本文選題：內(nèi)幕交易 + 泄露內(nèi)幕信息　； 參考：《南京大學(xué)》2014年碩士論文

【摘要】：證券市場是市場經(jīng)濟資本籌集與配置的主要場所之一,與國民經(jīng)濟趨勢的緊密聯(lián)系,被稱之為“經(jīng)濟晴雨表”。我國證券市場在伴隨宏觀經(jīng)濟迅猛發(fā)展的同時,內(nèi)幕交易、泄露內(nèi)幕消息等違法犯罪行為日益猖獗,嚴(yán)重擾亂證券市場正常秩序,侵害廣大公眾投資者的合法權(quán)益。內(nèi)幕交易犯罪天然具有專業(yè)性、復(fù)雜性,加之相關(guān)犯罪分子一般具有地位、財富及權(quán)力方面的優(yōu)勢地位,監(jiān)管部門查處起來困難重重,因而開始采取更多有力措施來打擊內(nèi)幕交易。在實踐中,如何準(zhǔn)確有效認(rèn)定是否屬于內(nèi)幕交易,一直是監(jiān)管部門工作的難點,也是司法審判工作中控辯雙方爭論的焦點。2012年3月29日,最高人民法院、最高人民檢察院(以下簡稱“最高院、最高檢”)聯(lián)合發(fā)布《關(guān)于辦理內(nèi)幕交易、泄露內(nèi)幕信息刑事案件具體應(yīng)用法律若干問題的解釋》(以下簡稱《內(nèi)幕交易解釋》),便旨在有效解決這一難題。該司法解釋第三條采用“刑事推定”的證明方法,以“相關(guān)交易行為明顯異常”等諸多特征來推定犯罪嫌疑人是否從事內(nèi)幕交易行為。此解釋一出,便引發(fā)了廣泛討論,實務(wù)界與理論界意見不一,甚至嚴(yán)重對立。本文除引言與結(jié)語之外,共分為六個部分：第一,內(nèi)幕交易的內(nèi)涵與特征。本文將扼要介紹內(nèi)幕交易的實質(zhì)、核心以及作為犯罪形式而言的諸多特征,揭示查處與認(rèn)定內(nèi)幕交易的困難所在,從而引出認(rèn)定內(nèi)幕交易的重要方式,即內(nèi)幕交易刑事推定。第二,內(nèi)幕交易刑事推定的基本概念。本文將簡要介紹內(nèi)幕交易犯罪刑事推定的基本含義、存在基礎(chǔ)(哲學(xué)、實踐及社會基礎(chǔ)三個方面),并指出其對于打擊內(nèi)幕交易犯罪的價值所在。第三,內(nèi)幕交易刑事推定的構(gòu)成要件。筆者將對內(nèi)幕交易刑事推定的構(gòu)成要件一一解析,針對其疑點難點重點闡述詮釋,以便實踐中的正確適用。第四,內(nèi)幕交易刑事推定在實踐中存在的潛在問題與挑戰(zhàn)。刑事推定在內(nèi)幕交易認(rèn)定中的適用并非總是恰當(dāng)?shù)?相反它面臨著諸多的問題與質(zhì)疑,例如程序上的,實體法上的,法理上的等等,筆者將結(jié)合具體的案例逐一進(jìn)行揭示。第五,域外諸國內(nèi)幕交易相關(guān)法律比較。筆者將列出主要發(fā)達(dá)國家和地區(qū)在認(rèn)定內(nèi)幕交易時所采取的種種措施與規(guī)則,指出他們的差異與融合趨勢,并總結(jié)目前內(nèi)幕交易法律規(guī)制的發(fā)展趨勢與前景,努力尋找對我國內(nèi)幕交易認(rèn)定的有益借鑒。第六,關(guān)于完善內(nèi)幕交易認(rèn)定的建議。筆者將針對于第四部分的所提出的問題與質(zhì)疑,結(jié)合對于域外法律的借鑒與研究,從而提出對我國內(nèi)幕交易認(rèn)定的建議。建議主要分為(1)實體法上建立一般性認(rèn)定原則；(2)程序法上對全過程(從發(fā)起到抗辯到認(rèn)定)予以細(xì)化：(3)引入專家委員會,提高內(nèi)幕交易認(rèn)定的專業(yè)性；(4)借鑒美國有益經(jīng)驗,適當(dāng)考慮引入辯訴交易制度,有效維護投資者利益。
[Abstract]:The securities market is one of the main places for raising and allocating capital in the market economy, which is closely related to the trend of the national economy and is called "economic barometer". Along with the rapid development of macro economy, the illegal and criminal activities such as insider trading and leaking insider information are increasingly rampant, which seriously disturb the normal order of the securities market and infringe upon the legitimate rights and interests of the public investors. Insider trading crime is naturally professional, complex, and related criminals generally have a status, wealth and power advantages, regulatory authorities to deal with difficulties to deal with a lot of difficulties. So began to take more effective measures to crack down on insider trading. In practice, how to accurately and effectively identify whether insider trading is part of the work of the regulatory authorities has been a difficult point, and is also the focus of argument between the prosecution and the defense in the judicial work. On March 29, 2012, the Supreme people's Court, the Supreme people's Court, The Supreme people's Procuratorate (hereinafter referred to as "the Supreme people's Court, Supreme Procuratorate") jointly issued "on insider trading," Explanation of several problems in the Application of Law in Criminal cases of leaking Insider Information. (hereinafter referred to as "Insider Trading explanation"), the purpose is to solve this problem effectively. The third article of the judicial interpretation uses the method of "criminal presumption" to prove whether the criminal suspect is engaged in insider trading. As soon as this explanation comes out, it leads to extensive discussion, and there are different opinions and even serious antagonisms between the practical and theoretical circles. In addition to the introduction and conclusion, this paper is divided into six parts: first, the connotation and characteristics of insider trading. This paper will briefly introduce the essence, core and many characteristics of insider trading as a form of crime, and reveal the difficulties in investigating and identifying insider trading, thus leading to an important way to identify insider trading, that is, criminal presumption of insider trading. Second, the basic concept of criminal presumption of insider trading. This paper will briefly introduce the basic meaning of criminal presumption of insider trading crime, the existence basis (philosophy, practice and social basis), and point out its value in cracking down on insider trading crime. Thirdly, the constitution of criminal presumption of insider dealing. The author will analyze the constitutive elements of criminal presumption of insider trading one by one, focusing on its doubtful points and difficulties, so as to correctly apply in practice. Fourth, the potential problems and challenges of criminal presumption of insider trading in practice. Criminal presumption is not always appropriate in the determination of insider trading, on the contrary, it faces many problems and challenges, such as procedural, substantive law, legal theory and so on. Fifth, the comparison of relevant laws of insider trading in foreign countries. The author will list the measures and rules adopted by major developed countries and regions in identifying insider trading, point out their differences and trends of integration, and sum up the development trend and prospects of the legal regulation of insider trading at present. Try hard to find the beneficial reference to our country insider trading cognizance. Sixth, on the improvement of insider trading identification recommendations. The author will aim at the questions and questions raised in the fourth part, combine with the reference and research of the extraterritorial law, and then put forward some suggestions on the confirmation of insider trading in our country. The proposal is mainly divided into two parts: 1) establishing a general principle of cognizance in substantive law and 2) introducing a committee of experts in procedural law to refine the whole process (from initiation to defense to confirmation) to improve the professionalism of insider trading identification) and to draw lessons from the beneficial experience of the United States. Appropriate consideration should be given to the introduction of plea bargaining system to effectively safeguard the interests of investors.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D924.3

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