On The False Statement Of Securities Distribution Of Burden Of Proof In Civil Procedure -- Identified As The Center Of Causation

In the civil litigation for misrepresentation on Chinese securities market, how to determine the causality between defendant's misrepresentation act and plaintiff's damages, and how to allocate the burden of proof of causality, are problems to the theoretic field and practical field."Regulations of the Supreme Peoples' Court on Handling Cases of Civil Compensation Caused on the Securities Market Due to False Statement" (referred as "Regulations") adopted US "Presumption of Reliance" and "Fraud on the Market Theory" in the determination of causality. "Regulations" gave Peoples' Courts a legal ground on the handling cases of civil compensation for misrepresentation. However, there is different knowledge about the effect of presumption of causality on allocation of burden of proof in the theoretic and practical field. This thesis tries to study the substance of the allocation of burden of proof, which "Regulations" has on determination causality by adopting "Presumption of Reliance" and "Fraud on the Market Theory", using comparative method and combining procedure law with substantive law. This thesis arrives the conclusion that "Regulations" presume the causality by adopting "Presumption of Reliance" and "Fraud on the Market Theory", but "Regulations" didn't change the allocation of burden of proof of causality and it still belongs to the plaintiff. However, "Presumption Causality" greatly reduced plaintiff's burden of proof to prove the existing of causality. Plaintiff need not prove the causality directly, who only need prove the fundamental facts, which stipulated by the law.