证券虚假陈述侵权之因果关系的立法不足与完善

摘要

As a difficult problem in judicial practice, the theory of causation in tort liability by misrepresentation in the securities market has a great significance for the protection of the rights and interests of investors. The current Several Provisions of Civil Compensation Cases Arising from Misrepresentation in the Securities Market by the Supreme People ' s Court could not solve this problem effectively. To settle the dispute, we should further stipulate the civil liability of hollow misrepresentation, confirm the compensation for damages of undersell securities which revealed by misrepresentation, and consider the intervention causes comprehensively.%证券市场虚假陈述侵权责任中的因果关系理论一直是司法实践中的难题,其对于证券市场投资者的权益保护意义重大. 国内对于该因果关系的认定以《最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》为代表,但未能有效地解决此问题. 为解决此问题,应进一步规定诱空的虚假陈述民事责任,确立虚假陈述揭露日前抛售证券行为的损失赔偿,并全面考虑介入原因.