Abstract:
With the registration-based IPO system, the civil liability for false statement from issuers and intermediaries is
facing new challenges. Based on the relevant statistical information, this paper discovers that most of the information disclosure
violations from listed companies are related to the deliberate fraud of the controlling shareholders and actual controllers, hence,
it is suggested to strengthen the accountability of the “chief criminal” in the aspects of system design, supervision and law
enforcement, and explore the legal path matching the fault degree of intermediary with its assumption of responsibility. Regarding
the civil liability division for false statement between intermediaries, it is suggested to integrate multi-dimensional indicators
from this paper, and determine the liability share according to the fault degree of intermediaries and the causal force size of
losses. Meanwhile, based on the investigation, this paper has specially analyzed the civil liability problem of the third party which
indirectly leads to the misrepresentation, and raised the solution in accordance with China’s empirical law. Finally, this paper offers
a proposal for prevention and policy adjustment of civil liability risk of false statement with the registration-based IPO system
from the aspects of intermediary, administrative supervision and judicial trial.
下载:
