证券内幕交易立法的比较研究——兼论对我国证券内幕交易立法的完善

【作者】 刘安宁；

【导师】 贵立义；

【作者基本信息】 东北财经大学 ， 经济法学， 2003， 硕士

【摘要】 证券内幕交易是随着证券交易的产生而产生的，是指法律规定的有关人员(内幕人员)为了获得利益或减少损失，在其掌握的证券内幕信息尚未公开前，自己或使他人对相关证券进行的或买或卖的行为。从证券内幕交易一出现，就为人们所深恶痛绝。几百年来，虽然各国政府采取了各种不同的措施来防止它，但收效甚微。因此，如何预防内幕交易，尽量把它控制在最小的限度之内，仍然是各国政府及人们努力的方向。 本文对内幕交易进行了一般性的及比较性的研究。第一部分是内幕交易的基本理论问题：包括内幕交易的定义、内幕交易的法律特征、内幕交易的构成要件以及内幕交易的归责理论。其中内幕交易的法律特征有：第一，内幕交易是由内幕人员所为的行为。第二，内幕交易是内幕人员依据其掌握的内幕信息而进行的不平等的证券交易。第三，内幕交易是内幕人员以获利或避损为目的而进行的证券交易。内幕交易的构成要件包括的要素有内幕交易行为主体、内幕信息、内幕交易主观方面、内幕交易行为方式等；内幕交易的归责理论典型代表包括五种：戒决交易，否则公开理论、受任人义务理论、窃取理论、消息传递(泄露)理论、临时内幕人理论。第二部分是具体对国外内幕交易立法进行比较分析。首先从内幕交易的立法概况进行阐述，包括内幕交易立法的产生、内幕交易的具体法律规定等。其次对内幕交易的预防制度进行了较为全面的介绍。包括内幕人持股和股份转让报告制度、禁止部分内幕人交易本公司的股票、依法准确及时进行信息披露、短线交易的利益归于公司、“中国墙”制度的建立和完善等。再次对内幕交易法律责任进行了论述。包括内幕交易的民事责任、内幕交易的行政责任和内幕交易的刑事责任。第三部分是完善我国关于证券内幕交易立法的若干构想，包括我国内幕交易行为的特点与成因、对现行《证券法》及相关法律对内幕交易相关制度的规定的评析及完善内幕交易立法的若干构想。主要包括对内幕交易构成要件的完善、完善短线交易归入权制度、设立“中国墙”制度、建立健全完善的内幕交易民事责任制度等。更多还原

【Abstract】 Insider trading is a byproduct during the process of securities exchange and generally refers to those securities dealings made by the person precribed by the law for the purpose of obtaining benefits or decreasing economic loss according to the information not yet publicized by issuers but significant enough to influence prices of securities he possesses or made others do so .It was bitterly hated and cursed from its first appearance. In the last centuries, governments all over the world have taken various measures to stop insider trading and how to put it under most control ,remain the nucleus of the concern of various governments.This paper presents a general and comparative exposition of insider trading .It firstly relates the basic theoretical problems such as the definition, the legal characteristics, the component parts, the theory of liability of fixation if insider trading ,among which the component parts consist of the main body of insider trading, insider information, subjective aspect, behaving modes. Reasons for regulation and restriction are also commented in the context of practice for the angle of jurisprudence. The theories of liability fixation are catergorized into five types, namely, the theory of disclosure or abstain, the theory of trustee’s duties, the theory of stealing, the theory of divulging information, and the theory of temporary insider personnel. Then the thesis makes a comparative analysis of for foreign legislation on insider trading .The background information of the legislation of insider trading is firstly introduces, which includes the legislative origin and relevant laws and rules of insider trading .Next, the paper comparatively analyses the system of preventing insider trading. Including information publicity, including its definition, content, form, and international cooperation in the field. Then it proposes that insider trading has done great damage to the investor.confidence disturbed the normal order of securities exchange, and hence legal sanction is called for, which mainly includes cival, administrative and creminal liability. In the end of the paper put forth several propositions of China’s legislation on insider trading including the current situation, comments on the provisions of the present Securities law on insider trading ,andcertain ideas about how to improve the legislation on insider trading .The paper proposes that complete civial liability system be established ,the system of the right to include short-swing trading be improved ,the mechanism of China Wall be established, and the powers and rights of securities supervision administrative committee be improved.更多还原