美国虚假陈述民事诉讼因果关系的认定及启示

虚假陈述与一般侵权行为相比具有不同的特点,投资者往往难以证明侵权者虚假陈述行为与所受损失之间的因果关系,因此对因果关系的认定应当采用与一般侵权法不同的方法。本文简要介绍了美国对虚假陈述民事诉讼中因果关系认定作出的改革。美国法院采用目标认定法和市场欺诈理论,减轻了投资者对被告的虚假陈述行为与其所受损害之间因果关系的证明责任,从而极大地保护了投资者利益。我国虚假陈述民事诉讼司法解释虽然部分地借鉴了美国的做法,但仍存在不足,需要进一步完善。

Determination of Causation in Civil Action for Misrepresentation in the U.S.A.and the Enlightenment to China

Due to the nature of securities investment, it's hard for the investor to prove the causation between his loss and the misrepresentation made by the defendants. In the USA, the courts reformed the determination of causation to relieve the burden of proof of the investor since the 1960s. The Object Approach and the Fraud-on-the-Market theory were promoted by different courts and the reform, especially the use of the Fraud-on-the-Market, is beneficial to investors. In China, however, the relevant provisions are yet to be improved. We should use the experiences of the American courts about the determination of causation to protect the investors more effectively.