我国证券市场虚假陈述交易上因果关系的新问题

The New Problems of Transaction Causation in China's Securities Fraud Litigation

我国司法解释依据"欺诈市场理论",在证券虚假陈述诉讼中,推定交易上因果关系的成立。由于司法解释制定时间较早,相关规定已经不能适应证券市场的新发展。"新三板"中做市商交易的挂牌公司由于在做市商数量、流动性以及分析师数量方面存在较大不足,因此投资者不能适用交易上因果关系成立的推定。根据"价格影响理论",当被告证明其所披露的信息对于股票价格没有影响时,交易上因果关系不成立。机构投资者在适用交易上因果关系成立的推定时,需要提供研究报告等证明其履行了注意义务。

In securities fraud litigations, based on the ＂ fraud on the market theory＂, transaction causation is presumed by the judicial interpretation. However, since the judicial interpretation promulgated in the year of 2003, related rules can not meet the needs of China＇s fast developed securities markets. The market markers in the ＂New Third Board＂ has deficiencies in analysis of market markers, trading volume and industry, so a presumed causation requirement can not be directly applied to investors in this market. Based on the price impact theory, when defendants prove that misstatements or omissions has no impact on the stock price, transaction causation presumption is rebutted. When transaction causation presumption is applied to institutional investors, they shall provide analysis report with evidence to show that they fulfill the duty of care.