上市公司内幕交易民事责任制度比较研究

【作者】 张颖；

【导师】 胡鸿高；

【作者基本信息】 复旦大学 ， 法律， 2012， 硕士

【摘要】 内幕交易破坏了证券市场中的公平,在少数人非法获利的同时损害了广大投资者的利益,必须通过民事责任的承担使受损害者得到赔偿。本文从比较法的视角分析了美国、欧盟及我国等国家和地区的内幕交易民事责任法律制度,并尝试提出其他国家的先进之处对我国的借鉴性。内幕交易的定义是整个内幕交易法律制度的基石。第一章中对内幕交易的界定进行了全面的分析,从内幕信息的基本特征、内幕人员的范围及内幕交易行为形态这三个方面进行了较细致的比较分析。其中对内幕信息的界定最为详细,内幕信息指尚未公开的、对公司证券价格可能产生重大影响的消息。在论述了内幕信息的重大性和未公开性这两个基本特征后,还对存在争议的信息确切性问题进行了讨论；并且对信息网络传播这一新问题进行了深入分析。第二章通过讨论,将内幕交易行为定为特殊侵权性质。笔者认为,内幕交易民事责任实际上是违约和侵权责任的竞合,但将其作为违约责任来处理的话有诸多不合法理之处,最重要的是非常不利于投资者权益的救济,而将其作为侵权责任处理则可以较为圆满地保护投资者的利益。在以侵权行为构成理论分析内幕交易时,由于其损害结果计算和因果关系证明上的复杂性,笔者主张将其作为特殊侵权处理。第三章承接前文对损害数额的计算和因果关系的证明这两个复杂问题进行比较研究,分析美国、台湾地区的差价计算方法和推定因果关系作法的优点和其在我国的可行性,提倡引进这些先进方法。第四章主要论述内幕交易民事责任的实现方法即民事诉讼制度。在确定原告数量这一难题上,美国的“同时交易理论”可操作性很强,非常适合引进。通过比较发现,我国证监会作为专门证券监管机构,与美国、英国的同类机构相比之下缺失了在民事责任追究方面的职能,笔者认为可以就此另设一个承担此职能的独立机构。在最终诉讼方式上,美国的集团诉讼能够为投资者提供强大的支持,我国应借鉴其优点对现有共同诉讼制度进行改进。更多还原

【Abstract】 Insider trading has undermined the fairness of the security market by endangering most investors’interests while favoring the few. Civil compensations must be made for the damages caused by insider trading. Here the author analyzed and compared civil legal systems of insider trading in countries and regions such as US, EU, China and other places with the purpose of finding the merits to China’s legal system.The definition of insider trading is base stone for the entire system. Part I made a thorough analysis in respects of basic features of inside information, scope of insiders and manifestations of their conducts. The most detailed portion is about inside information, where not only the materiality and non-publicity but also the precise nature was discussed, advice on the emerging problem of internet inside information were given too.In Part II, based on the recognition that insider trading falls under the scope of both breach of contracts and torts, the author discussed that it would be unreasonable if insider trading was handled as breach of contracts; meanwhile if treated as tort, the interests of investors would be well protected. Considering the complicity of calculation of damages and proof of causal relationship, the author suggested insider trading be seen as a special tort.Part III continued to analyze the merits of legal systems on the calculation of damages and distribution of proof burdens in US, Taiwan and some other countries and region, with a conclusion that these methods should be borrowed in China’s legal system.Part IX mainly introduced the civil action system on insider trading. The Contemporaneous Traders theory invented by US is easy to operate on confirmation of the number of plaintiffs thus it should be brought in. Also, our Security Administration Committee has little civil function compared to SEC and FSA. This shortage might be made up by establishing an independent organization to undertake the civil function. At last, the author suggested that we should make improvements on our existing civil procedure system by learning from the Class Action in US which had been a strong support to investors since its establishment.更多还原