Studies On The Civil Liability Of The CPA Misrepresentation In The Securities Market

The purpose of Securities legislation is to provide effective protection for investors. The information disclosure system provides the effective security for investors. Among the various sorts of information,accounting information playes a key role in the securities market. The rational investors rely on accounting reports in making their decisions because it reflects a corporation's operating status and profitability. However, in recent years, more and more misrepresentations arise in the securities market. Many certificated public accountants(CPA) participate in those mispresentation, which cause great damages for the investors. However, the investors have no effective remedy for these damages. Based on the principles of the chinese civil law and the system of foreign law, the author tries to interpret the foundamental principal of the civil liability system of CPA misrepresentation in the securities market and attempts to give a reasonable advice for perfecting this civil liability system. The dissertation consists of four chapters as well as the preface and the conclusion.Chapter I discusses the legal concept and the characteristics of the CPA misrepresentation.Chapter II analyzes some difficult problems such as the imputable doctrines of liability,fault dertimination and causation .Chapter III concentrates on the the issue that who shall bear the liability and who shall be liable jointly and severally for the damages originated in misrepresentation. Chapter IV researches relevant Chinese legislation and problems such as the forms of conducts , fault dertimination, the liable person and the criterion of liability. Baseded on the above comprehensive analysis, the author makes some suggestions on how to perfect the civil liability of the CPA misrepresentation in securities market.