本文選題：證券虛假陳述 + 損失計算�。� 參考：《清華法學》2017年03期

【摘要】：我國司法解釋采用了"事后觀點"來計算證券虛假陳述中的投資者損失,即用平均買入價減去平均賣出價或者基準價乘以可索賠的股票數(shù)量。該方法簡便易行,但是也存在若干問題,例如不符合證券市場的實際運作、誘發(fā)虛假陳述行為人的道德風險以及投資者獲得賠償過多或過少等。法院應當允許訴訟當事人采用"事前觀點"來計算損失,即用投資者在交易時的平均買入價減去股票真實價格乘以購買的股票數(shù)量。通過"事件分析法",可以計算出交易時股票的真實價格。采用"事前觀點"計算投資者損失具有準確、直接以及公允的優(yōu)點,可以解決"事后觀點"所產生的問題,當然該方法也有一定局限性。
[Abstract]:The judicial interpretation of our country adopts the "hindsight" to calculate the investors' losses in the misrepresentation of securities, that is, the average purchase price is subtracted from the average selling price or the base price multiplied by the number of shares that can be claimed. This method is simple and easy to carry out, but there are some problems, such as not conforming to the actual operation of the securities market, inducing the moral hazard of the perpetrator of false statements, and getting too much or too little compensation from investors, etc. The court should allow the litigant to use a "prior view" to calculate the loss, that is, to use the average purchase price of the investor at the time of trading minus the real price of the stock multiplied by the number of shares purchased. By means of event analysis, the real price of the stock can be calculated at the time of trading. It has the advantages of accuracy, directness and fairness to calculate investor losses by "prior viewpoint", which can solve the problems caused by "hindsight", but this method also has some limitations.
【作者單位】： 上海財經(jīng)大學法學院;
【分類號】：D922.287

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