On The Causation Of Civil Tort Liability Of Misrepresentation In Chinese Securities Market

The civil liability of misrepresentation in securities market has become the hot spot of the theory study in recent years. The regulation and supervision of the securities market have great significance in promoting healthy development of Chinese securities market . As the core issue of torts, causation is the logic link that connects torts and damages, and plays an important role in determining the people's civil liability who spread the fraudulent information about securities.However, compared with the relatively perfect tort law system abroad, China's research on the causation of civil liability of misrepresentation in securities market begins late. Nevertheless, with the development of securities market in our country, the civil liability of securities misrepresentation has aroused much more attention gradually. How to determine the causation which links the misrepresentation and the investors'damages has become a serious problem which we have to confront in attacking the misrepresentation in securities market and protecting the investors'interest. So, we should pay much more attention to the research on the causation of civil liability of the securities market.This article focus on the research on the causation of civil liability of misrepresentation in the securities market. First, the author discusses the necessary causation theory which is used by the Chinese courts in deciding the related cases and then analyses the defects an character of such theory with some cases. Second, this article introduces some causation theories in Civil Law System and Anglo-American Law System briefly, and then focuses on the two-step theory of Transaction Causation and Damage Causation in U.S. which is used to determine the civil liability of misrepresentation in securities market. Finally, on the basis of analyzing the defects of related regulations and using for reference the beneficial experience of American law, author brings forward the suggestion on perfecting Chinese regulations.