On Legal Liability Of False Statement Behavior

False statement is one of the most important fraud behaviors in the securities market, its forms include false records, misleading statements, major omissions and improper disclosure. The nature of the civil liability of false statement behavior of listing Corporation, which caused loss of investors in the issuance of securities and securities trading, is tort liability. Imputation principles for responsible subject will vary, and the scope of damages includes investment margin loss, commission and stamp tax and the corresponding interest. Current legislation needs to be improved on the provisions of civil liability for false statements, and some suggestions will be put forward in the article. Secondly, analyzing foreign legislations on administrative accountability caused by false statement, combined with analysis of China’s securities regulators properties and functions, of the status about administrative accountability of false statements in China’s stock market, and colligating the actual case of administrative penalties, ultimately the writer shall propose the corresponding suggestions on administrative accountability mechanism of false statement behavior. Finally, in addition to civil liability, administrative responsibility, the feason’s legal liability of false statement includes one of the most severe punishment--criminal responsibility. Learning from foreign legislative requirements of the misrepresentation crimes, the writer puts forward a proposal on its imperfections through comparative analysis on theory and practice of China’s securities criminal legislation, in order to improve the legislation, to promote the healthy development of the securities market.