证券市场导报Issue(11)：36-46,11.
债券虚假陈述责任纠纷中的损失因果关系认定研究
摘要
Abstract
In bond misrepresentation liability disputes,the determination of loss causation has been a focal point of controversy and ambiguity in judicial practice for a long time.To date,no effective judgment has explicitly excluded investor losses not caused by misrepresentation in relevant cases.The loss determination logic inherent in bond principal and interest repayment,combined with the weak efficiency characteristics of the bond market,makes it difficult to directly apply the handling experience from stock cases to such disputes.Based on this current situation and considering bond characteristics and foreign judicial practices,this paper proposes three approaches for determining loss causation:the disclosure date method,the solvency method,and the event study method,and evaluates their applicability in China's judicial practice.It is suggested to realize the refinement of the division of responsibility on the basis of respecting the characteristics of bonds,and build a hierarchical and applicable framework for determining the causality of loss based on the disclosure date method and the solvency method:first,make a qualitative judgment on whether the causality of loss is tenable with the help of the disclosure date method.Secondly,the solvency method is used to restore the solvency status of issuers affected by and not affected by false statements,so as to accurately define the proportion of false statements in investors'losses.关键词
虚假陈述/损失因果关系/揭露日定损法/偿付能力定损法/事件分析法Key words
misrepresentation/loss causation/disclosure date method/solvency method/event study method分类
管理科学引用本文复制引用
中国国际金融股份有限公司-北京市竞天公诚律师事务所课题组,周佳兴,王巍,牛元元,苑笑寒,陈侯男,李晓燕,杜铭钊..债券虚假陈述责任纠纷中的损失因果关系认定研究[J].证券市场导报,2025,(11):36-46,11.基金项目
此文由中国证券业协会2024年度优秀课题"债券虚假陈述责任纠纷中损失因果关系判断的对比研究与模型化探讨"(2024SACKT119)改编 （2024SACKT119）
