年度	2010
全部作者	王文杰
論文名稱	中國證券市場虛假陳述的背景成因及其民事救濟制度考察 Observation on the Background Reasons and the Civil Compensation System of the False Statements in Chinese Stock Market
期刊名稱	東吳法律學報, Vol.22, No.2, pp.119-150.(TSSCI)
摘要	The development of the Chinese stock market comes from the government's reforming State-owned companies. The regulation emphasizes more on the administrative power. Governmental behaviors keep the operation of the stock market and therefore the governmentled model intervenes the free wills of the investors. This model is a huge distortion and conflicts with the modern system where listed companies should provide public information. It fosters the incentives and motivations of false statements. In addition, the legal system has been fallen behind the development of the Chinese stock market. The main shaft of Securities Law is administrative penalty and regulation. Over the years, the biggest group in the administrative penalty cases from securities torts is false statement, but the civil liability for compensation had been long ignored. The Supreme People's Court provided some remedies in its 2003 judicial interpretation if, and only if, the administrative penalty or the criminal judgment of the said case was final. It is a high threshold for a party to get remedies on time and oftentimes causes the unsatisfaction of the tort compensation. The lacking of class action in current Chinese civil litigation also makes it difficult to have a real compensation for the false statement cases.
語言	中文