The Civil Liability System Of Misrepresentation In The Securities Market In China

There has been more than ten years since the securities market of China was established, which has great effect on impelling the economic structure reform. However, the increasingly illegal acts restrict the further and healthy development of the securities market, which are so severe that bring the voice of rebuilding. One of them is the misrepresentation, which must be renovated. Although the supervisory and management department on securities paid more attention to punish the behavior of misrepresentation by administrative punishment all the time, the tendency of misrepresentation still can't be deterred. With respect to this actuality, the civil liability system of misrepresentation in the securities market in China is still in the budding time and the implementary departments don't attach enough importance to it.This paper starts with the case of Hong Guang Industry and a controversy in the field of economic law, and analyzes the economic and legal foundation of how the misrepresentation comes into being by using the method which combining economics and jurisprudence. It points out the essentially destructive effect how the misrepresentation impacts the securities market. Moreover, it discloses how important it is for the civil liability system of misrepresentation in the securities market to protect the investors' interests and normalize the securities market. Based on the existing law, administrative decrees and judicialinterpretation, also combining with the scholars' doctrines, this paper introduces the content of substantial law and procedural law of the civil liability...