证明责任是多层次、多类型证券民事诉讼中的难题,而因果关系的证明更是难题中的难题。对于美国证券诉讼中因果关系的证明,国内许多学者认为其适用的是以“欺诈市场理论”为依据的证明责任倒置,或者认为是在交易因果关系(被告的不法行为引起原告的交易行为)中适用证明责任倒置,而在损失因果关系(被告的不法行为是原告证券价值损失的根本原因)中适用主张者负证明责任的原则。事实上,上述观点均有片面之处,而且,近年来证券民事证明责任制度在美国的立法和司法中发生了 Proof of responsibility is a multi-level, multi-type securities in civil litigation problems, and the causal relationship between the more difficult problems in the puzzle. For the proof of the causality in the securities litigation in the United States, many domestic scholars think that it is applicable to the inversion of the burden of proof on the basis of “fraud market theory ” or that the causal relationship in the transaction (the defendant’s illegal act causes the plaintiff’s trading behavior ), The principle of proof of liability is applied in the causality of loss (the defendant’s wrongful act is the root cause of the loss of value of the plaintiff’s securities). In fact, all of the above-mentioned views have one-sidedness. Moreover, in recent years, the system of securities civil liability has taken place in U.S. legislation and judicature