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在证券虚假陈述案件中,投资者所发生的损失除了一部分是由虚假陈述行为人的虚假陈述行为造成的之外,还有一部分可能是由国内外经济环境、政策影响、自然灾害等系统风险导致的,不应由虚假陈述行为人承担。根据最高人民法院司法解释的规定,由于系统风险导致的投资者的损失应当予以扣除。但就系统风险的证明标准、计算依据和计算方法,由于相关司法解释并未明确规定,各地法院在司法实践中所采取的标准极不一致。本文在分析、研究各地法院认定系统风险不同标准的基础上,提出了系统风险的证明标准、计算依据和计算方法的建议,在综合考虑大盘指数、板块指数的基础上,采用个案计算系统风险相对比例法,这一方法在注重科学性的同时,兼顾了投资者利益和虚假陈述行为人的合法权益。
In the case of securities misrepresentation, except the losses caused by the investors are partly caused by the misrepresentation of the person acting in a false statement, some of them may be caused by the systematic risks of domestic and international economic environment, policies and natural disasters Should not be borne by the person making the false statement. According to the judicial interpretation of the Supreme People’s Court, the loss of investors due to systematic risk should be deducted. However, the standard, calculation basis and calculation method of system risk are not clear because of relevant judicial interpretation. The standards adopted by courts in different jurisdictions are extremely inconsistent. On the basis of analyzing and researching different standards of system risk identified by courts all over the world, this paper puts forwards the proof standards, calculation basis and calculation method of system risk. On the basis of comprehensively considering the market index and plate index, Proportional method, while paying attention to science, this method takes into account the legitimate rights and interests of investors and false statements.