Research On The Compensation Of False Statement Infringement Damages In The Stock Market

In 2019,coincided with the completion of the revision of the "Securities Law of the People’s Republic of China" and the official release of the "Minutes of the Civil and Commercial Trial Work Conference of the National Courts",plus two cases of false statement of infringement and damages were sent back to the Supreme Court for retrial,which caused widespread legal concern.Therefore,this article takes this opportunity to take the stock exchange market as the context and focus on the common disputes in the application of the false statement tort liability law,and finally settles on the determination standard of the false statement infringement damage compensation liability.The first chapter discusses the establishment of tort liability for false statements.The liability for damage is based on the establishment of liability,so this section describes the misrepresentation,the principle of liability,the rights and interests infringed,and causality.Since the focus of this article is on damage compensation,for the misrepresentation and the principle of liability,only two new amendments to the law with timeliness are mentioned and analyzed: "Securities Law of the People’s Republic of China" added "the information disclosure obligor failed to comply with the regulations "Disclosure of information",at the same time,the original fault liability of the controlling shareholder and actual controller was changed to a stricterpresumption of fault liability.As for the causality of the investment balance loss identification,there are still theoretical deficiencies in our country.This paper proposes to reconstruct the "right to know" as the center.The second chapter focuses on the undertaking of liability for compensation for tort damages due to false statements.The opening chapter first discusses the current damage compensation system in China,and believes that it does not distinguish between the type of damage and the type of compensation in it,resulting in a narrow scope of damage compensation.Therefore,the lost interest should be included,and the scope of responsibility should be reconstructed with considerable causality.In addition,punitive damages,as a sanction measure,should not be followed blindly into the current system of tort liability for false statements.The third chapter mainly discusses the calculation of damage compensation.It describes a key point in the calculation of damage—the practical disputes and theoretical analysis on the disclosure day,and puts forward standards such as consistent content summary,market response as an auxiliary means,and national media to be specified and prioritized by type.For the calculation method of the amount of damages,although there are gaps in the legislation,the practice has developed rapidly.According to the discretion of the judges,the current types of calculation methods can basically solve most cases of damages,only when there are stocks sold within the eligible range When trading,how to eliminate the impact of selling behavior,there are great differences in practice.The author compares the actual cost method,first-in first-out method + ordinary weighted average method,and mobile weighted average method that are often mentioned in practice,and believes that when complicated situations occur,the first mobile weighted average method after effective purchase should be used.Calculation.The final part of this chapter discusses "other factors such as the system risk of the securities market".Through reflection on judicial cases and the introduction of the loss accounting software of the investment and service center,the author believes that the first one is effective from the perspective of the scientificity and rationality of the judgment results.The moving weighted average method after buying is the optimal solution.With regard to "otherfactors such as system risk in the securities market",when calculating the system risk deduction ratio,a more accurate "relative ratio method" should be used;"other factors" have little development in legislation or in practice.The author believes that it is possible to refer to the provisions of Japan’s "Financial Commodity Trading Law" to give judges the discretion to determine the proportion of losses caused by non-systemic risks to the total losses.At the same time,in order to solve the problem of limited expertise of judges,expert witnesses or third-party accounting agencies can be introduced into the litigation to help the courts make more correct and reasonable judgments.