| The securities market is a complex market,and investors' losses are often caused by many reasons.One of them is the situation of investors' losses caused by the coexistence of false statements and systemic risks in securities market.According to article 19 th of Several provisions of the Supreme People's Court on the trial of civil compensation cases arising from false statements in the securities market,losses or partial losses is caused by other factors such as the risk of the securities market system,and there should be no causal relationship between the false statements and the result of the damage.Affected by this,in the case judgment,the court mostly takes the systemic risk of securities market which causes investors' damage as the blocking factor of the causality of compensation for infringement damages of false statements,or deducts the damages caused by false statements before the damages caused by false statements.This reflects that China's securities market is still in the stage of development and is not mature yet.However,this paper argues that in the securities market formed between the issuer and the investor as a public company,the information disclosure of the issuer is the main channel for investors to obtain information related to investment judgment,and the authenticity of its disclosure is very important for investors' interests.Therefore,in the process of gradual maturity of China's securities market,we should gradually draw lessons from the practices of the United States and other countries,namely,"direct loss method",which directly calculates the actual value of the company's stock and the value of false statements,and then deduces the amount of non-false statements that do not require the defendant's compensation.The purpose is to urge the disclosure of listed public information to be true and reliable in order to protect the interests of small and medium-sized investors and promote the mature operation of the securities market. |
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