欺诈发行证券罪双控人条款的理解和适用

中图分类号：D914 文献标识码：A 文章编号：1004-0714（2026）01-0141-04

Jnderstanding and Applicationof the Dual Prosecutor Clause forthe Crime of Fraudulent lssuance of Securities

HUYikai （EastChinaUniversityofPoliticalScienceandLaw，2Ol62o，Shanghai，China）

Abstract：The organizationand instigation behavior of controlling shareholders and actual controllers， asstipulated inArticleI60，Paragraph2of the Criminal Law forthe crime of fraudulent issuance of securities，shouldbeunderstoodasanexternal significantinfluencebehaviorindependentoftheinternalmanagement behaviorof theunit.Thenature of this provision is neither completely“accomplice and principal offender”nor“attention regulation”.Based on thenew limitationof independent criminal quantity，the dual controller clauseinthecrimeoffraudulentissuanceof securities should beunderstoodandappliedfromthe perspectiveofattributes.

Keywords：Fraudulent Issuance of securities;Joint Crime;Proposed Principal Offender

一、问题提出

相比于国外现行较为专业化、机构化的金融市场环境，我国证券等金融投资领域长期呈现出散户化的发展趋势。（剩余7209字）