证券市场虚假陈述侵权责任因果关系的认定

The Cognizance on the Tort Causation of Misrepresentation in Securities Market

由于证券交易的特殊性,如何判定被告虚假陈述行为与原告损失之间存在因果关系,是证券市场虚假陈述民事赔偿案件的难点,也是长期困扰理论界与实务界的一大难题。借鉴美国普通法和证券法对因果关系的规定,我国最高人民法院对虚假陈述因果关系的认定做出了具体规定。该规定对于减轻投资者的举证责任,维护其合法权益具有重要积极意义。但是,该规定还仍然存在一些问题,有待进一步完善。

Because of the particularity of securities trading,how to determine the causation between defendant’s infringement and plaintiff’s loss is a difficulty in civil damage compensation cases of misrepresentation in securities market,and also a problem long plagued the theoretical and practical.Borrow ideas from the regulations of causality in American common law and security law,the Supreme People＇s Court made specific provision on the judgment of the causation of misrepresentation.These regulations have important positive significance to reduce the burden of investors and safeguard their legitimate rights and interests.However,there are also some problems in these regulations which should be further improved.