The Civil Liability Of Intermediate Agency In The Misrepresentation Of Listed Companies

False statements by listed companies, which is the most harmful guilt in Chinese stock market, are always accompanied with confederacy of intermediary. The false statements of some intermediaries give wrong information to investors, and severely harmed investors' benefit. However, because of the imperfections of Chinese concerning security laws, it is difficult for the investors to sue for their loss. This essay takes the civil responsibilities of false statements by intermediaries as research subject. And tries to give some advise on the perfection of civil responsibilities of the false statements by intermediaries based on the research of developed countries concerning legislations. Firstly, the author demonstrates the harms of false statements by the intermediaries. Secondly, the author gives thorough introduction to the concerning legislations of both civil law and case law systems contrasted with internal laws. Thirdly and the most important part of this essay, the author give an analysis to the civil responsibilities of the false statements by intermediaries and states the three conditions to take responsibility. The fourth part of the essay is on the way to take responsibilities by the intermediaries. Finally, this essay discusses the right of compensation claim by the intermediaries, and gives a specific doctrine to calculate the percentages of the intermediaries and the listed companies.