操纵证券市场民事责任的因果关系认定
The Determination of Causality in Civil Liability in the Securities Market Manipulation

由于缺乏相应法律规范和制度构建，加之理论界尚未形成通说，因果关系认定在操纵证券市场民事责任案件的司法实践中存在较多疑难问题，使得认定操纵证券市场民事侵权责任存在较大困难。明确因果关系的认定方式，对于追究操纵者民事赔偿责任、保护投资者权益而言具有现实意义。本文将围绕操纵证券市场民事责任案件中因果关系的内部结构和判断标准展开讨论，试明确该类案件中因果关系的认定路径，阐释在交易因果关系和损失因果关系结构基础上采取相当因果关系和推定因果关系判断标准的合理性。
Due to the lack of corresponding legal norms and institutional construction, coupled with the lack of a consensus in the theoretical community, there are many difficult problems in the judicial practice of determining causal relationships in civil liability cases of manipulating the securities market, making it difficult to determine civil tort liability for manipulating the securities market. Clarifying the method of determining causal relationships is of practical significance for investigating the civil compensation liability of manipulators and protecting the rights and interests of investors. This article will discuss the internal structure and judgment standards of causal relationships in civil liability cases involving manipulation of the securities market, aiming to clarify the identification path of causal relationships in such cases and explain the rationality of adopting considerable causal relationships and presumptive causal relationships judgment standards based on the structure of transaction causal relationships and loss causal relationships.