论证券市场虚假陈述公益诉讼机制的构建

Institutional Framework of Securities Actions Initiated for Public Interests

证券市场上,投资者极力寻求发现并利用尽可能多的信息以作出理性的投资决策。然而,证券市场信息严重不对称,虚假陈述已经严重影响到证券市场的正常秩序。仅凭现有的防止虚假陈述的民事诉讼制度不足以保障投资者利益,应构建虚假陈述公益诉讼机制。

Securities investors endeavor to seek and make use of as much information as possible to make reasonable investment decisions, but information is severely irregular and misrepresentation has badly disturbed the order of securities markets. By analyzing civil actions against misrepresentation in securities markets that fail to protect investors＇privileges, this author urges the necessity and availability of building the framework for actions brought for public interests.