A Research On Perfection Of Civil Liability Of Misstatement In Securities Market

Taken the first offering of treasury bills to the public as a symbol in 1981, China securities market has gone through over 20-year history. The number of listed companies isl391 with total market capitalization of RMB464253.24 billion Yuan, negotiable market capitalization of RMB 10301.41 billion Yuan, the number of investors with an opening account is 7211.43 million with total capital stock7149.26 billion shocks in domestic market ended in Jan. 2005.However, a flinty fact behind the great achievements in statistics is that China securities market is nonstandard and various illegal behaviors are serious existed. Among these illegal behaviors, misstatements, inside dealing and manipulation market are overwhelming. Meanwhile, though various legislation to normalize the market is under development and perfection constantly from the very beginning of construction of China securities market, these laws and regulations emphasized on administrative responsibility and criminal responsibility rather than civil compensation. The existing problems are mainly because of the partial orientation for China securities market and the traditional legal thought, "attaching importance to criminal law but looking down upon civil law", so relevant provisions are not only lack of quantity but also inferior quality. "Lack of quantity" is mainly represented in current legislation on administrative responsibility and criminal...