Research On The Causality Presumption Of Civil Liability For False Statement Of Securities

Identifying the causation in civil liability for the false statement of securities is important and complicated.The legal norms pertaining to civil liability for the false statement of securities in China identify the causation in a presumed way,thus establishing the rule of successfully presuming the causation in the false statement of securities.However,this presumption rule merely stipulates the causation in active and induced false statements,but does not stipulate the causation in negative and inducing false statements,resulting in the inability of judicial practice to determine the causation in negative and inducing false statements,and moreover,causing a misunderstanding of the nature of negative false statements.To eliminate these difficulties and misunderstandings,it is necessary to re-examine the theoretical basis of the rules of presuming the causation in the false statement of securities in our country and explore the underlying causes of the shortcomings of the rules.Besides,it is also essential to learn from the useful experience of judicial practice in the determination of the causation in the false statement of securities plus improve the theoretical understanding of the causation in the false statement of securities,thereby realizing the re-establishment on the rules of presuming the causation in the false statement of securities.Composed of four parts,this article adopts empirical analysis and normative analysis methods to make researches by following the steps of identifying problems,analyzing the problems and addressing the problems.The specific content and viewpoints are as follows:The first part is an overview of the problems.First of all,this part discusses the function and necessity of causation presumption rules in the civil litigation of the false statement of securities.In terms of causation,the civil liability system for the false statement of securities in China adopts the method of successful presumption.Second,this part analyzes the rules of presuming the causation in the false statement of securities in China from three aspects of the applicable preconditions,applicable scopes and defense matters.Since the existing rules do not take into account the particularity of inducing false statements and negative false statements,the applicable range of the successful causation presumption is too narrow,therefore the legitimate rights and interests of some investors cannot be protected by law.The second part is the discovery of the problems.This part starts from the perspective of legal application,uses empirical analysis,takes 1,455 civil judgments on false statements of securities as research samples,sorts out the practice patterns,investors' compensation and the influential factors of compensation in false statements of securities in the judicial practice.Focusing on judicial practice's treatment when facing the determination of causation in the inducing and negative false statements,this part aims to sum up the difficulties and misunderstandings of judicial judgement in the process of legal application,and by refining the experience in such cases,concludes the different effects of different types of false statement conducts of securities on investors' decision-making and securities prices and used it as a precondition for improving the rules.The third part is the analysis on the problems.From the theoretical basis,this part uses the normative analysis to analyze the juridical logic basis behind the rules of presuming the causation in the false statement of securities in our country,and summarize its juridical logic defects.On the one hand,the presumption rules provide a solid epistemological basis for the successful causation presumption by drawing on the useful experience of the "fraud-on-the-market theory".However,there are many factors that affect the price of securities,and different types of false statement conducts have various effects on the price of securities.The absolute "price theory"cannot objectively measure the causation between false statement conducts and investors' losses.Furthermore,there's no way out in the face of the determination of causation in negative false statements.On the other hand,using the typical pattern in practice-induced and positive false statement as a model,the presumption rules establish the conditions and ranges for successful causation presumption.Nevertheless,the failure in considering the particularity of inducing false statements and negative false statements makes present presumption rule inevitably narrow in its application scope.The fourth part is the addressing of the problems.This part follows the theoretical stream of tort liability and tries to solve the problem of identifying the causation in the false statement of securities based on the theoretical framework of tort law.For this reason,this article follows the analytical thinking of torts,objects,and causations,sorts out the "positive" and "negative" types of false statement behaviors,clarifies that the false statement of securities infringes on the investors'right to know centered on "information acquisition",and summarizes the three types of losses that investors suffer:price bubble losses,information dividend loss,as well as securities risk losses.On such basis,this part discusses over the types of losses that investors may suffer under different false statement conducts,and expatiates the construction of causation between different false statement behaviors and investors'losses,in order to reconstruct rules of presuming the causation in the false statement of securities in China.