我国内幕交易的法律规制研究

【作者】 李文莉；

【导师】 徐淑萍；

【作者基本信息】 安徽大学 ， 法律， 2003， 硕士

【摘要】 内幕交易作为证券市场的一种衍生物，从证券市场建立之初，就伴随着证券市场的成长与发展而兴风作浪。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理论支撑。 本文采用比较分析法、逻辑分析法、实证分析法，通过对各国立法的比较，并结合我国出现的证券监管实际问题进行研究，提出了一些立法建议。 全文共分四个部分： 第一部分 对内幕交易进行规制的法理基础 内幕交易的准确定义，是内幕交易法律规制的核心和出发点，其必须包含内幕人员、内幕信息、证券交易等基本因素。本文结合我国证券立法，把内幕交易定义为：内幕人员或其他途径获取内幕信息的人员以获取利益或减少损失为目的，自己或建议他人，或泄露内幕信息使他人利用该信息进行证券发行交易的活动。 关于对内幕交易进行法律规制的法理基础问题，理论界始终有分歧，争论的焦点为要不要禁止内幕交易。本文通过对支持禁止内幕交易的观点和反对禁止内幕交易的观点的评析，来论证禁止内幕交易的必要性。 第二部分 内幕交易的归责理论 所谓归责理论是指，指定责任的归属所必须依据的法律准则和法律原理。美国证券法三大归责理论——古典特殊关系理论、信息泄露理论及盗用理论，成为美国规制内幕交易法律的总纲，美国证券法通过三大理论的确立，把证券内幕交易人的范围扩大到任何人。本文通过分析西方三大内幕交易归责理论，借此来构建我国内幕交易的归责理论。 第三部分 关于内幕交易的构成要件问题 内幕交易的构成要件问题是内幕交易规制的核心内容，也是我国《证券法》及相关法律、法规的立法重点。本文从内幕交易法律责任的构成要件即行为主体、内幕消息、内幕交易行为三方面入手，通过中外立法比较和最新理论成果的研究，提出了一些较为具体可行的立法修改建议。 第四部分 关于内幕交易之预防、监管及法律责任问题 反内幕交易的法律制度可以概括为三个方面，即监控制度、预防制度和制裁制度，它包括事前的监管、预防和事后的法律追究。本文通过对证券监管体制的建立与完善，自律性监管体制监督作用的加强，监控手段的设立及一整套严格、科学的内幕交易预防制度的建立，来构建反内幕交易的防范机制和监管机制。 内幕交易的法律责任是打击内幕交易的最终法律形式。从世界反内幕交易立法的发展历程来看，内幕交易的法律责任经历了由偏重于行政责任、重视刑事责任的承担，到现在倡导民事救济的发展过程。而我国的反内幕交易立法，也经历了类似的发展过程，但目前，因种种原因内幕交易的民事责任仍然空缺。因此，本文通过对中美两国内幕交易法律责任的比较研究，对进一步完善我国内幕交易行政责任和刑事责任提出了一些可行性意见，并着重在内幕交易民事责任的构建方面，通过对内幕交易民事责任的构成要件及其诉讼实现机制两方面问题的分析，从实体和程序上提出了一些建设性的意见和建议。更多还原

【Abstract】 Insider trading-a derivative of the securities market, has been brought into full play with the growth and development of the securities market since its initial establishment. The development of China’s securities market in high speed needs the supply of matched laws and regulations. Whereas, these laws and regulations also require the support of relevant theories. By employing comparative analysis, logical analysis and positive analysis and comparing the legislations of different countries combined with the research on some practical problems appeared in China’s securities supervisory system, this author put form some constructive suggestions on legislation.This paper consists of four parts: Part One: The Law Principles of the Regulations of the Insider TradingThe precise definition to the insider trading is the core and the starting point of the regulations of the insider trading which should contain some of the basic elements such as the insider traders, the insider information and the stock exchange. This paper, combined with China’s securities legislation, defines the insider trading as with the purpose of obtaining benefit and reducing loss, the insider traders or other traders who acquire the insider information by other means personally make use of the information or suggest other traders doing so or let out the insider information to enable other traders to utilize the information and conduct securities exchange.The theoretical study always hold divergences about the law principles of the regulations of the insider trading. The focus of their debates is whether or not to prohibit the insider trading. This paper tries to illustrate the necessity of prohibiting the insider trading by commenting on the views of supporting the prohibition and opposing it.Part Two: About the Theory of Liability Fixation of the Insider TradingThe theory of liability fixation refers to the legal norms and legal principles that must be considered while judging who is responsible for a specific liability. Three Theories in American Securities Exchange Act-Classical-Special Relations, Information Betray, and Larceny have become the outline to regulate the insider trading in America. The establishment of the Three Theories has enlarged the scope of securities insider trader to each person. This paper, based on the analysis of the western theory of liability fixation of the insider trading, try to build up a matched theory for China.Part Three: About the Constitutive Requirements of the Insider TradingThe constitutive requirements of the insider trading are not only the core of the regulations of the insider trading but also the legislative emphasis in the Securities Exchange Act and some relevant laws and regulations of China. This paper start the discussion from three aspects of the constitutive requirements of the legal liability of the insider trading, namely, the subject, the insider information and the action of the insider trading and put forth some feasible suggestions for legislative amendments by the comparisons between the legislations in China and from abroad and the researches on the latest theoretical results.Part Four: About the Precaution, Supervision and the Legal Liability of the Insider TradingThe legal regulations for the anti-insider trading can be summarized from three aspects: supervision system, precaution system and punishment system, which include supervision and precaution before the case and legal punishment after the case. To build up a precaution and supervision mechanism on anti-insider trading, we are required to establish and perfect the securities supervision system, strengthen the role of its serf-disciplinary supervision system and establish supervision means and a set of strict and scientific precaution system.The legal liability of the insider trading is the terminal law form in attacking the insider trading. Viewed from the development of the global anti-insider trading, the legal liability of the insider trader has experienced the process from putting emphasi更多还原