중국 증권시장 부실공시의 민사배상책임에 관한 연구

Abstract

Investor protection in the securities market of any country is the biggest issue of his securities law system. Wherein the disclosure principal of information disclosure system is the investee companies provide accurate and reliable information to the potential investors. This is both the theme to promote its information disclosure as a means to raise funds, but also a means of protecting investors. The disclosure principal take responsibility to false statements is their responsibility to bear the consequences of their behavior in the securities market responsibility. There are three such responsibility is civil liability, administrative liability, criminal liability. This article shall be considered only civil liability. False statements have always been one of the major obstacles in Chinese Securities Market development. In 2003, the Chinese Supreme People's Court made special legislation regarding cases of civil compensation arising from false statement in the securities market. In more than a decade since, new problems have arisen due to the continuous development of Chinese securities market. The legislation has become obsolete in part and it is necessary to now revise and adapt laws and regulations to better suit the current market. China’s securities market even after rapid growth, but its history is only 20 years. The legal and policy mistakes, various elements of domestic and international economic changes on the securities markets have had various effects. Development of securities markets is inseparable from domestic and international economic and political impact of environmental change. So we should learn more experience from the advanced countries to avoid legal and policy mistakes. Wherein the United States and South Korea’s experience is very important, it is worth to learning. Based on the regulations on the trial of civil reparations cases caused by false statements in the stock market, this paper will compared with the false statements laws in Korea, and gives some comments on such the introduction of class action systems, the lack of authority of the court, the lack of legislation on the disclosure principal duty range, the lack of investors damages determination, restrictive matter of litigation prerequisite, the introduction of false statements report award schemes such as 6 issues.