一、问题的提出虚假陈述行为是证券欺诈行为中最为重要的一类。因虚假陈述而产生的民事责任也是证券民事责任中重要的一环。通过民事责任这种私人执行方式追究虚假陈述行为的法律责任,不仅涉及证券法,而且和民法上侵权法的制度密切相关。侵权责任中,因果关系问题是重要的构成要件。因果关系是侵权行为法的基本内容,而且也构成了其他要件的基础。如果既不是被告 First, the issue of making false representations is the most important category of securities fraud. Civil liability arising from false statements is also an important part of civil liability of securities. It is not only the securities law that investigates the legal responsibility of false statements through the private execution of civil liability, but also closely related to the system of tort law in civil law. In tort liability, causation is an important component. Causation is the basic content of tort law, but also forms the basis of other elements. If neither is the defendant