内幕交易民事赔偿标准问题研究

发布时间：2018-01-14 18:22

本文关键词：内幕交易民事赔偿标准问题研究　出处：《安徽财经大学》2015年硕士论文　论文类型：学位论文

【摘要】：内幕交易作为危害证券市场的三大毒瘤之一,不断侵害着投资者的合法权益,已成为各国证券监管机构重点规制的对象。尽管内幕交易民事责任制度已正式引入我国,但我国证券相关法律对内幕交易民事赔偿标准未作出具体规定,缺乏可操作性,受害投资者依旧难以寻求民事救济,以至于到目前为止,我国尚无一例胜诉的内幕交易民事赔偿诉讼案件。因此,对内幕交易民事赔偿标准问题进行研究意义重大,本文就试图对该问题进行探讨。第一章对内幕交易民事赔偿标准所涉及的一些基本问题进行了论述。分析内幕交易民事赔偿主体资格,对权利人及义务人进行了界定,明确了内幕交易民事赔偿范围仅限于受害投资者受到的财产损害、实际损害和直接损害,认为应以实际损失为基础,以非法所得为限额,以惩罚性赔偿为补充来确定民事赔偿数额,内幕交易民事赔偿因果关系的认定采取推定因果关系的方式。第二章介绍了内幕交易损害赔偿的五种计算方法,即直接损失法、毛损益法、返还不当得利法、重新卖出价格法和补进法,并用中山公用案的相关数据将这些方法具体化。通过理论的分析和实践的验证提出不同计算方法的设计对我国立法的借鉴,应当意识到不同的计算方法都是优劣并存的,在具体适用时这些方法可能存在冲突,以及不同计算方法设计体现出不同的思考进路。第三章分别对美国、日本和我国台湾地区的内幕交易民事赔偿标准进行了论述,进而加以比较分析,最终得出对我国的借鉴,具体包括赔偿权利人范围应合理设计、内幕交易民事赔偿制度中补偿性和惩罚性可以共存、要科学抉择损害赔偿计算方法、借鉴域外经验必须立足国情。第四章在前三章的基础上对我国内幕交易民事赔偿标准进行了建构,是本文的重点也体现出了一些创新性。着重对惩罚性赔偿的建构提出设想,建议将其设置为受害投资者损失的3倍,并根据发展的需求适时进行调整。针对内幕交易损害赔偿计算方法创造性地提出了类型化划分的构想,主要论述了类型化的依据,怎样做到一类型一标准,基于第一类方法直接损失法相对来说更适合于我国当前的证券市场,可以考虑将其作为主导其他两类作为有效补充来建构我国的内幕交易损害赔偿计算方法,希望对促进证券市场的健康发展有参考价值。
[Abstract]:Insider trading, as one of the three major cancer that endangers the securities market, is constantly infringing on the legitimate rights and interests of investors. Although the civil liability system of insider trading has been formally introduced into our country, the civil compensation standard of insider trading has not been specified in the relevant securities laws of our country. Lack of maneuverability, victimized investors still find it difficult to seek civil remedies, so far, there is no successful case of civil compensation for insider trading cases in China. It is of great significance to study the civil compensation standard of insider trading. The first chapter discusses some basic problems involved in the civil compensation standard of insider trading, analyzes the qualifications of civil compensation subjects of insider trading, and defines the obligee and obligor. It is clear that the scope of civil compensation for insider trading is limited to the property damage, actual damage and direct damage suffered by the aggrieved investors, which should be based on the actual loss and limited by the illegal income. Taking punitive damages as supplement to determine the amount of civil damages, the determination of causality of civil damages in insider trading adopts the way of presumption of causality. The second chapter introduces five calculation methods of insider trading damages, namely, direct loss method, gross profit and loss method, return improper profit method, resale price method and compensation method. Using the relevant data of Zhongshan Public case to concretize these methods, through theoretical analysis and practical verification, the design of different calculation methods is proposed for reference to the legislation of our country. It is necessary to realize that different calculation methods are both good and bad, that there may be conflicts between these methods when they are applicable, and that different calculation methods are designed to reflect different ways of thinking. The third chapter respectively discusses the civil compensation standards of insider trading in the United States, Japan and Taiwan, and then makes a comparative analysis, and finally draws a reference for our country. The scope of compensation right owner should be reasonably designed and the compensatory and punitive nature can coexist in the civil compensation system of insider trading. In order to scientifically choose the calculation method of damage compensation and draw lessons from overseas experience we must base ourselves on the national conditions. On the basis of the first three chapters, Chapter 4th constructs the civil compensation standard of insider trading in China, which is the focus of this paper and reflects some innovation, and puts forward some tentative ideas on the construction of punitive damages. It is suggested that it should be set up as three times of the losses of the injured investors and adjusted according to the needs of the development in due time. According to the calculation method of insider trading damage compensation, the conception of classification is put forward creatively. This paper mainly discusses the basis of typology, how to achieve a type one standard, based on the first method of direct loss method is relatively more suitable for the current securities market in China. It can be considered as the leading other two types as an effective supplement to construct the calculation method of insider trading damages in China, hoping to promote the healthy development of the securities market has a reference value.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287;D923

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