Research On The Civil Liability Practice Of Misrepresentation In Securities Market

False statements in the securities market violate the provisions of the Securities Law,and make false records or misleading statements about the authenticity of major events in the process of issuance and trading of securities,or there are major omissions.Improper statements refer to information disclosure.The debtor who made this disclosure.Information in the process of information disclosure.Since the development of the securities market,the illegal behavior of false statements has also appeared,and has become the most common form of illegal behavior in the securities market.With the increase of investors’ awareness of rights protection,one after another civil compensation lawsuits for false statements have been filed in the courts.Since then,the question of civil liability for misrepresentation in the securities market has become a hot topic discussed in legal circles in our country.Based on the case of false statement of Fangzheng Technology,combining with other specific practical cases,it conducts comparative research and discusses problems existing in the legal system of civil liability for misrepresentation in the securities market and in the practice of legal proceedings.First of all,judging from the annual number of false statements in the securities market and the focus of disputes,and the "Fangzheng Technology false statement case" as a typical case for analysis,summed up the current situation of China’s civil liability disputes for false statement and the prominent focus of dispute.Second,to our country securities market false statement civil liability in the focus of dispute individual detailed analysis,are introduced in China securities "significant" false statement behavior standards,causation and damages calculation method for the related law system and puts forward problems,compared to the United States caused by false statement civil liability system to conduct research and experience for reference.Finally,through the combination of China’s securities market on the false statement caused by the civil liability system and judicial practice proposed to improve.The "rational investor" standard is adopted as the "materiality" standard of securities misstatement.In terms of causality,it is suggested to perfect the "market fraud theory" and clearly stipulate the identification method of causality of false statement.It is suggested to adopt the method of accumulative loss calculation and the method of moving weighted average in the calculation of the average price of buying and selling securities.