Stock Market Information Disclosure Civil Liability Accounting Firm

From China’s securities market theory, the effectiveness of the securities market is built on the basis of the listing Corporation information disclosure system. However, it have occurred from time to time that some accounting firms misrepresent, mislead investors and fraud to cater for the listing Corporation"special needs" and cover up the real financial situation. This phenomenon not only seriously damaged the credibility of accounting firms, but also damaged the interests of the majority of shareholders, and the securities market order maintenance. In this regard,the relevant laws and regulations issued recently by our country regulate the securities market information disclosure system and confirm the relevant legal responsibility. But according to the practice of news disclosure about financial reports from the securities market, the false audit reports of the accounting firm cased damage and it ought to assume the responsibility.The operation of it not strong has plagued practitioners.This situation not only makes China’s relevant laws and regulations be not effectively implemented at the same time, also can not effectively protect the legitimate rights and interests of investors.Therefore, in-depth study of the accounting firm disclosure civil legal liability of false information in the listing Corporation has become legal theory and legal practice important questions that need further discussion and research. First, the two aspects of the relevant substantive law and procedural law of our country should be analyzed. On the substantive law, this paper from China’s CPA practice contents and responsibilities for information disclosure in the securities market states forms and kinds of damage of the illegal behavior in the process of practice on the customer and the public interested,and on this basis analyze the nature of the civil liability.Especially in the information disclosure of securities market false financial report issued by an accounting firm it should bear the liability for breach of contract; based on the imputation principles of tort liability, there is in-depth study of accounting firms in the information disclosure of civil tort liability in false. In order to strengthen the operation of the civil liability of the accounting firm, according to the nature of the accounting firm compensation assumed,this paper states the accounting firm in the listing Corporation information disclosure related civil liability for false shall bear the compensation liability and on the basis of analysis of its nature comes up with The relevant basis of compensation calculation. On the procedure law, this paper puts forward that basic relief in the existing interests of the parties, should speed up the interested third person damage compensation reform, standardize and perfect the relevant laws, administrative regulations about procedure to ensure our country investors protect their own rights and interests in the legal framework.