A Study On The False Statement's Civil Liability Of The Listed Company

False statements from reports of some listed companies appear repeatedly,which is because regulations about false statement's civil liability in Security Law are too abstract and short of operation. This article aims at making a deep study on the confirmation of the reason and seriousness of false statement,legal principle basis of civil compensation responsibility,responsibility subject and potential plaintiff,accounting methods and lawsuit-realization mechanism.Firstly,Reasons why they make false statements can be stated here:1) They cheat the qualification to be listed. 2) They want to get the qualification of quota stock .3)They can control stock price. 4) We lack balance mechanism in our stock market. There are two confirming criterions about the seriousness of false statement:one is the criterion of rational person;the other is the extent to which false statement is enough to urge.Secondly,The author points out four functions of false statement's civil liability:1) compensation function making up for damage. 2) deterrence and precautionary function to prevent law-violation 3) function assisting law execution and managing market benefits. 4) function of perfecting supervision system..Thirdly,There are theories about the nature confirmation on civil liability such as those of contract liability,infringement act responsibility and independentresponsibility. The author thinks that this can be identified as infringement act responsibility. Reasons are as following:1) The basis of false statement's civil liability violates legal obligation.2) information announcement reveals many non-contract tendency. 3) This can do more good to the protection of investor's interests. Then this article discuss its four composing elements ( a violation of law ,mistake,causality,fact of damage).Fourthly,The author points out that subject of civil liability includes four kinds of people:distributor and sponsor,director and supervisors taking responsibility in listed company ,stock company and intermediary firm producing false evidence material. As to those potential plaintiff,the article affirm it according to the theory on loss incurred during stock exchange and define date due of the potential plaintiff in YinGuangXia company case as date of stop listing for a rather long time ratified by China Supervisory Committee.Then,It introduces three accounting methods about civil liability compensation :actual value accounting method,actual inducing cause method and practical price difference method . This article sets the accounting method on practical price difference as its criterion and determine selling price by principle of loss expansion prohibition so as to decide the compensation procedure on YinGuangXia company case.In the end,In terms of lawsuit-realization mechanism,the article advocates right expanding for the victims in 'Yin Guang Xia' case by the way of representative's lawsuit.