作者：陈洁
作者介绍：中国社会科学院法学研究所研究员
出版日期：2025年12月9日
内容提要 重大性是证券虚假陈述行为的核心构成要件，也是证券虚假陈述民事赔偿制度的逻辑起点。成熟证券市场分别从定性和定量两个角度对重大性要件进行识别，并逐步形成“影响投资者决策”和“价格敏感性”两种标准。其中，“影响投资者决策”是判断虚假陈述行为具有可诉性的前提基础，“价格敏感性”则呼应了投资者可以获得损害赔偿的范围。厘清重大性要件的判断标准与证券虚假陈述可诉性及可赔偿性的内在因应关系，进而准确把握虚假陈述侵权诉讼中重大性要件在交易因果关系与损失因果关系认定中的具体适用，是完善我国证券虚假陈述民事赔偿制度的关键。
关键词 证券虚假陈述 民事赔偿 重大性要件 证明责任
Abstract: Materiality constitutes the core element of securities misrepresentation and serves as the logical foundation for civil compensation systems. Mature markets have progressively developed two criteria for identifying materiality: ‘impact on investor decision-making’ and ‘price sensitivity’, addressing qualitative and quantitative dimensions respectively. Among these, ‘impact on investor decision-making’ establishes the prerequisite for determining the actionability of misrepresentations, while ‘price sensitivity’ defines the scope of compensable damages. It is necessary to clarify the criteria for determining materiality and its intrinsic relationship with the actionability and compensability of securities misstatements, and then accurately apply the materiality requirement in establishing both transactional causation and loss causation within securities misrepresentation infringement lawsuits, which is the key to improving China’s civil compensation system for securities misrepresentation.