操纵证券市场民事责任的因果关系认定——中美操纵证券市场民事赔偿司法实践之比较  

Causality of Civil Liability for Manipulation of Securities Market——Comparison of Judicial Practice between China and the U.S.

作　　者：鲍晓晔[1] BAO Xiaoye(School of Finance and Business,Shanghai Normal University,Shanghai 200234,China)

机构地区：[1]上海师范大学商学院,上海200234

出　　处：《中国证券期货》2025年第2期69-78,共10页Securities & Futures of China

摘　　要：不同的因果关系理论影响着侵权责任的认定标准,并直接导致截然不同的诉讼结果。从中美两国的立法和司法实践来看,都在制度实践过程中探寻价值平衡,从而优化完善操纵证券市场民事责任的理论基础和认定标准。立足于我国市场现状和民事责任制度初衷,应在因果关系二分法的基础之上,推定交易因果关系,降低原告的举证责任,同时在损失因果的认定上,采用净损差额法精确计算操纵行为导致的实际损失。Different theories of causality have influenced on the standards of identifying liabilities of torts,which leads to different outcomes of securities litigation.From the legislative and judicial practices of China and the United States,both countries seek to balance values,thereby optimizing and improving the theoretical basis and identification standards for civil liability for securities market manipulation.Based on the current market situations in China,we should presume transaction causality on the basis of the dichotomy of causation,so as to reduce the burden of proof on the plaintiff,and adopt the Out-of-Pocket Measure to accurately calculate the actual losses caused by manipulations.

关 键 词：操纵证券市场 民事责任 认定标准 因果关系 

分 类 号：D922.287[政治法律—经济法学]