光大证券“乌龙指”内幕交易案的法律分析

发布时间：2018-02-09 10:53

本文关键词： 内幕交易民事责任投资者保护光大“乌龙指”事件　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国的证券市场自1990年建立以来,总市值、募集资金规模和交易活跃度都居于全球领先地位,在改善融资结构和优化资源配置上为我国经济的迅速发展提供了强有力的金融支持,已经成为我国社会经济体系的重要组成部分。随着证券市场的迅猛发展,丰富多样的金融衍生工具及新型交易方式不断涌现。然而证券市场在不断发展壮大的同时仍然存在很多迫切需要解决的问题,尤其是内幕交易等违法行为数量日益增多、金额日益增大、形式日益复杂,严重影响了证券市场的规范发展。2013年8月16日光大证券的“乌龙指”事件是我国证券市场上第一起因交易软件故障引发的重大市场动荡事件,给中小投资者造成了巨大损失。2015年投资者针对光大证券“乌龙指”案的民事赔偿诉讼的胜利开辟了我国证券市场内幕交易投资者胜诉的先例。这一案件折射出诸多的法律问题,也带给我们深刻的启示。对于该案的分析能够帮助我们厘清我国资本市场在法律层面存在的不足,对于完善我国的证券立法和司法,规范我国的证券市场以及更好地保护投资者利益具有深远的意义。本文对案件涉及的法律问题进行了理论分析和实践探讨,吸收和借鉴了境外法域在该领域的先进学说和判例,从完善证券内幕交易民事责任制度以及增强证券市场参与主体应对风险的能力两个方面提出了一些建议。全文共有四章:首先是引言。阐明写作本文的背景、目的和意义、方法及创新点。其次是对光大证券“乌龙指”案件始末及争议焦点的概述。2015年投资者诉光大证券内幕交易民事赔偿案一审的获胜是我国证券史上首例投资者胜诉的内幕交易民事索赔案,对于打击内幕交易行为、完善相关法律法规具有划时代的意义。案件审理过程中,主要存在四个争议焦点。再次是对案件争议焦点的法律分析。第一,从内幕交易的主体、内幕信息的要素以及内幕交易行为三个方面进行了分析认定光大证券存在内幕交易;第二,结合国内外关于内幕交易主观要件的规定,阐述了光大证券存在主观过错的原因;第三,结合国内外关于民事赔偿权利人及损害后果的判断标准,确认内幕交易造成投资者损失;第四,结合国内外关于内幕交易因果关系的规定,分析了光大证券的内幕交易行为如何导致了投资者的经济损失。这是本文的核心内容。最后是光大证券“乌龙指”内幕交易案给我们带来的启示。本文从我国内幕交易法律规制的现状出发,对完善我国证券内幕交易民事责任制度和增强我国证券市场参与主体应对风险的能力提出了可行性建议。具体包括:明确内幕交易主体和内幕信息的认定标准;合理分配内幕交易的举证责任;正确适用内幕交易的抗辩事由;构建多元化的纠纷解决机制;提高我国的监管机构、证券公司、交易所以及投资者的专业能力和风险意识。
[Abstract]:Since the establishment of China's securities market in 1990, the total market value, the scale of raising funds and the activity of transactions have all occupied the leading position in the world. In improving the financing structure and optimizing the allocation of resources, it has provided strong financial support for the rapid economic development of our country, and has become an important part of the social and economic system of our country. With the rapid development of the securities market, Rich and diverse financial derivatives and new trading methods are emerging. However, while the securities market continues to grow and grow, there are still many urgent problems to be solved, especially the increasing number of illegal acts such as insider trading. The increasing amount of money and the increasingly complex forms have seriously affected the normative development of the securities market. On August 16th 2013, the "Oolong finger" event of Everbright Securities was the first major market turbulence event in China caused by a failure of trading software. On 2015, the victory of investors' civil compensation lawsuit against Everbright Securities "Oulong finger" set a precedent for insider trading investors in China's securities market. This case reflects many legal problems. The analysis of this case can help us clarify the legal deficiencies of our country's capital market and improve our securities legislation and judicature. It is of great significance to standardize the securities market in China and to better protect the interests of investors. This paper makes a theoretical analysis and practical discussion on the legal issues involved in the case, absorbing and drawing lessons from the advanced theories and precedents of foreign jurisdictions in this field. This paper puts forward some suggestions from two aspects of perfecting the civil liability system of securities insider trading and enhancing the ability of the participants in the securities market to deal with risks. There are four chapters in the paper: first, the introduction, the background, purpose and significance of the writing of this paper are expounded. Methods and innovations. Secondly, an overview of the beginning and end of the case of Everbright securities "Oulong finger" and the focus of controversy. On 2015, the victory of the civil compensation case of investor v. Everbright securities insider trading in the first instance was the first successful case of investor in the history of securities in our country. Civil claims for insider dealing, It is of epoch-making significance to crack down on insider trading and perfect relevant laws and regulations. In the trial of cases, there are mainly four focal points of dispute. The third is the legal analysis of the focus of disputes in cases. First, from the subject of insider trading, The elements of insider information and insider trading behavior are analyzed to identify the existence of insider trading in Everbright Securities; second, combined with the domestic and foreign provisions on the subjective elements of insider trading, the paper expounds the reasons for the existence of subjective fault in Everbright Securities; Third, according to the judgment standards of civil compensation right holders and damage consequences at home and abroad, to confirm that insider trading causes investors' losses; 4th, combined with the domestic and foreign provisions on the causality of insider trading. This paper analyzes how the insider trading behavior of Everbright Securities leads to the economic loss of investors. This is the core content of this paper. Finally, it is the enlightenment brought to us by the insider trading case of Everbright Securities "Oolong finger". Proceeding from the current situation of legal regulation of transaction, Some feasible suggestions are put forward to perfect the civil liability system of securities insider trading in China and to enhance the ability of the participants in the securities market to deal with risks, including: defining the criteria for the identification of the subject of insider trading and the inside information; Reasonably distribute the burden of proof of insider trading; apply the defense of insider trading correctly; construct a diversified dispute resolution mechanism; improve the professional ability and risk awareness of our country's regulators, securities companies, exchanges and investors.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D920.5;D922.287

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