| The problem studied in this paper is the exploration and improvement of the civil liability identification rules for securities false statements of listed companies under the registration system in China.It tries to strip off and analyze the focus of controversy from the perspective of case trial status in China,and puts forward perfect suggestions through legal analysis after combining with legal and financial knowledge.Taking "Case of Civil Liability Dispute of Guizhou Changzheng Tiancheng Holding Co.,Ltd." and "Case of Civil Liability Dispute of Xinjiang Huijia Times Department Store Co.,Ltd." as the typical cases,Combined with other practical cases,The root cause lies in the binary split between the "price sensitivity standard" and the "investor decision-making standard",Combined with relevant cases,it is proposed that by both adopting the investor decision-making standard and the price sensitivity standard and building the image of a "reasonable investor" suitable for China’s securities market,the "significance" identification standard of securities false statements is not absolute,Promote the development of judicial practice of false statement of securities in China.Causal relationship as a listed company defense reason for its responsibility is particularly critical,the judicial practice of the judgment logic chaos,by combining the field of securities "trust presumption principle" and "fraud market theory",based on our reality,from the economic theory and law theory actively explore listed company false statement civil liability causality criteria and make the overall logic derivation,make it has China’s economic system characteristics,and combining the practical legislation in our country.The identification of systemic risk,as the focus of controversy in judicial practice,determines the scope of investors’ compensation.However,China’s laws and regulations and judicial interpretations do not specify how to eliminate systematic risk,leading to judicial differences.Combined with related cases and the court referee advice in listed company securities false statement case actively introduce a third party professional institutions clear systemic risk,to ensure that investors bear the risk,the listed companies should be responsible for the responsibility,to balance the legitimate rights and interests of investors,listed companies,actively explore the securities false statement civil liability system with Chinese characteristics. |
