Heseamh On The Civil Trial Working Mechanism Of False Statements Of Listed Companies

False statements in the securities market are now commonplace in the capital market,but the frequent occurrence of financial fraud cases has attracted the attention of investors in recent years.The exposure of some large securities fraud cases has also caused a lot of investor anger The biggest problem afterwards is how to make investors get timely and efficient civil relief.In order to solve the situation that Chinese investors have no remedy after being exposed to false statements by listed companies,the Supreme Court of my country issued "Some Provisions for False Statements" in 2003 to alleviate the urgent need to accept and hear such cases.However,because there was no mature judicial trial experience when formulating the judicial interpretation,it was based on the United States with a relatively mature and leading securities legal system as a reference object,which was prepared in combination with China’s judicial resources and specific circumstances.Office.In 2019,China ’s newly revised “Securities Law” has made major changes to the system related to the civil trial of false statements,including the mandatory mediation system and the litigation representative system in the field of securities fraud.The “protection group lawsuit” of the investor protection agency as a representative is the integration and innovation of the relevant system under the legal framework of China.However,this system is still in its infancy and lacks a corresponding supporting connection and implementation system.Ineffective in investor protection.Moreover,it has been 17 years since the publication of "Several Provisions of False Statements",which has been criticized all year round because of the inability to provide investors with sufficient relief.This article first analyzes the current status of civil trials of false statements and reviews the legislative evolution,After sorting out the important amendments to the relevant securities laws,and then conducting a statistical analysis of the false statements of listed companies through empirical research,in order to expose the shortcomings in the civil trial work mechanism of false statements of securities,the author believes that it is urgent Issues to be improved include the following four issues: the threshold for accepting cases is too high,the calculation method for damage compensation for false statements is unclear,the scope of compensation is not comprehensive,and the cost of rights protection for investors is relatively high.Through research and comparative analysis of the laws and regulations of relevant countries in which the securities legal system is more developed,the author recommends that in order to improve the civil trial working mechanism for false statements of listed companies in China,an expert jury system should be introduced as soon as possible before the pre-procedure has been cancelled The moving weighted average method is used as the calculation standard for damage compensation,and at the same time improves the rules for determining the causality of false false statements,and finally improves the relevant operating system of the investor protection agency in order to minimize the cost of investor rights protection.The research method of this paper mainly adopts the strategy of empirical analysis in revealing the shortcomings of the legislation and the methods of elaborating the problems.Through statistics on related types of cases,at the same time,data analysis and trend analysis methods are used to explain the legislative issues reflected in the data,and then comparative analysis methods are used to compare the relevant legislative and judicial practice status of countries outside the region and take their essence The dross,on the basis of the above basis,puts forward corresponding suggestions for improvement.