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依照一般侵权法,原告要获得赔偿,必须证明其所受损失与被告不法行为之间的因果关系。但是,对于证券市场的虚假陈述而言,原告很难证明其对虚假陈述的信赖及虚假陈述与其所受损失之间具有因果关系。对此,美国采用了目标认定法和市场欺诈理论,来简化因果关系的证明。为了保护投资者利益,遏制虚假陈述行为,我国有必要借鉴美国的因果关系推定,以减轻投资者的举证责任。
Under the general tort law, if the plaintiff is to receive compensation, it must prove the causal relationship between the loss suffered and the defendant’s wrongdoing. However, it is difficult for the plaintiff to prove his belief in the false statement and the causal relationship between the false statement and the loss suffered by the plaintiff in respect of the false statement in the securities market. In this regard, the United States adopted the target recognition law and market fraud theory to simplify the proof of causality. In order to protect the interests of investors and curb the misrepresentation, it is necessary for our country to draw lessons from the presumption of causation in the United States in order to reduce the investor’s burden of proof.