Category: Money tips Release Date: 2007-08-01
Stock market also known as market risk, systemic risk is defined for some factors and changes in the stock market decline in the price of all shares, giving shareholders the possibility of loss. In the case of false statements, investors are acts of infringement, while false statements may also be exposed to other risks. Therefore, the "Supreme People's Court hearing the securities market because of false statements on civil compensation cases triggered a number of provisions" (the "1.9 rule") Article 19 provides: "The defendant has the burden of proof the plaintiff to prove the following cases, the people's court shall finds that a false statement and the damage there is no causal relationship between the results: ... ... (4) loss or partial loss from the stock market systemic risk caused by other factors such as. " As can be seen from the foregoing, this provision is the core of a false statement by the defendant that the act should assume the burden of proof there is systemic risk. Defendant, as in the stock market to defend the existence of systemic risk, we must bear the strict burden of proof, the burden of proof should first be the subject matter caused by existence of systemic risk occurring, then the burden of proof is a result of the subject matter has led to investor losses.
The composition of the securities market systematic risk, investors lost whether the stock market or other factors lead to systemic risk, systemic risk how to measure the stock market, securities market systemic risk caused by the loss of the plaintiff to remove all judicial practice should not be ignored. Leave if they allow the defendant to "stock market systemic risk" to defend, then the Securities and activists out of the question.
It is true that the stock market systemic risk is posed by a variety of factors, but at different times of different factors have played a major role. In early 2003, the State Council promulgated "on promoting reform and opening up capital markets and stable development of a number of opinions" (ie, the "National 9"), it is stressed that "to strengthen the rule of law and integrity, and raise the level of capital market supervision and to be through the implementation of effective market supervision, and strive to enhance the market's fairness, transparency and efficiency and reduce the risk of the market system to protect the legitimate rights and interests of market participants. " This also shows that false statements of listed companies credibility crisis triggered by the stock market is precisely the systematic risk of the most important factor.
Although the "1.9 provides that" Article 19, paragraph 4 did not require stock market index as a measure of systematic risk of the standard, that is how the systemic risk to the stock market measure, the Supreme Court has not provided for. In general, the securities market system risk index can be used to manifest, but the shares must be tradable securities markets as a precondition. As China's securities market by the unique Chinese characteristics, there is the total share capital of 2 / 3 of the state-owned shares, legal person shares are not flow from the Stock Exchange in the preparation of indices, it will be non-tradable shares are also included in index weighting, resulting in distortion index. At present, Shanghai and Shenzhen stock exchanges in the respective index compiled by several major movements there are also differences in whether an index which is more representative of the entire stock market has long been inconclusive. Now that should be reflected in the national unity of the securities market and its systematic risk, not a place one can use an index to measure. Therefore, the authorities have not compiled a more scientific and reasonable and in line with objective and true national unity before the index system, using any kind of measure of the Securities and Exchange index of stock market systemic risk, are not accurate.
In the false statements act should assume the burden of proof on the basis of strict and objective truth has been reflected, after the stock market index system in order to correctly remove systemic risk in the stock market investor losses caused by other factors. A specific operation, but also found under the authority of the right authority, combined with the role of various factors to the scientific distinction between the different.
Civil suit for compensation in the securities law, investor losses and false statements found between the causal relationship is conducive to purifying the securities market, help to restore investor confidence. Simple addition and subtraction multiplication and division using an index of so-called systematic risk of stock market to identify a false statement and the damage there is no causal relationship between the results, not only has no legal basis and the securities civil compensation system is also very harmful.
