我国有实证研究发现,《中华人民共和国证券法》(以下简称《证券法》)关于操纵市场的规则标准化程度低和剩余立法权分配不明,操纵者往往通过人头账户进行大量股票的买卖交易,而证监会时于此种操纵市场的行为很难及时侦查执法。又目前在探纵者的违法所得计算与证券民事赔偿制度的建设未臻完备下,建议应以投资人的实际损失作为操纵者赔偿数额的计算标准。惟投资人的损害金额与操纵股价行为之间,仍必须证明具有因果关系,否则将非可归责于债务人事由之变动状况全数计入亦难谓合理。毕竞损害赔偿之目的在于填补债权人所生之损害,其应回复者,并非原来状态,而系应有状态。本文爰此引介台湾地区方面对于裁判证券损害赔偿的计算方式,冀供参考。 Our empirical research found that the standardization of the rules governing the market in the Securities Law of the People’s Republic of China (hereinafter referred to as the “Securities Law”) is low and the distribution of the remaining legislative power is unknown. Operators often deal in a large number of stocks through the Toutou account, It is very difficult for the CSRC to promptly investigate and enforce the law in such market manipulation. At present, investigators’ calculation of illegal gains and the construction of securities civil compensation system are not well established, and it is suggested that the actual losses of investors should be used as the calculation standard for the amount of compensation for the operators. However, there must still be a causal link between the amount of damage inflicted on the investor and the conduct of the stock price. Otherwise, it would be unjustifiable to include all changes in the circumstances of the debtor that are not attributable to the debtor. Bi Jing damages the purpose of compensation is to compensate for the damage caused by the creditors, which should be respondents, not the original state, but should have the state. This article 爰 this introduction of Taiwan area for referee securities damages compensation calculation, for reference.