伴随着2001年以来对中小投资者利益保护给予重点关注的趋向,证券民事诉讼作为有力武器也被理论界和实务界予以大力宣扬,大多集中在两点上,一是通过对责任要件的论述对症现行国内法的不足,二是结合美国近期发生的公司欺诈丑闻以及相关司法案例从审判实践上提出操作建议,侧重于集团诉讼环节。但对于因果关系都只是肯定了通过欺诈市场理论的适用进而确认推定因果关系证明的方式,而并未深入地对该理论适用的背景尤其是市场条件做进一步的分析。 With the tendency of paying attention to the protection of the interests of small and medium-sized investors since 2001, securities civil litigation as a powerful weapon has also been vigorously promoted by theorists and practitioners. Mostly, it focuses on two points. First, through the discussion of the elements of responsibility, The second is the combination of the recent U.S. fraud scandal and related judicial cases to put forward operational suggestions from the trial practice and focus on litigation of the group. However, the causal relationship only confirms the way to confirm the causation of presumption of causation through the application of the theory of fraud market, without further analyzing the background of the theory, especially the market conditions.