Research On The Standard Of Civil Compensation For Securities Misrepresentation

Our country began to accept civil compensation cases for securities misrepresentations from 2002.In 2003,the Supreme People’s Court issued several provisions of the Supreme People’s Court on the trial of civil compensation cases caused by false statements in the securities market(hereinafter referred to as "Several Provisions"),which provided specific provisions for the filing and trial of civil compensation cases caused by false statements in securities.In the newly revised Securities Law of 2019,a new chapter on investor protection was set up to clarify the collective The litigation mechanism can further reduce the litigation cost of investors,improve the willingness of litigation,and strengthen the protection of investors.Although China’s "Securities Law" and relevant legal interpretations continue to strengthen the protection of investors,especially small and medium-sized investors,investors still suffer significant investment losses due to the endless false statements in the securities market.The theoretical research on the civil compensation system of Securities Misrepresentation has been very sufficient,but how effective the civil compensation system of Securities Misrepresentation is in the judicial practice,what are the common judicial difficulties of the civil compensation system of misrepresentation in the judicial practice,there are only a few case studies in the existing literature,so far there is no comprehensive and in-depth empirical research.With the ever-increasing volume of China’s securities market and the increasingly transparent and open market,it is necessary to examine the judicial implementation of the civil compensation system for securities false statements.This article collects and sorts out penalized listed companies and related entities involving securities misrepresentation civil compensation through the database of Peking University’s magic weapon,sorts out the main dispute points in securities misrepresentation civil compensation cases,takes the focus of the case dispute as the main in-depth investigation object,and takes the failure rate The main indicators are the compensation rate and the compensation rate.At the same time,it combines the mathematical statistics and typical case analysis of different courts in different cases to determine the focus of the case.It is intended to conduct a systematic empirical study on the effect of the legal implementation of the civil compensation system for securities false statements and analyze the existing and newly discovered problems,and put forward targeted suggestions to improve the effect of the implementation of the civil compensation system for false statements.The body of this article consists of four chapters:The first chapter describes the focus of disputes in the case of false statements in securities and the necessity of empirical research.First of all,this part collects the judgments of civil compensation cases of securities false statements through the database of magic weapon of Peking University,sorts out the main dispute points of the case,and according to the main dispute points of the case,sorts out the recognition of the "significance" of false statements in the theoretical and judicial ruling practice,There are three points of contention in the determination of causality and the date of disclosure,the choice of calculation methods for the amount of compensation for damages,and the identification of systemic risk.Finally,according to the current status of the legal implementation of the current securities false statement system in China,the paper discusses the civil aspects of false statements.The second chapter is an empirical analysis of the "significant" determination of false statements.First,this section introduces two criteria for determining the "materiality" of information: the "impact on investor decisions" and the "impact on stock prices." Secondly,this article sorts out the determination criteria of different courts in determining whether the information is material in the sample cases of securities false statements,and analyzes them in combination with typical cases.Through analysis,it is found that the court has significant standards in determining the materiality and whether the court has significant information.Obligation to review,different court rulings do not agree.Finally,based on the court’s different arbitration opinions,the cause analysis was conducted,and it was concluded that the court should uniformly adopt the "impact on investor decision" standard and supplement it with the "impact on price" standard to comprehensively judge the significance of the information,and the court should review the false disclosure Judicial adjudication of the significance of the information.The third chapter is about the identification of the causal relationship of false statements and the empirical analysis of the identification of the disclosure date.In this section,statistics on the investor’s losing rate in civil compensation cases of securities misrepresentations are found to find out the factors that affect investors’ compensation.Through statistics,it is found that most of the reasons for losing cases are lack of causality.At the same time,there are no exceptions to the false misrepresentation cases.Lose the lawsuit,then analyze the factors that establish the presumption of causality,and analyze the typical cases of the falsehood statement.Finally,the conclusion of the uniform disclosure date and the interpretation of the relevant laws are applied to apply the judicial judgment of the falsehood statement.Suggest.The fourth chapter is about the choice of the civil compensation loss calculation method for securities false statements and the empirical analysis of systemic risk determination.In this section,the main indicator of the compensation rate is used to analyze the specific situation of the investor’s final compensation for the loss.Through analysis of the compensation rate data,it is found that the investor’s final compensation rate is relatively low,and the amount that affects the investor’s final compensation is mainly the original defendant and the court caused different calculation methods of investment differences and inconsistent systemic risk determinations.Then they analyzed the choices of the investment difference calculation methods and the differences in systemic risk determination and calculations.Finally,a moving weighted average was used.