| Because of its unique effect, the information-disclosing system becomes the foundations of the securities market. With the development of the securities markets, the misrepresentation which is against the information-disclosing system turns up. The misrepresentation badly disturbed the normal order of our securities market, and the investors cannot get the real and correct information in time. As a result, interests of the investors are damaged badly, the securities market be in a low tide. Nowadays, we still have some shortcomings on the system which is called the securities civil damage compensation, which is far behind the development of our market. The article takes the present conditions of our securities market as the prerequisite; discuss the nature of civil damage compensation liability of misrepresentation; the causation, the definition of misrepresentation and the ultimate controller of misrepresentation; the definition of the causal relationship and the scope of the damage compensation. The main purpose is to analyze the related legislation, find out the shortcomings and put forward to some rational suggestions.The dissertation is organized in a straightforward way with 6 parts as well as the preface and the conclusion.Part one discusses the meaning of civil damage compensation liability of misrepresentation in three aspects. First, introduce the information-disclosing system; then, introduce the concept feature and classify of the misrepresentation, the definition and its civil damage; third, discuss the meaning of building and strengthening the civil damage compensation liability system of misrepresentation. Part two discusses the nature of civil damage compensation liability of misrepresentation, introduce and analyze some related doctrines, then demonstrate it as a liability for tort provided in special law. Part three discusses the ultimate controller of misrepresentation, through analyzing the rationality of the scope of ultimate controller fixed by securities market in other countries and areas, this part define the ultimate controller of misrepresentation of our securities market. Part four discusses the principles to attribute the liabilities. Publisher and sponsor are suitable to apply strict liability. Strict liability and liability for understanding fault are mainly suitable for other controllers. Part five is about the definition of the causal relationship. On the base of American fraud market theory, I raise my own opinions and analyze the stipulation of the causal relationship in our related legislation. Part six is mainly about the definition on the scope of the damage compensation and areas' practice, analyze our shortage, and make my own ideas about the method of calculation on the damage compensation. |
