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我国证券虚假陈述民事赔偿范围以投资者实际损失为限。基于裁判文书所进行的实证分析可知,由于现行的相关法律对系统风险缺乏统一的界定,且系统风险所致损失的估算与负担呈现多元化的状态,致使投资者的实际损失不能得到完全赔偿。明确虚假陈述与投资损失以及系统风险之间举证责任与核算方法,有助于避免虚假陈述与投资损失以及系统风险负担之间的因果关系出现多元化判定。从法经济学的视角对系统风险负担、惩罚性赔偿与投资者诉讼收益进行分析。根据实证分析,提出明确举证责任的分配与系统风险的规定、引入惩罚性赔偿以及借鉴采用净收益法计算投资者损失等,以改进和完善我国证券虚假陈述民事赔偿的现状。
The scope of civil compensation in our country’s securities false statements is limited to the actual losses of investors. Based on the empirical analysis of the arbitration instruments, we can see that the actual losses of investors can not be fully compensated due to the lack of a unified definition of system risk and the estimation and burden of loss caused by systematic risk. Clarifying the burden of proof and accounting between false statements and investment losses as well as systemic risks can help to avoid a diversified judgment on the causal link between false statements and investment losses and the systematic risk burden. Analyze the system risk burden, punitive damages and investor litigation benefit from the perspective of law and economics. According to the empirical analysis, the author puts forward the definition of the distribution of the burden of proof and the system risk, introduces the punitive damages and uses the net income method to calculate the losses of investors, so as to improve and perfect the status quo of the civil compensation in our country’s securities false statements.