因果关系的确证是认定民事责任承担者的主观归责的前提条件。由于证券侵权责任本身的特性致使传统因果关系理论在适用中陷于困境。美国在欺诈市场理论基础上形成独特的因果关系认定规则即因果关系推定理论,并为我国所引用。但由于目前国内证券市场以及相关理论的成熟状况,该规则的国内适用存在诸多待考量因素。 The corroboration of causality is the prerequisite for determining the subjective imputation of the burden of civil liability. Due to the nature of the liability of securities tort liability, the traditional theory of causation is in a dilemma in its application. The United States formed a unique causal relationship determination rule based on the fraudulent market theory, that is, causal relationship presumption theory and was quoted by our country. However, due to the mature state of the domestic securities market and related theories, there are many factors to be considered for the domestic application of the rule.