The Listed Company False Statement Civil Liability

With the rapid development of economic globalization, while income increased gradually, people’s thought is also in constant updates, people more and more attention to the field of investment, willing to put the idle funds for investment, rather than simple interest in the bank. Therefore, securities investment, especially the stock investment in people’s life plays a more and more important position.Listed companies often want to investors to put money into his company, is hope investors to buy shares in the company, therefore, in order to attract investors, some listed companies will be released in some false information to attract investors, one of the most important is the false statement behavior of listed companies. Our country "securities law" and relevant judicial interpretations of the later, if because of false statements of listed companies and investors suffer, can according to the China securities supervision committee(hereinafter referred to as the CSRC) the penalty of the right to require the corresponding loss compensation. In judicial practice, however, causal relationship between false statement behavior and investors lost tend to become the key factor to the success of the case, A systematic risk of the stock market tend to be a defense weapon of false statement. This article selects the De mian shares the false statement civil compensation, in the case of De mian co., LTD is eliminated due to systemic risk to the plaintiff’s civil liability to pay compensation, but for this case I have different views, so in this case causality and in-depth discussion on the systematic risk liability, and further expounded my views.This article is divided into three parts, the first part is problem is put forward, is the summary of this article selected cases and asking questions. The second part is the main body of this article, namely the proposed legal analysis of the problem: first, analyze the causation theory, including the basic theory of causality, inevitable causality in false statement civil compensation cases in trouble and to draw lessons from foreign mature theory; Secondly, combined with the law and the facts of the case, to analyze the proposed problem; Finally, on the basis of the above analysis, it is concluded that the conclusion of the case. The third part is I get some enlightenment after analysis to discuss the case.In this case, a court in the plaintiff’s investment loss is caused by the market system risk, the plaintiff and the defendant false statement behavior no causal relation, decided that the defendant did not bear the corresponding civil liability to pay compensation. But personally I think, to maintain securities market system risk is the defendant liability reasons, can’t the system risk and the false statement behavior of the plaintiff in this case, but should see false behavior after implementation to false statement released by the media after this time, the plaintiff’s loss is caused by false statement behavior or market system risk, so the final conclusion. Personally, I think this case is the plaintiff’s investment loss caused by false statement behavior of the defendant, the defendant shall make corresponding compensation to the plaintiff.False statement civil compensation field of laws related to improve at the same time, there are still many deficiencies, caused a lot of inconvenience for the judicial practice, especially about systematic risk liability regulations, a lack of clear standards, determine the extensiveness of an stipulated clearly, should further clarify and refine.