【作者】 胡光志；

【导师】 李昌麒；

【作者基本信息】 西南政法大学 ， 经济法学， 2002， 博士

【摘要】 西方国家的证券交易已历经四百余年。世界上第一个证券交易所建立于1611年荷兰的阿姆斯特丹。然而，证券市场的诞生，同时也打开了潘多拉盒子，证券市场所固有的一切丑行、罪恶和疯狂，从盒子中溢出，泛滥于人间。 利用非公开信息买卖证券，即内幕交易，“如同操纵市场一样，亦由来已久，与证券市场的历史一样久远”。因此，我们“要保持清醒的头脑，切实牢记：内幕交易……也将和证券市场共起伏、同兴衰；内幕交易与反内幕交易的较量，永远不会停止”。 法律是同内幕交易作斗争的最好武器。自20世纪30年代美国首创反内幕交易法律制度以来，反内幕交易法律制度已经在世界范围内得到了普遍的认同，反内幕交易立法运动如火如荼。 我国证券市场肇端于上世纪80年代中期，形成于90年代初期。历史不长，而成就辉煌；市场并不发达，而证券违法则表现充分。中国证券市场的高速发展，需要有与之相匹配的法律制度供给；而法律制度的供给，需要有与之相匹配的法学理论支撑。 特别值得庆幸的是，我国在注重推动证券市场发展的同时，一开始即十分重视反内幕交易立法。然而，与证券市场一日千里的发展状况相比，我国有关反内幕交易的理论和立法，仍然远远滞后。 本文以“内幕交易及其法律控制”为题，正是期望能在这一方面作一些探索。除导言之外，共有七章，可分为四个部分： 第一部份是内幕交易本体论，包括第一章和第二章。第一章阐明了内幕交易产生的经济和制度根源、内幕交易的内涵界定和内幕交易在社会评价体系中的本质；第二章则是对内幕交易构成要素的解剖，论述内幕交易的三大构成要件：内幕信息、内幕人员和内幕信息的利用。 第二部份是内幕交易控制的理论基础，包括第三章和第四章。第三章主要介绍内幕交易经济学分析中的是是非非，并对经济分析中的一些不妥之处，作了批判，指出从经济分析的角度上看，内幕交易确实弊大于利。此外，纯粹的经济分析并不能全面地反映内幕交易的危害：第四章则从法学分析的角度，对反内幕交易的公平性以及反内幕交易法的实施效率进行了深入的探讨，认为内幕交易的确违反了法律的公平理念，而反内幕交易法的实施并非缺乏效率。 第三部份是内幕交易法律控制论，包括第五章和第六章。第五章是对国外内幕交易法律控制的历史、现状、发展趋势所作的描述，侧重在于归纳和介绍国外的经验教训；第六章则是就我国内幕交易的状况、反内幕交易立法的发展、反内幕交易的主要内容及其缺陷，进行了介绍和分析，其中重点分析了我国反内幕交易立法存在的不足。 第四部分：结论和建议。本部分是对前三个部分的全面总结，系统归纳了笔者提出的五个观点：内幕信息为中心的理论、内幕交易控制的法治观＋内幕交易控制的系统观、内幕交易督察的效率观和内幕交易制裁的威慑观；并在此基础上，描述了笔者就完善我国反内幕交易立法所提出的四个建议：重构法律基本概念的逻辑体系、完善我国内幕交易的预防制度、加重内幕交易的法律责任和确立受害者私人法律救济制度。更多还原

【Abstract】 Since the first stock exchange established at Amsterdam of Netherlands, in 1611, the securities exchanging in western countries has been continuing for more than 400 years. The appearance of stock market, however, like an opened Pandora’s box, brings us not only the treasures but disasters.Insider trading, or marketing securities with, the information that hasn’t been proclaimed to the public, usually rigging the trading prices of securities, can date back to the origin of the securities exchange. The struggle between insider trading and anti-insider trading will never cease, as is known that the phenomenon of insider trading can’t be eliminated as long as the securities exchange is still in existenceThe legislation against insider trading, which primarily appeared in US in 1930s, is thought to be the most effective tool, and the campaign of making such laws has started all over the world.In our country, the securities exchange, appeared in the middle of 1980s, improved in early 1990s, has a short term history but glorious achievement, and various kinds of legal violations showed up in such an undeveloped market. The improvement of such a market refers to a legal system suited, to which a series of theories must support.Fortunately, in the process of the securities exchange, we attach much importance to the legislation against insider trading, although such legislation lags greatly behind the steps of the securities exchange.This essay, with the title of Insider Trading and Its Legal Restraint, composed of four parts, seven chapters and an Introduction, tends to make an exploration of this topic.Part one is constituted of chapter one and two, discussing the reality of insider trading. Chapter one introduces the definition and meanings of insider trading, the economical and systematic sources causing its emergence, as well as the nature when it is in social evaluation system. Chapter two makes an analysis of the elements composed ofinsider trading, describing its three components: inside information, inside personnel and exchange of inside information.Part two deals with the basic theories about legal restraint on insider trading, constituted of chapter three and four. Chapter three introduces some disputes about insider trading in economics, criticizing some unreasonable ideas existing in economic analysis, showing that insider trading brings more harm than benefit to the society. Chapter four makes a profound analysis about the fairness and effectiveness of the legislation against insider trading, pointing out that insider trading violates the fair trade principle of law, and the operation of laws against insider trading is by no means inefficient.Part three focuses on the legal restraint about insider trading, which is composed of chapter five and six. Chapter five tends to conclude the achievements and defects through the introduction of the history, the current status and the development of legislation abroad against insider trading. Chapter six, on the other hand, presents the condition of insider trading at home as well as the legislation against it, making a detailed analysis of the legislative defects in our country.Part four is a summarization of the content above, including five pieces of conclusions and four pieces of suggestions. The conclusions are the following: the theories concerning inside information; the concept of legality embodied in legal restraint on insider trading; the concept of systematization embodied in legal restraint on insider trading; the concept of efficiency supervising the emergence of insider trading, and the concept of punishment when executing insider trading. Four pieces of legislative suggestions against insider trading are: reconstituting a logic system of basic legal terms; perfecting the prevention system against insider trading; enacting strict liability when performing insider trading; and establishing legal relief system to protect the individual victims.更多还原