【作者】 聂毅；

【导师】 彭真明；

【作者基本信息】 华中师范大学 ， 经济法学， 2001， 硕士

【摘要】 内幕交易是证券市场的伴生物。时至今日，内幕交易仍是世界各国证券市场发展面临的一个重要问题，我国亦不例外。我国政府在反内幕交易方面，态度十分明确、坚定，但证券主管机构查处并曝光的内幕交易案件并不多，更没有一起受害者提起的内幕交易诉讼案件。究其原因，主要是证券法律制度不够健全且执法不力，尤其是内幕交易民事责任制度不完善，无法给受害者提供有效的民事诉讼救济手段。 本文主张对内幕交易的受害者予以民事诉讼救济，以此维护投资者的合法权益，增强投资者的投资信心和热情，调动社会公众对内幕交易监督的积极性，从而促进我国证券市场稳健发展。文章从内幕信息、行为主体、行为要件和内幕交易者的主观心态四个方面对内幕交易行为进行了界定，为内幕交易民事责任制度奠定了基础。根据已查处的几起典型的内幕交易案例，揭示了我国内幕交易行为的特点，分析了反内幕交易法律制度在我国实际运行中所面临的本土资源环境，寻求和发扬其中的支持因素，克服阻碍因素，以增强立法、执法和司法的针对性和功效。探讨了内幕交易民事责任的性质及归责原则，确立了有利于受害者行使民事诉讼权利的侵权责任和过错推定原则。从违法行为、损害事实、因果关系和主观过错四个方面，详细分析了内幕交易民事责任的构成要件，为行为人是否承担损害赔偿责任提供了判明标准。在剖析我国内幕交易民事责任制度的立法现状、问题及成因的基础上，借鉴证券市场发达国家的成功经验，提出了具体的完善措施。首先，需进一步明确界定内幕交易行为的构成，即将“政府政策”列入内幕信息的范围，扩大内幕人员的范围，明确公司内幕人员的身份，以便给守法者、司法者提供明晰的守法、司法标准。其次，设计了内幕交易民事诉讼机制，特别是对诉讼主体资格的认定、诉讼方式的选择等技术性问题提出了自己的见解，以期为受害者提供一条便捷有效的民事诉讼途径。最后，为了贯彻民事赔偿责任优先原则，就具体制度安排提出了两种构想：一是由有关机关代收代管侵权者可能被用于没收、罚款、罚金的财产，待该案审结后再处置；二是建立证券欺诈损害赔偿基金，用专用资金来弥补受害者的损失。 当然，为了有效地预防和惩治内幕交易行为，除了完善内幕交易民事责任制度之外，还需深化各个领域的改革，加强投资者的教育工作，加大证券监管力度，等。只有待各项改革到位，认识提高，程序与制度健全之后，内幕交易行为才能得到有效地遏制，还证券市场一个公平、公正、公开的环境。更多还原

【Abstract】 The insider trading connects with the securities market closely. Now, the insider trading is an important problem that the securities markets in the world should face, including our country. Our government always opposes the insider trading, but the suits about the insider trading are very seldom. The reason is that the securities law is not especial the civil liability of the insider trading. The thesis maitains that we should give the victims the civil suit remedy. In that way, we can protect the investors?right, strengthen the investors?confidence, promote the securities market stability. The thesis defines the insider trading from four sides: insider information, insider, act condition, subjective factors of the insider. The difinition is the basis of the civil liability. Then the thesis discusses the chracteristic of the insider trading in our country. The writer also discusses the characteristic of the civil liability of the insider trading, establishes the liabilty for tort that the victims exercise the right of the civil suit and the principle of presumption of fault. The thesis analyzes the essential condition of the insider trading civil liabilty from four sides: illegal action, prejudicial act, casual relationship, subjective negligence. Discussing the presentation situation, problems, reasons of the civil liabilty, using the foeign countries?law for refrence , the thesis suggest the measures that perfect the civil liabilty of the insider trading . At first, we should define the iunsider tading again; then the writer designs the system of civil suit for insider trading; at last, we should hold the priority principle of the civil remedy.更多还原