Abstract: Owing to the shortage of legislation relating to the civil liability of securities in China and the distinctiveness of the civil liability of securities, both the objective fact that the claimant is of mobility and uncertainly and the nature of the security civil liability which is partly concurrent liability for tort should be considered in order to ascertain the civil liability of securities. Furthermore, aiming at the W-win of the equity and the efficiency, we should exercise different doctrines of liabi

Key words: security, thecivilliability, doctrineofliabilityfixation