Research On Legal Issues Of False Financial Disclosure Of Listed Companies ——From The Perspective Of Three Cases

Since the reform and opening up,my country’s securities market has been developing continuously,especially the establishment of the Shanghai and Shenzhen stock exchanges,which has effectively improved the resource allocation efficiency of my country’s securities market.After more than 20 years of continuous development and progress,my country’s securities market has become one of the largest securities markets in the world.It can be seen that since the establishment of my country’s securities market,many achievements have been made,and it has also brought vigorous vitality and vitality to the Chinese economy.However,there has also been negative news.Driven by interests,listed companies deceive investors by disclosing false financial information and illegal disclosure in order to obtain financing or issue securities,which continuously damages the legitimate rights and interests of small and medium investors,and has a serious impact on investors’ confidence and enthusiasm.hinder the healthy development of the securities market.At the same time,the development of the securities market has gradually increased the awareness of the majority of investors to safeguard their legitimate rights and interests,and the number of cases in which investors have filed claims against listed companies on the grounds of false statements is on the rise.In 2015,my country abolished the preconditions for false statements and established a case-filing registration system,which further expanded the scope of litigation,but also brought difficulties to investors in producing evidence.In judicial practice,the focus of such cases is relatively concentrated.After analyzing typical cases,we find that the focus of such cases is mainly on the definition of misrepresentation,whether there is causality between the misrepresentation and the loss of investors,and the issue of compensation for losses of investors.Calculation method,determination of misrepresentation disclosure date,etc.After sorting out the provisions of relevant laws and regulations and judicial interpretations in China,combined with the different viewpoints of the academic circles,the jurisprudence and legislative purposes are used as tools for analysis and research,and it is concluded that the "materiality" standard is used to define the misrepresentation,and the "materiality" The main basis for judgment is the investor’s decision.In judicial practice,the court should examine whether the behavior involved in the lawsuit affects the investor’s decision-making and the degree of influence;determine the causal relationship in the case of misrepresentation from the perspective of transaction causation and loss causation;and to measure system risk,it is necessary to comprehensively consider risk incentives and relevant markets.Index fluctuations are quantified in combination with relevant market indexes;investors’ losses are calculated according to the actual loss principle,and the average price of the investment difference adopts the moving weighted average method;The second is the strong market response,with the national media as the principle and the online media as the exception.There is only one disclosure day in the same false statement case;with the implementation of the case-filing registration system,the pre-procedures have been gradually cancelled.For investors and courts,after the pre-procedures are cancelled,how to allocate the burden of proof reasonably is particularly important.By analyzing the above problems and drawing lessons from foreign legislative experience,this paper puts forward suggestions for improving the legal regulation of false financial information disclosure of listed companies in my country.