论虚假陈述民事责任的因果关系——以红光实业虚假陈述案为视角

因果关系是决定虚假陈述损害赔偿案裁判结果的核心因素之一，而侵权责任则是证券市场虚假陈述民事责任制度的立法基点。对责任成立因果关系可借鉴美国的欺诈市场理论，采取推定因果关系以及举证责任倒置的方法，从而使投资者跨越求偿过程中最大的法律障碍。应引入”重大性”标准作为确定因果关系的因素，允许被告以信息并非重大信息抗辩；在确定法律因果关系时，把由于其他原因造成的损失剔除，最终确定信息披露者的责任范围。

Research on the Causation of Civil Liability of Misrepresentation——In View of the Case of Hongguang Industry Co., Ltd

Causation is one of the core factors in the judgment of misrepresentation in reparation for injuries suffered in the service of the v.n.and the tort liability is a fundamental point of the misrepresentation in the civil liability in the securities.As for the causality and responsibility establishment,we may draw on the experience of the Fraud-on-the-Market theory of the American judicial practice and take in the method of causation presumption and shift the burden of proof,so as to clear the largest legal o...