上市公司财务预测信息虚假陈述民事责任若干问题研究

财务预测信息的本质是其内在的不确定性、模糊性和风险性。上市公司只有在符合重大性标准的财务预测信息披露时存在虚假陈述行为并由此造成投资者证券损失,才应承担相应的民事赔偿责任。上市公司财务预测信息(前瞻性信息除外)虚假陈述民事责任的归责,宜采用过错责任原则,并由原告承担举证责任。而对前瞻性信息虚假陈述民事责任的归责,宜采用过错责任原则的特殊形式——过错推定原则,实行举证责任倒置。财务预测信息虚假陈述民事责任免责制度的核心是建立适合中国证券市场现实的安全港规则。

Research on the Civil Liability Caused by the False Statement of Financial Forecast Information of Listed Companies

The essence of the financial forecast information is its own uncertainty,ambiguity and risk.Only when the listed companies have misrepre- sentations on financial forecast information which conforms to the major standard,and cause the security loss to the investors,they should un- dertake the civil compensation liability.The liability principle of the financial forecast information ( except the prospective information)in lis- ted companies should adopt the liability for fault principle.The liability principle of the prospective information should adopt the special form of the liability for fault principle——understanding on fault principle,and application of burden of proof.The core of the system of exempting the responsibility in financial forecast information is establishing Safe Harbour Provisions which is proper to the reality of the Chinese security mar- ket.