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因果关系的判定已经成为虚假陈述民事责任制度不可回避的问题。2002 年 12月26日最高法院出台的《最高人民法院关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》，按照我国民法侵权赔偿诉讼的因果关系理论，参考国外普遍采用的欺诈市场理论和信赖推定原则，在第18条和第19条对因果关系的认定作出明确规定。

Determination of causality misrepresentation civil liability system has become an unavoidable problem . December 26, 2002 the Supreme Court issued a " Supreme Court to hear securities misrepresentation caused due to civil compensation cases certain provisions" , according to China's civil tort litigation causal theory of reference widely used abroad market theory of fraud and trust presumption in section 18 and 19 pairs of causation clearly stated. " Neither copy, but a combination of China's national conditions ." I think this comment is probably based on the foundation of an efficient market weakness . 8 Xie Yi : "On the False Statement Civil causality - in the case of a false statement Hongguang Industrial Perspectives" , Changchun University of Technology ( Social Sciences ) in July 2010 , Vol 23, No. 4

依据本条，法院初步认定虚假陈述与损害结果间存在因果关系，只需要符合两项条件：其一是虚假陈述与证券具有直接关联性；其二是依据因果关系的时间序列性原理，证券投资与虚假陈述在时间顺序上应当匹配，即投资者应当在特定时间段内买入和卖出证券，否则不认定存在因果关系。

Pursuant to this section , the court initially determined that the false statements and the damage causal relationship between the results , just need to meet two conditions: One is a false statement with the Securities has a direct correlation ; second is based on the time-series causality principle , securities investment and false statements in time sequence should match that investors should buy and sell securities of a specific time period , or do not identify a causal relationship .

In a word , " certain provisions" Article 18 and Article 19 draw fraud presumption market theory and trust in the issue of causation is set on the legal presumption and burden of proof mechanisms, both positive and negative dimensions of more specific provisions a causal relationship "to the presumption of causation defense " that rule , the introduction of this mechanism , effectively breaking the original action mechanism of causation obstacles , its role can not be ignored . However, there are still specific provisions obvious defects present, for our country should adopt the principle of presumption of trust , theorists are not consistent viewpoint .

Market theory derived in fraudulent trust presumption applies , investors prove extremely difficult , there are both internal and external reasons. Internal , and on China's securities market is currently the case , rather the lack of rational investors , this situation is more common in small and medium investors , they often do not have sufficient time and effort to read public documents of listed companies to decide whether to invest , while at most according to the company's stock price or securities investment analysis report for investment. Suffered losses , but also the lack of specialized knowledge and experience , it is difficult for the causes and consequences of the loss to make accurate judgments and elaboration. Additionally, investors also have the disadvantage of funds and information . External factors , the reasons are complicated , mainly: First, based on the complexity of the stock market , many factors affect the price of securities , such as policies, legislation , systematic risk , etc., even if it is difficult to determine professionals on a variety of factors infl