随着直播带货这一商业模式的蓬勃发展，其虚假宣传的问题日益严峻。直播带货是否属于商业广告，以及是否适用《广告法》的主体责任框架规范其虚假宣传行为成为学界争论的焦点。本文首先回应了学界关于直播带货法律性质的争议，将其纳入《广告法》设置的主体责任框架进行规制分析。通过对直播带货商业模式的梳理、主播和直播平台主体责任的法律涵摄以及当前虚假广告在我国立法、行政和司法层面规制现状的研究，笔者认为直播带货本质上属于互联网广告的具体类型。直播带货虚假广告之所以陷入规制困境，主要原因在于规制理念落后、规范解释不足、主体责任不明、监管方式单一、处罚尺度失衡、社会治理不畅等。基于上述问题，结合当下互联网广告监管的形势要求，笔者尝试提出针对性的完善建议。首先，立法者应当明确准用《广告法》规则构建直播带货虚假宣传的主体责任体系。在此基础上明确法律规制的思路和原则，厘清《广告法》与其他法律、广告信息与商业必要信息、虚假广告和艺术夸张之间的界限；规范并细化主播和直播平台的身份责任。分别以“广告代言人”和“互联网信息服务提供者”为核心角色，构建他营主播与直播平台的法律责任。其次，作为执法者的市场监管部门，应当优化直播带货虚假广告的事前审查与事中监管制度，完善行政处罚的程序和内容，统一监管口径和执法标准。最后，在行政监管之外，推进行业自律和平台自治，形成协同共治的社会治理模式。

With the booming development of the business model of livestream selling, the resulting false publicity is increasingly serious. Whether livestream selling is a commercial advertisement and whether to apply the main responsibility framework of the Advertising Law to regulate its false advertising has become the focus of academic debate. This paper first responds to the academic controversy on the legal nature of livestream selling , and incorporates it into the subject responsibility framework set by the Advertising Law for regulatory analysis. Next, by sorting out the business model of livestream selling, analyzing the main responsibilities of anchors and live streaming platforms, and studying the current regulation of false advertising in our country at the legislative, administrative and judicial levels, the author believes that livestream selling is essentially a specific type of Internet advertising. The main reasons why false advertising of livestream selling fall into the dilemma of legal regulation lies in the backward regulation concept, insufficient standard interpretation, unclear subject responsibility, single supervision methods, unbalanced punishment scale, and poor social governance. Based on the above problems, and combined with the current situation of Internet advertising supervision requirements, the author tries to put forward targeted suggestions for improvement.First of all, legislators should clearly apply the rules of the Advertising Law to build the main responsibility system for false advertising of livestream selling. On this basis, clarify the ideas and principles of legal regulation, and clarify the boundaries between the Advertising Law and other laws, advertising information and commercial necessary information, false advertising and artistic exaggeration; Standardize and refine the identity responsibilities of anchors and live broadcast platforms, with "advertising spokesperson" and "Internet information service provider" as the core roles, respectively, to build the legal responsibility of Internet celebrity anchors and live broadcast platforms. Second, the market supervision department as the law enforcer should optimize the pre-examination and in-process supervision systems of false advertising of livestream selling, improve the procedures and types of administrative punishments, and unify the regulatory caliber and law enforcement standards. Finally, in addition to administrative supervision, promoting industry self-discipline and platform autonomy, and forming a social governance model with multi-subject participation.