Research On Civil Liability System Of Listed Companies For Disclosing False Financial Information

Since the Reform and Opening up,China's securities market has developed rapidly,especially the establishment of Shanghai and Shenzhen Stock Exchanges,which has had a profound impact on the development of China's securities market.China's securities market has made tremendous achievements since it is established and it has also injected new vigor and vitality into China's economic development.However,the development of the securities market is not plain sailing.Negative news comes from time to time.In order to obtain the qualification of securities issuance and qualification of refinancing,the listed companies,driven by interests,make illegal activities inevitably to attract investors,such as violating the information disclosure obligation and disclosing false financial information.The development of securities market needs the guarantee,guidance and standardized of laws and regulations.Since the 1990 s,China's securities legislation has moved to the highway,and formed a relative complete securities legal system gradually.However,there are still many problems in this legal system.Among them,some deficiencies existed in the regulation of listed companies' violation of information disclosure obligations,especially in the cognizance of the civil liability of listed companies and other responsibility subjects.Based on the improvement of Chinese law on the civil liability system of false financial information disclosure of listed companies,this paper analyzes the status of Chinese current relevant legislation on the basis of a general investigation of the false financial information disclosure and civil liability of listed companies in China,and tries to find the problems existing in legislation.In addition,drawing on the experience of foreign legislation,this paper puts forward the opinions on perfecting the civil liability system for false financial information disclosure of listed companies in China.This paper is mainly divided into six parts:The first department is exordium,mainly introduces research background?purpose and meaning of the topic selection.The second part is the general investigation of false financial information disclosure of the listed companies and its civil liability,mainly introduces the information disclosure obligation,disclosure of false financial information and legall liability of false financial information disclosure,especially the civil liability.The third part mainly analyses the current legislation and its problems of civil liability of false financial information disclosure of the listed companies.By means of researching on legislation evolution and the current liability,find the problems in current legislation.There are many problems in the legislation of civil liability for disclosure false financial information,primarily presented the standard of materiality is not scientific,the regulations of responsibility subjects,doctrine of liability fixation and exemptions is defective,the regulations of causality is defective,the procedural prerequisite is not reasonable,the lawsuit system of representative is defective,the ways to undertake civil liability is single.The fourth part is the civil liability system for the false financial information disclosure of listed companies in the United States and Japan.It provides reference for Chinese legislation by introducing the civil liability system for false financial information disclosure of listed companies in the United States and Japan.The fifth part is how to perfect the civil liability system of false financial information disclosure.The writer put forward some suggestions as follows:First,make scientific definition of the materiality standard;Second,perfect the regulations of responsibility subjects,doctrine of liability fixation and exemptions;Third,make a supplement of inducing securities selling causality;Forth,detect the procedural prerequisite;Fifth,perfect the lawsuit system of representative;Last,enrich the ways to undertake civil liability.The last part is concluding remarks.