证券虚假陈述及民事责任确定之我见

证券虚假陈述是一个内涵和外延十分复杂的概念 ,必须加以清晰界定 ,这是确定其民事责任的先决条件。证券虚假陈述民事责任可以从侵权行为法和合同法双向理解 ,就损害赔偿而言 ,适用侵权责任规则比较直接和简便 ,但举证责任方面要有利于受害人。合同法规则在某些虚假陈述的案件中具有优越性 ,必要时应赋予受欺诈人通过侵权法和合同法救济的选择权。

My Perception of False Statement of Securities and Determination of Civil Liability

The false statement of securities is a complex concept with connotation and denotation. It must be explicitly defined, which is the precondition for deciding civil liabilities. The civil liability of false statement of securities can be understood both from the angle of tort law and contract law. As to damages, the application of rules of tort liability is relatively direct and simple. But in the aspect of burden of proof, it should be favorable for victims. The rules of contract law have some advantages in some cases concerning false statements. When necessary, the right to make an option between the relief of tort law and that of contract law should be given to those who were cheated.