A Study Of Causality In Civil Liability Of Misrepresentation For Inducing Securities Selling

In the process of establishing civil liability for misrepresentation,causality is very important.If there is no causality,investors cannot claim compensation for the loss from the misrepresentation.However,the current judicial interpretation only stipulates the identification rules of the causality of misrepresentation for inducing securities buying,and the identification of the causality of misrepresentation for inducing securities selling has not yet been concluded.The lack of rules leads to the identification of civil liability in misrepresentation for inducing securities selling into a dilemma,and the legitimate rights and interests of investors cannot be protected.In order to correct the misunderstanding of the causality between misrepresentation for inducing securities selling and investors' loss,it is necessary to pay attention to the identification of the causality of misrepresentation for inducing securities selling.To find the relationship between investors' loss and behavior of information disclosure obligor in misrepresentation for inducing securities selling,and to design new legal regulations for the identification of causality of misrepresentation for inducing securities selling,will be helpful to judicial practice.The main body of this paper consists of six chapters.The specific opinion of each chapter are as follows:The first chapter introduces the concept,types and characteristics of misrepresentation for inducing securities selling.Corresponding to misrepresentation for inducing securities buying,misrepresentation for inducing securities selling refers to false statements that publish false negative information,or conceal true good information from publication or do not publish it in a timely manner," The act of causing investors to sell stocks when the stock price is falsely low.According to whether the actor of misrepresentation actively issue false information,can be further divided into"positive misrepresentation for inducing securities selling" and "negative misrepresentation for inducing securities selling" Because the direction of stock price influence owing to misrepresentation for inducing securities selling is different from misrepresentation for inducing securities buying,the loss caused by misrepresentation for inducing securities selling to investors is the loss of available interests rather than the actual loss.The second chapter introduces the current judicial situation and misunderstandings of the causality identification in cases of misrepresentation for inducing securities selling.Using the method of empirical analysis,this paper takes 89 civil judgments of misrepresentation for inducing securities selling as samples,to investigate the handling methods of civil compensation cases of misrepresentation for inducing securities selling in judicial practice,and summarize the misunderstandings existing in the identification of the causality of misrepresentation for inducing securities selling by court.The third chapter discusses the compensability of the loss caused by the induced empty false statement.Different from the actual loss caused by the induced false statement to the investors,the induced false statement causes the loss of available benefits to the investors.At present,the elements of compensation for the loss of available interests in tort law are as follows:the compensation for the loss of available interests in tort law must meet the following two points:(1)the loss should have objective certainty;(2)the loss should be within the range of causality.Compensable items.The loss of available interests suffered by investors in induced false statements has met the requirements of certainty,so when there is a causal relationship between the loss and the behavior of false statements,the perpetrators of false statements should pay compensation.The fourth chapter examines the causality theory of tort liability,trying to find a breakthrough in the identification of the causality of induced false statements.The traditional causality theory adopts the idea of all or nothing to judge whet)her the causality between behavior and damage exists or not,which cannot be applied to the judgment of causality in the infringement case of induced empty false statement.With the development of causality theory,scholars propose that the specific measure of responsibility can be examined by judging the degree of causality.This theory of positive causality elasticity meets the needs of the identification of causality in the case of induced false statement.Considering that there is an intermediate link between the behavior of false statement and the loss of investors' property,which is separated by the intermediate link of "investors trading because of trusting false information",The causality in securities civil compensation can be divided into two levels:transaction causation and loss causation.This elastic causality is also used in the judgment of "loss causation".The fifth chapter discusses the identification of transaction causation.The judgment of transaction causation can be farther divided into two stages:(1)false statements affect investors' trading decisions;(2)investors make investment behavior based on wrong trading decisions.In the first stage,the core of judging whether the investment behavior is affected by the false statement is to judge whether the investor"trusts" the false statement.Because the subjective trust is difficult to be proved,this paper introduces the fraudulent market theory in American law.According to the fraudulent market theory,the key to judge whether the induced false statement affects the trading decision of investors is to judge whether the information involved in the false statement is important,that is,whether it affects the securities price.In the second stage,only investors who have traded in a specific direction on the securities pointed to by false statements in a specific period of time,the loss and the behavior of false statements constitute a causal relationship in the transaction.The sixth chapter discusses the identification of loss causation.Through the measurement of fault degree,the measurement of cause force and the discussion of intervention factors,an operable conclusion is drawn.That is,only when the systemic risk has the "intervention power",can we completely cut off the causal relationship between the investment behavior made by investors based on false information and the loss of investors.Otherwise,under normal circumstances,we should follow the idea of"the force of cause",and the actor of false statement should compensate the investor for half of the total loss.