摘要： 虚假陈述行为不仅干扰经济秩序，而且损害了广大投资者的合法利益。在虚假陈述行为的认定上，应采纳分层、分点的认定方法。首先在统合性标准方面，即虚假陈述行为的几个共性要件上，应将“理性投资者”理论作为重大性的判断标准，并借鉴“有效市场”理论作为公开性之认定标准。其次在类型化标准方面，根据虚假陈述行为的具体类型规定相应的认定标准。如虚假记载，强调的是真实性标准和合理性标准；误导性陈述，针对的是准确性标准；重大遗漏，则针对完整性标准；不正当披露，强调及时性和法定形式性要求。此外，场外资本市场的虚假陈述行为认定应与场内市场保持一致，无需特别规定，予以区别对待。

关键词: 虚假陈述行为, 理性投资者, 认定标准, 场外市场

Abstract: The misrepresentation not only disturbs economic order, but also damages the majority of investor's legitimate interests.From my perspective, we should adopt stratified method to solve the problem.Firstly, in regard to unification, several common elements relate to misrepresentation, deeming“reasonable investor”theory as the criteria of importance, referring to“effective market”theory as the standard of identifying and emphasizing on objective.Secondly, in terms of categorization, standard of identifying according to specific types of misrepresentation should be stipulated.For example, false representation lays stress on authenticity and reasonable and misguids representation emphasizes accuracy.In addition, significant pretermission aims at completeness and improper disclosure relates to timeliness and legal form.What's more, identification criteria of misrepresentation in OTC market should be regarded same as it in inside market.

Key words: The Misrepresentation, Reasonable Investor, Standard of Identifying, OTC Market