| In the past five years,the number of civil compensation cases of False Statement in Securities Market tried by courts all over the country has increased nearly 10 times.The cases of civil compensation arising from false statement in securities market with sky high price targets are often reported in the news,and the disputes about civil compensation for misrepresentation of securities have never stopped in the theoretical and practical circles.The judicial interpretation of civil compensation for False Statement in Securities Market has not been updated in 17 years since its birth.Due to the long history and the tremendous changes in the economic situation compared with that at that time,it is difficult to cope with the new cases.The new Securities Law provides for some imperfections in the judicial interpretation of False Statement in Securities Market,but it is still not enough to deal with the numerous and complicated civil compensation cases of False Statement in Securities Market in judicial practice.This paper defines the concept of False Statement in Securities Market,the definition and characteristics of civil compensation for False Statement in Securities Market;And the big data analysis of Securities False Statement dispute cases,observe its overall characteristics.This paper expounds the current situation and existing problems of civil compensation for False Statement in Securities Market:(1)there is no unified quantitative standard for the determination of the "materiality" of misrepresentation in legislation and relevant judicial interpretation.(2)The disclosure date is too vague to apply.(3)There are many controversies about the method of causation in judicial practice.(4)There are too many ways to calculate the loss of investors in judicial practice,so the plaintiff and the defendant cannot reach an agreement.Through the study of foreign securities legal system,we can learn its experience in False Statement in Securities Market.The "direct loss method" used by the United States to calculate the amount of damages is scientific and rigorous,which is worthy of being followed by other countries.In Japan,the amount of damages for misrepresentation of securities is calculated by presumption of damages.This calculation method has its own special advantages.The high standard requirements for the prospectus,listing announcement and other documents of Listed Companies in the British securities law,as well as the high cost of losing the lawsuit in the civil litigation of False Statement in Securities Market,are all worthy of our reference.In view of the problems appearing in the civil compensation system of False Statement in Securities Market in China,this paper puts forward corresponding suggestions and solutions.That is to unify the standards for determining the "materiality" of False Statement in Securities Market;The principle of determining a specific disclosure date of misrepresentation and the way of defining the disclosure date of misrepresentation are clarified;According to different forms of misrepresentation,a unified method of identifying causality is established;The moving weighted average method is adopted to accurately calculate the average price of buying securities and the average cost of selling securities,so as to determine the amount of loss of investors. |
