A Study On The Civil Remedy System For Investors Who Suffer From False Statements Of Listed Companies

The prosperity of the securities market depends on the active participation of the majority of investors,especially the small and medium-sized investors.At present,the current laws and regulations and judicial practice in China have greatly restricted the civil rights and interests of the small and medium-sized investors at the level of substantive law and procedural law.In the long run,not only the interests of small and medium-sized investors are not properly protected,but also the overall development of the securities market,and the perfection of the market economy system will be deeply affected.Based on this situation,this paper takes the most common false statements in securities violations as the starting point,the civil liability as the context,and the improvement of relief system as the focus of argument.From the perspective of theory and practice,this paper analyzes the current relief system’s weakness in the relief of investors’ rights and interests,and explores the reasons behind the dilemma.And in view of this situation,put forward some suggestions to improve the current relief system.The paper is divided into four parts: the first part introduces the definition,type,influence and legal form of false statement in detail,and then demonstrates the nature of false statement in the theoretical circle,and on this basis puts forward the author’s own conclusion on the nature of false statement.Thirdly,after confirming the nature of false statement,the author combined with the provisions of tort liability law,made a detailed description of the elements of false statement infringement,especially the determination of causality.Finally,the author combs the research results of the theoretical circle on the judgment standards of false statements,and puts forward his own views and arguments on the judgment standards of false statements.The second part is about the study of the current relief system.First of all,the author briefly introduces the framework and ideas of the current relief system.Secondly,it introduces the system of litigation relief in China and abroad in detail,as well as its theoretical and practical basis.Thirdly,it discusses the system of non litigation relief and points out the necessity and feasibility of the current non litigation relief system.Finally,it analyzes the defects of the relief system in practice.The third part points out the predicament of our country’s current relief system,which has many deficiencies in maintaining the order of securities market and protecting the rights and interests of small and medium-sized investors.Combined with the defects of substantive law and procedural law in system design,it sums up its misunderstandings in theory and practice,and further analyzes the characteristics and causes of the predicament,so as to draw the conclusion that the relief system is in urgent need The direction of perfection.In the fourth part,aiming at the problems found in the third part,the author puts forward the overall idea of improving the relief system and examines the overall pattern from the macro perspective.Combined with the value guidance of the revision of the securities law,and in view of the legal and social reasons for the dilemma of China’s relief system in practice,and drawing on foreign theoretical achievements and judicial experience,this paper puts forward corresponding suggestions.The conclusion part,from the perspective of investors,especially small and medium-sized investors,reiterates the necessity and feasibility of improving the system of misrepresentation relief,aiming to build a complete system for investors to choose and effectively realize the relief of civil entity rights,and never breaks the existing embarrassing situation of "right and interest" but "no relief".