Causality Of Transaction In False Statements Of Securities In China

As China leverages the capital market to develop innovative science and technology and small and medium-sized enterprise policies,on January 6,2013,the national share transfer system for small and medium-sized enterprises officially began to be put into use.At present,the new third board market has become indispensable in China's multi-level capital market a part of.At the same time,the issue of misrepresentation in the new "Three" and "Three" boards market has become increasingly prominent.However,there are a series of difficulties both in theory and in practice regarding how to determine the causal relationship between investment behavior and misrepresentation in the lawsuit of false representation.On the one hand,Article 18 of the "Provisions" automatically presumes a causal relationship between an investor's investment behavior and a misrepresentation of an investor who has suffered losses in buying and selling the relevant securities within a specified period of time,but the theoretical basis to which this reasoning applies Is the fraud market theory in the United States case law,which is based on the effective market as the premise,and the new board in the market maturity and activity with the United States stock market or A-share securities market there is a big gap,whether it can apply the transaction causation Presumption is worth exploring.On the other hand,investors inthe New Third Board market who are qualified investors are professional investors who possess some assets and knowledge.How should the trustworthiness of qualified investors in the conduct of false statements prove that the burden of proof lies between the investors and the responsible persons? Based on the analysis of the connotation and value considerations of fraud market theory,this paper comparatively analyzes the differences between the new three-board market and the securities market of the U.S.or A-share,the efficiency of the pricing mechanism and the system of information disclosure,and points out that the new three-board has not yet reached the validity Finally,based on the above analysis,the article points out the rationality of the causal relationship presumption of the New Third Board and the actual development situation of the new Third Board Market Proper distribution of the burden of proof,to explore the best balance between investors and responsible persons,can effectively safeguard the legitimate rights and interests of investors,as far as possible to prevent the liability of the responsibility of the unlimited expansion.