A Study On Damage Compensation Liability Of Information Disclosure In Securities Market

China’s securities market has always maintained a rapid growth in recent years, market size has leapt to the forefront of the world. As of September 22, 2015, the total number of Shanghai and Shenzhen Stock Exchange listed company has more than 2800, the total market capitalization has reached 43.8 trillion yuan. At the same time, applicable to listed companies as the main target of public company information disclosure system has been more mature sound. Whether the information disclosure can better play the role of the stock market foundation, for the development of securities market norms is of great significance. And the civil liability of information disclosure is an important part of the information disclosure system, provide the necessary guarantee for the realization of information disclosure mechanism. In the years of practice in the supervision of listing companies found, with the growing number of listed companies, always some participants engaged in a large number of irregularities in information disclosure, harm the good faith basis for socio-economic and stock market, fraudulent capital market investors, the legitimate rights and interests of the public are severely infringed upon. Investigate its reason, the liability of securities law in our country, more emphasis on administrative penalties or criminal sanctions, while offenders have some deterrent, but the lack of regulatory power from the perspective of civil liability, cause investors to suffer after the loss is still not effective compensation. Therefore, in order to systematically regulate the securities market information disclosure violations, making the interests of the investors to get legal remedies, it is urgent to improve the civil liability system of information disclosure.The establishment and development of securities market, for economic system reform, state-owned enterprise restructuring and the development of the national economy plays an important role, also provides the majority of investors to participate in the financial market opportunities, rich investment channels. Disclosure of information is the main channel for investors to understand the basic situation of the listing Corporation, and establish and improve the information disclosure system of civil liability, it can be more targeted to restrict the behavior of listed companies, to provide investors with favorable legal relief and protection after suffering abuse, increasing public investors’ confidence in investment.By reference to foreign legislation, especially on the basis of the American legal system and practice of the text, using comparative analysis, a comprehensive analysis of the information disclosure system in violation of obligations under the requirements of civil liability, and to explore in terms of composition, type of damage, the causal relationship information disclosure civil liability, to further explore the direction and angle to establish and improve the information disclosure system of civil liability, play compensation function and warning civil liability, so that the legitimate rights and interests of public investors effectively guaranteed.