信息公开是证券法律体系的基石。作为证券法的基本原则之一的公开原则的贯彻实施,既有利于保护证券投资者的利益,也有利于对证券市场进行有效的监管。应公开原则之要求而产生的是公开义务,分为发行前(时)之公开义务和发行后之继续公开义务,违反公开义务必然产生相应的民事责任。本文试图借鉴民法中民事责任的构成理论,就证券法中违反公开原则的民事责任予以专门分析,以期对证券法律实践产生一定的指导作用。 Information disclosure is the cornerstone of the securities legal system. The implementation of the open principle as one of the basic principles of securities law not only helps to protect the interests of securities investors, but also conducts effective supervision over the securities market. The principle of openness results from the obligation of disclosure, which is divided into the obligation of disclosure before publication and the obligation of disclosure after publication. Violation of the obligation of disclosure inevitably leads to the corresponding civil liability. This article attempts to learn from the constitutional theory of civil liability in civil law, and analyzes the civil liability of breach of openness principle in the securities law in order to give some guidance to the practice of securities law.