| In recent years,the cases of securities false statement liability disputes heard by the court have increased several times compared with the previous years.Securities Misrepresentation,which is a kind of securities illegal act,is more and more common in the securities market,and there are more and more disputes about civil compensation.Since 2003,the Supreme People’s Court issued several provisions on the trial of civil compensation cases caused by false statements in the securities market(hereinafter referred to as the provisions),which made specific provisions on civil litigation of false statements in securities market.The newly revised Securities Law of 2019 has made a series of modifications on false statements in securities market,and made corresponding strengthening measures for investor protection.There are still some defects in the civil compensation system of Securities Misrepresentation in China,which leads to many civil compensation disputes.This thesis is divided into four parts:The first part introduces the basic concept,characteristics and nature of civil compensation for Securities Misrepresentation.Among them,the civil compensation for misrepresentation is defined according to forms of misrepresentation;the characteristics of civilcompensation for misrepresentation are introduced from aspects: multi-level legal subject,the way of responsibility bearing and the consequences of damage;the nature of civil compensation for misrepresentation is analyzed according to the theoretical point of view,and the theory of liability for tort damages is the mainstream.The second part introduces the system status and problems of civil compensation for Securities Misrepresentation.Through the analysis of the judicial cases and the currentsituation of the system,we find that there are four outstanding problems: the identification standards of the "significance" of the misrepresentation are inconsistent,the provisions of the disclosure day are vague,the identification methods of causality are not unified,the scope and calculation methods of damages can not protect investors to the greatest extent,which seriously affect the stable operation of the securities market in China.The third part introduces the experience of civil compensation system of Securities Misrepresentation in overseas.The theory of fraud market in the United States is reasonable.China’s judicial interpretation has introduced and used the theory for reference,and combined with China’s basic national conditions to improve theapplication of the theory.The legislative concept and specific provisions of Japan’s securities law are very similar to those of the United States.Whether the presumption of damage amount is suitable for China’s securities market remains to be discussed.The "Financial Corporation securities investment and futures trading center"(SFIPC),established in Taiwan,has strengthened the protection of investors,which is worth learning from.The fourth part introduces the perfection of civil compensation for Securities Misrepresentation in China.According to the problems in the second part,some suggestions are put forward.Firstly,the investor sensitivity standard should be adopted.Secondly,the definition of the disclosure of false statements,the carrier of the disclosure day,the principle of the disclosure day of false statements,and the disclosure day should be defined.Secondly,the identification method of causality should be unified to improve the application of "fraud market theory".Finally,securities should be expanded The scope of damages for misrepresentation,including the rationality of indirect losses in the scope of compensation,through the analysis of the case appeal rate,adopts the method of moving weighted average calculation. |
