The Study On Civil Liabilities Institution Of Listed Companies’ False Statements

The development of the listed companies in China has gone through the process from scratch,from weak to strong,and the securities market is attracting many investors while expanding the scale of financing.The fraudulent behavior of the securities market has gradually come into the people’s vision.The false statements of the listed companies have violated the principle of the honesty and credit of the civil law,and have damaged the confidence and enthusiasm of the investors and destroyed the stability of the capital market.It is said that the misrepresentation of the listed companies is a kind of tort,and it has a variety of means of implementation and the subject of responsibility.Accordingly,the number of victims is huge and is widely distributed,showing many characteristics different from the common tort cases.The current regulations on false statements of listed companies are mainly embodied in the notice of the Supreme People’s Court on the issues relating to civil tort disputes arising from the misrepresentation of the securities market and the regulations of the Supreme People’s Court on the trial of civil compensation cases caused by the false statements of the securities market.In these two judicial interpretations,there is a whole framework for the construction and refinement of the civil liability for false statements,and the specific operation and identification standards need to be improved.For example,the tortfeasor has the problem of inability to bear civil liability after the liability of public law.In the study of the comparative law,the author mainly analyzes the legal provisions in the United States,Japan and Taiwan.The securities legislation of the United States is very perfect,and many of the problems in the lawsuit can find the legal basis,and the form of the group litigation is a very good rule;the investor protection center of Taiwan is in the victim.Communication linkage has played a refreshing role and can find specific and specific provisions in its laws.In order to improve the current securities laws and regulations of our country,I believe that the punishment of the company controller should be strengthened and the type of liability should be raised to the liability for fault presumption;in addition,the amount of the loss caused by the fault of the infringer should be made clear and specific with the data of the large index and so on.Some special provisions should be made to guarantee the civil compensation ability of the infringer,to safeguard the rights and interests of the victims,to relax the prepositional procedure of the false statement litigation of the listed company,such as the attention letter of the SFC or the mediation procedure between the listed company and the victim,in order to increase such litigation.We should actively explore the application of group action in such cases,in order to improve the efficiency of such litigation and save judicial resources.