【作者】 蒋银华；

【导师】 李新天；

【作者基本信息】 武汉大学 ， 法律， 2004， 硕士

【摘要】 本文的中心主题是：因证券市场内幕交易、操纵市场、虚假陈述侵权行为而遭受损失的证券投资者，应当享有向侵权责任主体获取经济赔偿的权利。本文的研究意义在于：在我国现有法律规定不完善、司法实践缺乏指引或存在缺陷的情况下，为证券投资受损者寻求私法救济提供实体法律上的理论支持。证券侵权行为民事赔偿制度的内容非常广泛，本文运用比较研究和综合分析的方法，选择从实体法的角度，主要探讨内幕交易、操纵市场、虚假陈述三行为的概念界定、法律性质、请求权主体、责任主体、因果关系的确定、民事赔偿的范围及计算方法等。本文除引言与结语外分为四章： 第一章：证券市场(Securities Market)是以有价证券发行与流通以及与此相适应的组织与管理方式的总称，包括证券发行市场和流通市场。证券市场既为发行人提供融资机会和场所，又为投资人根据投资品种的资产净值和资产增值、预期赢利和分红等提供投资和适度投机机会和场所，是融资者和投资者实现其目的之特定场所。证券民事责任是指参与证券活动的民事主体违反证券法等有关规定而应承担的民事法律后果。我国证券民事责任具有几个基本特点：重刑轻民、重行政轻民事、责任形式多样性和单一性结合、民事责任顺位优先、责任连带。其责任形式有证券违约责任、证券侵权责任、证券缔约过失责任。证券民事赔偿制度具有损失填补、威慑、协助市场管理、司法最终救济的功能。美国证券法上有着非常完善的民事责任制度，分为明示责任和默示责任两种形式。日本、台湾、香港亦有相关规定。我国证券民事责任涉及的范围偏小，具体规定较为简略粗疏、立法技术尚值进一步推敲。 第二章：在国内外，内幕交易并无统一的定义，众多学者对内幕交易的理解大同小异，其基本点是：其主体具有相对的确定性；其目的是获取利益(利用利好信息)或避免损失(利用利空信息)；在进行证券交易时拥有重要的非公开的内幕信息，但不包括根据公开的信息通过私人努力而得出的私人信息；其行为方式主要有自己交易、建议他人交易和泄露信息使他人交易。内幕交易属侵权行为己为学界所共识，内幕交易是反道德、反交易规则和反市场秩序的行为，内幕交易是一种投机行为、欺诈行为、不正当竞争行为、损害社会公共利益的行为。内幕信息的界定，对于认定内幕信息是否成立具有至关重要的作用。尚未公开的(未披露)和重要性为判定是否为内幕信息的最重要的两个标准。内幕人员是指掌握尚未公开而对特定证券价格有重大影响信息的人，包括传统内部人、推定内部人、泄露信息者(Tipper)、接受信息者(Tipp)、盗用信息者 (Misappropriator)。内幕交易必须以掌握内幕信息的人不当利用信息为要件，包括内幕交易对象、内幕交易者的主观心态、利用内幕信息的行为方式。我国 《证券法》在调整内幕交易对象范围存有缺憾。内幕交易的主观心态应当以过错为必要构成要件，但不能完全拘泥于故意—它主要是故意，却也包括过失。在内幕交易中受损的公众投资者有资格提起赔偿之诉，对此人们无歧义，争论较多的是因内幕交易而受损的公司及证券经纪人是否可以提起赔偿之诉。实施内幕交易行为者成为责任主体当不存在理论障碍，问题是上市公司可否成为被告并对受害者承担责任?对此，人们尚存争议。因果关系不仅属于侵权行为法的基本内容，而且也构成其他几乎所有赔偿责任构成要件的基础。英美侵权行为法中对因果关系采二分法理论:即事实上的因果关系与法律上的因果关系。德国的侵权行为法分两步来解决因果关系问题:即责任成立的因果关系与责任范围的因果关系。对于内幕交易案件因果关系问题，应采因果关系推定原则。如果被控者无反证证明投资者的损失是由其他原因造成的，将推定事实上的因果关系存在，被控者将承担民事责任。损失及赔偿额的确定一直是内幕交易私权救济制度实施的一大障碍。内部人短线交易所获利润应当归于上市公司。 第三章:操纵市场行为是指以获取利益或减少损失为目的，利用其资金、信息等优势或滥用职权操纵市场，影响证券市场价格，制造证券市场假象，诱导或致使投资者在不了解事实真相的情况下做出证券投资的决定，扰乱证券市场秩序的行为，是一种具有垄断性质的不公平竞争。操纵市场行为大致有四种类型:虚假交易、实际交易操纵、散布谣言或不实资料、违反政令而实施的安定操作。我国《证券法》虽然规定各种禁止的操纵市场行为，但没有规定操纵市场行为的民事责任，随后的司法解释中也没有涉及操纵市场的赔偿责任。操纵市场行为的民事赔偿责任性质属侵权损害赔偿责任。操纵行为损害赔偿责任的责任主体是操纵行为人，包括自然人投资者与机构投资者。损害赔偿请求权主体是善意买进或卖出价格被操纵的有价证券的人。操纵行为民事赔偿责任的构成要件为:首先，被告从事了操纵行为，这必须由原告举证证明;其次，原告遭受了损失;第三，原告的损失与被告的操纵行为具有因果关系。其因果关系问题，我们主张只需认定其存在相当因果关系即可。操纵市场民事案件的赔偿原则应是:被告对原告的直接损失和法定间接损失赔偿;总赔偿额可更多还原

【Abstract】 The center theme of this paper is that the security investors, who get the loss because of the torts in the security market such as the insider trading, rigging the market and false stating, should have the right of obtaining economic compensation from the responsibility subject. The researching significance of this paper is that as the legal provisions are not perfect and the judicial practice lacks guidance in our country, the author seeks theories to support for investment securities suffered in substantive law. The content of civil compensation system of the tort securities is very extensive, this paper uses the method of relative study and synthetic analysis in terms of substantive law, mainly discusses about the inside trade, manipulation of security market and false stating from the concepts, legal nature, asking subject, responsibility subject, Causality, range and computing technology of civil compensation of causality, etc. This paper is divided into 4 chapters besides the preface and the conclusion.Chapter one: The security market is the general name of issuing and circulating of securities and conformity with the organization and management style, including the issuing market and the circulating market. The security market provides the chance and financing place to publishers, and to investors according the net value of the assets and assets appreciation, expecting the profit and sharing out bonus of variety of investment, so it is the specific place where factors and investors can realize their purpose. Securities civil liability is the civil legal consequence which participators who violate the security law should bear. There are some Basic characteristics in security civil liability: Valuing the criminal law more than the civil law, valuing the administration law more than the civil law, combining the various responsibility form with the unilateral form, and that the civil liability have the priority relating with the responsibility. Its responsibility form includes the security liability for breach of contract, security liability for tort, security liability of a treaty for fault. The civil compensation system of the securities has the functions of filling in the losses, deterring and helping the market management and relieving the administration of justice finally. There is a very perfect civil liability system in American Securities Law, which is clearly divided into two kinds of forms of responsibility and tacit declaration responsibility. Also there is a relevant regulation in Japan, Taiwan and Hong Kong. In our country the range of securities civil liability is small and the specific regulation is comparatively simple and careless, and legislative technology still worth weighing further.Chapter two: At home and abroad, there is no unified definition in the inside trade. The understanding to the inside trade by numerous scholars is very much the same with the basic points that: its subject has relative determinacy; its purpose is to obtain interests (utilize favorable information) or avoid losses (utilize information of empty profit), and holding important private inside information while carrying on the securities trading, but not including messages according to the open information by great efforts; its behavior methods are mainly trading for their own, advising others totrade and revealing information to make others transact. That the inside trade belongs to tort is known by the academe. Inside trade is a behavior against the moral, the market order and the trade rule. What’s more, it’s a fraud speculation behavior, illegitimate competition behavior and a behavior which damage the social public interests. The definition of inside information is very essential to identify it. And the most important two standards to judge whether it is the inside information are its unrevealing and essential qualifications. The inside person is someone that holds the unrevealed information which has a great influence on specific security, including the traditional insiders, constructive insiders , tippe更多还原