《最高人民法院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》没有规定“诱空型”虚假陈述民事责任的构成要件与损害赔偿,导致法院判断因果关系与认定和计算损失时发生错误适用。实践中,“诱空型”虚假陈述常见类型为持股人未按照规定披露大额持股信息和上市公司隐瞒或者推迟披露利好消息。在前者,持股人为适格被告;在后者,适格被告与《规定》相同。在虚假陈述实施之前持有并在实施日互揭示日之间净卖出股票的投资者由于该虚假陈述遭受损失,具有交易上因果关系,为适格原告。对于因系统性风险所造成的部分或者全部损失,被告无需赔偿。投资者的损失为除去系统性风险的基准价减去平均卖出价乘以净卖出的股份数。 The Supreme People’s Court’s Several Provisions Concerning the Trial of Civil Compensation Cases Caused by False Statements in the Stock Market do not stipulate the constitutional elements and damages for the civil liability of false promulgation and lead the court to judge the causal relationship and the loss of recognition and calculation When an error occurs. In practice, the common type of false promiscuity is that the shareholders fail to disclose the large amount of shareholding information as required and the listed company conceals or postpone the disclosure of good news. In the former, the shareholders were eligible defendants; in the latter, the right defendants were the same as the “rules”. Investors who hold shares before the implementation of the false statements and sell the shares among the disclosures on the implementation date, suffer losses as a result of the misrepresentation and have a causal relationship with the transaction as a plaintiff. The defendant does not need compensation for some or all of the losses caused by systemic risks. The investor’s loss is the benchmark price minus systemic risk minus the average selling price multiplied by the net number of shares sold.