Research On The Civil Liability For Misrepresentation Of Securities Of Listed Companies

In recent years,the socialist market economy in China has been developing continuously,the scale of the securities market economy has been expanding,and the enthusiasm for people to invest in the securities market is rising,which has played a great role in promoting the reform of China’s financial system.At the same time,due to the risk and uncertainty of the securities market itself and the imperfect market norms and operation mechanism,various illegal behaviors appear.From the first case of false statement of securities in China,from "Eastern Electronic Case" to "Daqing friendship,green earth,Wuliangye,yabaite",the cases caused by false statements are prohibited.False statement of securities is a poison of the securities market,which gradually erodes the whole securities market.It not only strikes the enthusiasm of small and medium-sized investors,damages its legitimate rights and interests,but also destroys the investment environment of the securities market and hinders the development of the securities market.The author analyzes and studies the false statement of securities in three cases,summarizes the focus of the dispute in the court dealing with the securities false statement case,and makes a legal analysis on the basis of the focus of the dispute,and intends to study the problems existing in the false statement of securities in China,and then puts forward feasible suggestions.In order to improve the civil liability system of false statement of securities in China,to provide unified judgment standard for judicial practice,and to ensure the legitimate rights and interests of small and medium-sized investors.This paper consists of four parts:The first part is the introduction.This paper mainly introduces the research background and significance of this paper,the research status of false statement of securities at home and abroad,the research ideas,research methods and innovation and shortcomings of this paper.The second part is the introduction of the case and the focus of the dispute.Through the introduction of three securities false statements,the author analyzes the focus of the dispute in the court in the trial process: first,how to identify the false statement behavior;the second is how to determine the disclosure date of the false statement;the third is whether there is causal relationship between the false statement behavior and the investor loss;fourth,how to quantify the losses caused by the false statement to the investors.The third part is the legal analysis.This part mainly focuses on the focus of the dispute of legal analysis,respectively introduced four dispute focus of the legal provisions,theoretical analysis and judicial practice of the court of the judicial thinking.The fourth part is the conclusion and suggestion.The author draws the corresponding conclusion through the legal analysis of the previous article: first,the determination of false statement behavior is based on the criterion of significance;secondly,when determining the disclosure date,four principles should be followed;thirdly,the determination of causal relationship can be divided into the identification of trade causality and the determination of loss causal relationship;fourth,the investment difference loss can be calculated by mobile weighted average method.And further put forward the improvement suggestions: first,unify the standard of the false statement behavior;secondly,define the definition standard of the disclosure date of the false statement;thirdly,unify the method of causal relationship identification;fourth,clarify the calculation method of compensation for the damage of false statement of securities.