证券虚假陈述是对“自由竞争”的一种破坏,虚假陈述民事责任应当保障投资者的合法权益,增强投资者的信心,回归公司治理的理论基点。虚假陈述民事责任性质应为侵权责任;我国证券法应对诱空性虚假陈述进行增设,引进双层因果关系理论进行认定;当前的证券侵权民事诉讼前置程序设置应当予以取消或为证据规则所代替;“重大性”认定宜采用法定主义,并辅以“补充公开”原则,明文规定以“影响投资者决策”标准作为衡量列举未尽信息之标准,并赋予法官一定的自由裁量权。 False statements of securities are a kind of damage to “free competition”. False statements of civil liability should protect the legitimate rights and interests of investors, enhance investors’ confidence and return to the theoretical basis of corporate governance. The nature of civil liability for false statements should be tort liability; the securities law of our country should be based on the theory of double causation to introduce the inducement of false seditious statements; the current pre-procedure setting of civil proceedings in securities infringement should be canceled or replaced by evidence rules ; “Materiality” should adopt statutory doctrine and be supplemented by the principle of “replenishing the public”, and expressly set the standard of “influencing the investor’s decision-making” as a criterion for enumerating the outstanding information and giving the judge certain Discretion.