操纵证券市场侵权责任中因果关系的适用
The Application of Causality in Tort Liability for Manipulation of Securities

在操纵证券市场侵权领域，应采纳何种因果关系是理论和实务界一直争论的话题。操纵市场因果关系具体包括交易因果关系和损失因果关系两个方面。“欺诈市场理论”无法作为推定交易因果关系的理论基础，但是可以借鉴以市场价格为中介的思想，通过不同类型投资者投资机理的分析，证成证券操纵案件中的推定交易因果关系。推定交易因果关系的适用应当以投资者初步证明价格影响为前提，但是操纵者可举证推翻。就损失因果关系来说，从平衡双方利益的角度，应当由投资者进行具体举证加以认定。
In the field of manipulation of stock market infringement, what kind of causality should be adopted is a topic of debate in theory and practice. Market manipulation causality includes trading causality and loss causality. “Fraudulent market theory” can not be used as the theoretical basis for presumptive transaction causality, but we can learn from the idea of taking market price as the intermediary and analyze the investment mechanism of different types of investors to establish the presumptive transaction causality in securities manipulation cases. The application of presumptive transaction causality should be premised on the investor’s initial proof of price impact, but the manipulator can prove to overturn. As for the causality of loss, from the perspective of balancing the interests of both sides, investors should be identified by specific evidence.