证券虚假陈述因果关系的认定及赔偿

A Disquisition on Causation and Damage on Account of False Statement

在证券虚假陈述因果关系方面 ,应当根据我国目前证券市场的现实状况与客观需求 ,借鉴美国作法 ,采纳“推定信赖”的原则 ,减轻原告的举证责任。另外应适当借鉴国外立法经验 ,建立和完善我国证券虚假陈述赔偿责任制度。在赔偿原则与赔偿范围方面 ,应在填平原则的前提下 ,对受损投资者的间接利益损失予以支持 ,增加造假者的代价。

The “inferred reliance” doctrine of misrepresentation should be adopted to decrease the burden of plaintiff. China＇s legal system of compensation to false representation should be revised in light of the Status quo and foreign legislations. For the compensation principle and scope, investor＇s indirect loss should be compensated to increase the price of wrongdoer.