從事上述違法行為，或者隱瞞相關事項導致發生上述情形的，處以一百萬元以上一千萬元以下的罰款；對直接負責的主管人員和其他直接責任人員，處以五十萬元以上五百萬元以下的罰款。
According to Article 197 (2) of the Securities Law (amended), in case information disclosure obligor made any false record, misleading statement or critical omission in report submitted or in disclosed information, he shall be requested to make correction and be warned accordingly, and will be subject to fines of more than 1 million Yuan and less than 10 million Yuan; in addition, the executives directly in charge of the case and other staff directly held liable shall be warned accordingly, and be subject to fines of more than 500 000 Yuan and less than 5 million Yuan. If controlling shareholder or actual controller has organized or instructed others in such law-breaking behavior, or concealed relevant facts which led to the aforesaid condition, he will be subject to fines of more than 1 million Yuan and less than 10 million Yuan, the executives directly in charge of the case and other staff directly held liable shall be warned accordingly, and be subject to fines of more than 500 000 Yuan and less than 5 million Yuan.
