我国证券虚假陈述因果关系问题及完善

The Problem and Perfection of the Causal Relationship of False Statement of Securities in China

本文探讨的是虚假陈述责任构成中因果关系的认定问题,该问题在理论界与实务界上仍存在许多争议。笔者认为立法与证券市场发展现状不匹配、司法实践对揭露日判断不清以及未积极引入经济专家是造成目前因果关系认定困难的根本原因。通过对上述问题的分析,作者提出平衡投资者与信息披露义务责任分配、确定虚假陈述揭露日认定一般准则以及积极引入专家证人等完善建议。

This paper discusses the determination of causality in the composition of false statement responsibility.The author thinks that the mismatch between the legislation and the development status of the securities market,the unclear judgment of the disclosure day in judicial practice and the failure to actively introduce economic experts are the fundamental reasons for the difficulty in determining the current causal relationship.Based on the analysis of the above problems,the author puts forward some Suggestions,such as balancing the distribution of the obligation of investors and information disclosure,determining the general rules for the determination of disclosure day of false statements,and actively introducing expert witnesses.