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投资者保护是证券市场持续、健康发展的基本前提,超比例增持行为作为一种违规信息披露行为对证券市场投资者的基本权利造成侵害。受限于对超比例增持行为性质的模糊认知和缺乏健全投资者救济机制的现状,超比例增持行为在我国当前证券市场环境中屡屡发生,并已成为证监部门重点监管对象。将超比例增持行为界定为诱空型虚假陈述行为,需要从责任主体、损害、过错和虚假陈述行为与损害之间的因果关系等层面,体系化地对超比例增持行为进行民事归责判定。
Investor protection is the basic prerequisite for the sustained and healthy development of the securities market. As a violation of information disclosure behavior, the super-proportional increase of shares infringes upon the basic rights of investors in the securities market. Due to the vague cognition of the behavior of super-proportional holdings and the lack of a sound investor relief mechanism, hyper-proportional holdings have occurred frequently in the current securities market of our country and have become the key regulatory targets of the securities regulatory department. To define super-proportional increase behavior as inducement-type false statement requires that the system should be civilly imputed to the super-proportional increase from the aspects of the principal part of responsibility, damage, fault and the causal relationship between the misrepresentation behavior and the damage determination.