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证券市场上的虚假陈述会影响公司的股票价格。虚假陈述被披露后,公司市值较欺诈行为发生期间有所降低,两者的差额即为损失。一旦公司进入破产程序且股票破灭时,使用公司市值差额法计算损失,在形式上不会发生问题,当公司股票仍保留一定的价值时,使用该方法计量损失则会发生很多的问题,这是因为市场并非是理论上的有效市场,而且欺诈性信息之外的因素也在影响着股票的价格。《关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》(简称《规定》)第七部分对损失认定的规定过于简单。本文认为,在司法实践中不应忽视其他因素对股票价格影响。
False statements on the stock market can affect the company’s stock price. After the disclosure of the false statements, the market value of the company has been reduced from the period of fraud and the difference between the two is a loss. Once the company enters the bankruptcy process and the stock is shattered, the Company uses the Company’s Market Capitalization Difference Method to calculate the loss without any problem in form. When the Company’s stock retains a certain value, there will be a lot of problems in using the method to measure the loss. Because the market is not a theoretically valid market, and factors other than fraudulent information also affect the price of the stock. The provisions of Part VII of the “Provisions on the Trial of Civil Compensation Cases Caused by False Statements in the Stock Market” (the “Regulations”) are too simplistic. This article argues that in the judicial practice should not be ignored other factors on the stock price.