虚假陈述证券民事赔偿中的因果关系

“市场欺诈理论”是虚假陈述证券民事赔偿因果关系认定的理论基础。在虚假陈述与投资损失之间因果关系的认定问题上 ,采用”市场欺诈理论”和“推定信赖原则”可以减轻原告的举证责任。但如果不考虑在虚假陈述揭露日或更正日之前卖出证券所导致的投资损失与虚假陈述之间的因果关系 ,也不考虑诱空虚假陈述与投资损失之间的因果关系 ,将使部分实际受到损失的投资者得不到法律救济。

Causation in securities civil suit resulting from misrepresentation

Fraud-on-the-market-theory is the theoretical basis of the causation of securities civil compensation. The adoption of fraud-on-the-market-theory and the inferred reliance doctrine can decrease the burden of plaintiff on conformation of causation between misrepresentation and losses. There are two kinds of causations, one is the relationship between misrepresentation and losses deprived from selling securities before disclosure, the other is the causation between misrepresentation for inducing securities selling and losses, some investors would suffer great losses if above mentioned causations is ignored.