试论对我国证券市场内幕交易规制的完善

【作者】 陈业雄；

【导师】 王伟；

【作者基本信息】 复旦大学 ， 法律， 2009， 硕士

【摘要】 证券市场内幕交易行为,不仅严重破坏了市场交易秩序,对股价波动造成巨大冲击,严重损害了不知情交易者利益,削弱了投资者的投资信心,而且使证券市场效率大大降低,扭曲了市场价格对资产价值的反应能力,破坏了证券市场资产的配置效率。因此,强化证券监管部门的监管职能,保护投资者合法权益,成为世界各国证券监管的重要使命。目前,世界上绝大多数国家都已经制定了禁止内幕交易的法律。我国在2005年修订的《证券法》第七十三条也明确规定“禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动”。然而,作为“新兴加转轨”双重属性的中国证券市场,由于市场信息透明度不高、市场制度不完善、投资者保护环境较差和反操纵监管不严等原因,内幕交易行为更是屡禁不止。并且,我国对内幕交易仍侧重“事后”监管,使广大中小投资者付出了惨重代价。因而,如何强化事前预防,从立法体系上有效减少内幕交易行为,并通过法律手段禁止内幕交易行为,成为中国证券市场投资者保护的重要课题。笔者试就我国证券市场出现的问题,结合实际情况,按照内幕交易的方式和范畴→国外主要证券市场的内幕交易规制状况→我国内幕规制的存在问题和原因→完善内幕交易规制的逻辑思路,对我国证券市场内幕交易规制的完善进行研究。具体分为以下几个方面:首先,对内幕交易的核心理论进行研究,概述内幕交易规制的内涵,重点研究内幕交易的方式和范畴,为完善我国内幕交易规制提供必要的背景资料。其次,研究世界主要证券市场内幕交易规制状况。重点对美国、欧盟、日本等国家的证券市场内幕交易规制状态进行研究,为完善我国内幕交易规制提供理论基础。然后,研究我国内幕交易规制状况。理性分析内幕交易制度在我国实际的运行情况,揭示我国内幕规制的存在问题。最后,对完善我国证券市场内幕交易规制进行建议。主要包括:完善内幕交易的法律监管体系,构建多层次的证券监管体系,强化证券信息披露制度监管。更多还原

【Abstract】 Inside dealing in stock market not only seriously destroys order of stock market but also has a great impact in the fluctuation of the share price. This greatly damages benefit of the unaware dealers, weakens investors’ confidence to invest, lowers the effect of the stock market, distort the share price’s ability of response in capital, damages capital allocating effects in stock market. Therefore, strengthening the monitoring function of stock supervision department, protecting legal rights for investors turn to the important task for stock supervision of every country. At present, most countries in the world have made laws of forbidding inside deals. In 2005, China amended the "The Securities Law of People’s Republic of China" which clearly provides in the 73rd article that "prohibits insiders who know insider information and insiders who illegally access to inside information engaging in securities activities." However, with dual attributes both of rising and shunting, in Chinese stock market, because of the low transparency in market information, the incomplete market system, worse environment to protect investors, ineffective monitoring in anti-control and so on, inside dealing appear despite repeated prohibition. In addition, national government still focuses on after-supervision when deals with inside dealing so that many investors pay heavy prices.As a result, how to strengthen precaution system, how to effectively reduce insider dealing from legislation system and through legal means to prohibit acts of inside dealing becomes an important subject for investors in Chinese stock market. Writer tries to focus on problems in our stock market, combining with the actual situation, according to the following steps: ways and categories of inside dealing→inside dealing regulations and situation in major stock exchanges abroad→existed problems and reasons in domestic inside dealing regulations→improving logic thinking in inside dealing regulations, study on improving inside dealing regulations of domestic stock market. It consists of the following aspects:Firstly, this thesis studies the core theory of inside dealing, summarizes the connotation of regulations in inside dealing, focuses on means and scope in inside dealing, provides necessary background information to improve domestic inside dealing regulations.Secondly, it studies regulations and situation of inside dealing in the world’s major stock markets. Studies concentrate on the United States, European Union, Japan and other countries’ inside dealing regulations, provides a theoretical basis for improving domestic inside dealing regulations.Furthermore, it studies regulations and situations of inside dealing. Rationally analyzes actual domestic operating conditions of inside dealing system, reveals existed problems in domestic inside dealing regulations.Finally, it makes suggestions on improving regulations in inside dealing of domestic stock market including: improving the legal supervising system of inside dealing, building a multi-level securities supervising system, strengthening supervision of exposing securities information system.更多还原