我国证券内幕交易法律规制研究

发布时间：2018-03-14 04:47

本文选题：证券市场　切入点：内幕交易　出处：《天津财经大学》2011年硕士论文　论文类型：学位论文

【摘要】：我国证券市场经过二十多年的发展,逐步融入到中国实体经济运行之中。与此同时,由于市场信息透明度不高、市场制度还不完善等原因,暴露出了许多问题,其中内幕交易的问题更为严重。内幕交易行为的屡禁不止尤其引人注目。随着股权分置改革的成功,全流通时代真正来临。由于上市公司的控股股东所持有的股份成为流通股,控股股东为了在二级市场上谋取更大的利益,他们可能进行内幕交易和市场操纵。作为证券市场的一种伴生现象,证券内幕交易普遍存在于世界各国的证券市场,对其进行研究有重要意义。内幕交易作为一种证券投机行为、交易欺诈行为、不公平竞争行为,其构成要件包括内幕信息、内幕人员以及利用内幕信息的行为三部分。其中,内幕信息必须符合未公开性、重大性两个构成要件,内幕人员包括传统内幕人、临时内幕人员和消息受领人；内幕交易包括利用、泄露以及建议他人买卖证券三种行为样态。通过对比我国与西方成熟的资本市场的内幕交易规制制度,不难发现中国在内幕交易监管方面存在许多不足,相关的法律法规中存在着疏漏,急待完善,监管的手段与执法力度也需要大力加强。如证券内幕交易界定不合理、行政规制效率低下、自律组织缺失、监管机构缺乏监督、信息披露制度不完善以及民事赔偿制度缺位等是我国证券内幕交易监管体系的不足之处。目前,我国证券立法和证券法律理论缺仍相对落后,内幕交易规制仍有许多不足之处,如：相关理论和法律规定的欠缺、预防制度设计方面的缺陷、内幕交易民事责任的缺位和执法行动仍较迟缓等。本文在针对我国内幕交易规制不足的基础上提出应明确内幕交易行为的构成要件,如扩大内幕人员的范围,进一步界定内幕信息认定标准等。内幕交易责任的明确和追究是对受害人权利保护的必要措施,也是打击内幕交易的重要手段,鉴于此,本文提出了完善内幕交易责任的构成要件、提升内幕交易执法水平和建立内幕交易的民事救济机制等完善我国内幕交易规制的建议。
[Abstract]:After more than 20 years of development, China's securities market has gradually been integrated into the real economy of China. At the same time, due to the lack of transparency of market information and imperfect market system, many problems have been exposed. The problem of insider trading is even more serious. The repeated prohibition of insider trading is particularly noticeable. With the success of the split share structure reform, the era of full circulation has really come. Since the shares held by the controlling shareholders of listed companies become tradable shares, In order to obtain greater benefits in the secondary market, controlling shareholders may engage in insider trading and market manipulation. As an accompanying phenomenon in the securities market, insider trading of securities generally exists in the securities markets of various countries in the world. As a kind of securities speculation, trading fraud and unfair competition, the elements of insider trading include insider information, insider personnel and the behavior of using inside information. Insider information must meet the two constitutive requirements of non-disclosure and materiality. Insider personnel include traditional insiders, temporary insiders and recipients of information; insider trading includes the use of, By comparing the insider trading regulations of China with those of the western mature capital markets, it is not difficult to find that there are many deficiencies in the regulation of insider trading in China. In the relevant laws and regulations, there are omissions, urgent need to be improved, the means of supervision and law enforcement also need to be strengthened. For example, the definition of securities insider trading is unreasonable, the efficiency of administrative regulation is low, the self-discipline organization is missing, and the supervision organization lacks supervision. The imperfection of information disclosure system and the absence of civil compensation system are the shortcomings of China's securities insider trading supervision system. At present, China's securities legislation and securities legal theory is still relatively backward, insider trading regulation still has many shortcomings, such as: the lack of relevant theory and legal provisions, the defects of the design of prevention system. The absence of civil liability for insider trading and enforcement actions are still relatively slow. Based on the inadequate regulation of insider trading in China, this paper proposes that the constitutive elements of insider trading should be clarified, such as expanding the scope of insider trading. Further defining the criteria for the identification of insider information, etc. The clarity and accountability of insider trading responsibilities is an essential measure to protect the rights of victims and an important means to combat insider trading. In view of this, This paper puts forward some suggestions to perfect the regulation of insider trading in our country, such as perfecting the constitutive elements of the liability of insider trading, improving the law enforcement level of insider trading and establishing the civil remedy mechanism of insider trading.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287

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