A Research On The Civil Liability Caused By The False Statement Of Accounting Information Of Listed Company

In western countries, America is the country which specifically and systematically regulates the civil compensation problems which are caused by security market's misrepresentation. America builts up a relatively perfect system of security civil compensation of misrepresentation, through a series of related law and representative security civil compensation scandals occurred in succession in America. In our country, the problem of civil compensation of misrepresentation is being paid more attention to with the frequent cases of the listed companies' misrepresentation of accounting information. In January 9th 2003, the People's Supreme Court of China published "many regulations to deal with the civil compensation cases caused by security market's false statement" (in the following context, it is called "1.9 judicial-interpretation" for short), which means that our country's security civil compensation institution of false statement system has stepped into the legal practice period. However, because the former related theory research and legal practices were insufficient, and it's too hurry, "1.9 judicial-interpretation" is too simple and needs to be improved in many aspects. Therefore the systematic research on the civil liability of false statement of listed company will solve many technic problems in "1.9 judicial-interpretation'"s enforcement. At the same time, the build-up of the civil compensation system of misrepresentaion of the accounting information will induce the users to concern the accounting information's quality based on their own interest, which benefit's the formation of the effective need entity in our country's security market; on the other hand, it will enhance the accounting information's opportunity cost. So that it can reduce the motive to provide false accounting information and enhance the quality of the accounting information essentially. This is not only the major significance of this paper but also the main object the paper endeavors to achieve.This paper absorbs the civil responsibility research result of misrepresentation of listed company in America and the legal practical experience, on the basis, it also abides by the basic spirit of country's "the civil code", "securities law", "company law", "civil proceeding law", "accounting law", "accounting standard for business enterprises", "1.9 judicial-interpretation" and relative regulations. What's more, considering the characteristic of accounting information's production and report, it combines the two subjects of accounting and law organically, and absorbs their advantages to make up its disadvantages. And on this basis, it explores the responsibility of the civil liability of misrepresentaion of listed company. At the same tune, it makes relatively systematic,specific and deep research by positive approach, historical approach and normative approach etc. It preliminarily builds up the civil liability institutional framework of our country's accounting information's misrepresentation. It main contains:1. Accounting information disclosed by the listed companies is a special commodity. If accounting information is seen as a kind of service commodity or a kind of entity commodity or "public goods", it obviously takes different civil liability. Therefore, the right definition of the nature of the accounting information disclosed by listed companies, will make the basis of building the system of responsibility of the civil liability of misrepresentation of the accounting information. To listed company, the accounting information is a special commodity which is different from the common material commodity. At present, despite the accounting information disclosed by listed companies shows some characteristic of the "public goods" in a certain region and a certain extent, but it can't cover its inner essential characteristic, which means the accounting information disclosed by listed companies still have the basic factors as a commodity - which is a combination of value and use value. Therefore, we can refer to the relative regu...