证券市场虚假陈述行为导致道德风险和逆向选择,违反信息披露实质性原则,侵害投资者合法权益。针对司法实践中不断涌现虚假陈述案件,本文拟结合最高人民法院颁布两个司法解释阐明虚假陈述侵权民事赔偿责任制度,以期规范证券市场运行。 False statements in the securities market lead to moral hazard and adverse selection. They violate the substantive principles of information disclosure and infringe upon the legitimate rights and interests of investors. In view of the continuous emergence of false statements in judicial practice, this article intends to combine the interpretation of two judicial interpretations by Supreme People’s Court with the civil liability system for infringement of false statements in order to regulate the operation of the securities market.