证券虚假陈述民事责任中的因果关系辨析——基于中、美比较视角

Study on Causality in Civil Liability of Securities Misrepresentation:Based on Bifurcated Approach to Causality

因果关系是证券虚假陈述民事责任的构成要件之一。我国司法解释不仅借鉴美国虚假陈述民事责任立法与司法中较为成功的经验,还应当引入因果关系两分法的理论架构。证券虚假陈述民事责任中的交易因果关系是指投资者的证券交易行为与虚假陈述之间存在因果关系,认定交易因果关系应当采取信赖推定的方法。投资者如果就自己的交易损失予以追偿,在认定交易因果关系的基础上,还必须证明交易损失与虚假陈述行为之间存在因果关系,即损失因果关系。损失因果关系的认定可以采取直接后果并进行举证倒置,以及对证券市场系统风险等其他因素予以排除。

Causality is one of the elements of civil liability securities misrepresentation. Chinese judicial interpretation of civil liability of securities misrepresentation not only learn from successful experience of the U.S. legislative and judicial, but also should introduce theoretical framework of bifurcated approach to causality. Transaction causation is a causal relationship between securities transactions by investors and misrepresentation, and it should be taken to identify trust presumption. If investors trade on their own to recover damages,they also prove loss causation that a causal relationship between trading losses of investors and misrepresentation. Identification of loss causation can take a direct consequence and make shifting of burden of evidence, as well as other factors such as systematic risk securities to be excluded.