發(fā)布時間：2018-03-14 04:47

  本文選題：證券市場　切入點：內(nèi)幕交易　出處：《天津財經(jīng)大學(xué)》2011年碩士論文　論文類型：學(xué)位論文

【摘要】：我國證券市場經(jīng)過二十多年的發(fā)展,逐步融入到中國實體經(jīng)濟(jì)運行之中。與此同時,由于市場信息透明度不高、市場制度還不完善等原因,暴露出了許多問題,其中內(nèi)幕交易的問題更為嚴(yán)重。內(nèi)幕交易行為的屢禁不止尤其引人注目。隨著股權(quán)分置改革的成功,全流通時代真正來臨。由于上市公司的控股股東所持有的股份成為流通股,控股股東為了在二級市場上謀取更大的利益,他們可能進(jìn)行內(nèi)幕交易和市場操縱。作為證券市場的一種伴生現(xiàn)象,證券內(nèi)幕交易普遍存在于世界各國的證券市場,對其進(jìn)行研究有重要意義。內(nèi)幕交易作為一種證券投機(jī)行為、交易欺詐行為、不公平競爭行為,其構(gòu)成要件包括內(nèi)幕信息、內(nèi)幕人員以及利用內(nèi)幕信息的行為三部分。其中,內(nèi)幕信息必須符合未公開性、重大性兩個構(gòu)成要件,內(nèi)幕人員包括傳統(tǒng)內(nèi)幕人、臨時內(nèi)幕人員和消息受領(lǐng)人；內(nèi)幕交易包括利用、泄露以及建議他人買賣證券三種行為樣態(tài)。通過對比我國與西方成熟的資本市場的內(nèi)幕交易規(guī)制制度,不難發(fā)現(xiàn)中國在內(nèi)幕交易監(jiān)管方面存在許多不足,相關(guān)的法律法規(guī)中存在著疏漏,急待完善,監(jiān)管的手段與執(zhí)法力度也需要大力加強(qiáng)。如證券內(nèi)幕交易界定不合理、行政規(guī)制效率低下、自律組織缺失、監(jiān)管機(jī)構(gòu)缺乏監(jiān)督、信息披露制度不完善以及民事賠償制度缺位等是我國證券內(nèi)幕交易監(jiān)管體系的不足之處。 目前,我國證券立法和證券法律理論缺仍相對落后,內(nèi)幕交易規(guī)制仍有許多不足之處,如：相關(guān)理論和法律規(guī)定的欠缺、預(yù)防制度設(shè)計方面的缺陷、內(nèi)幕交易民事責(zé)任的缺位和執(zhí)法行動仍較遲緩等。本文在針對我國內(nèi)幕交易規(guī)制不足的基礎(chǔ)上提出應(yīng)明確內(nèi)幕交易行為的構(gòu)成要件,如擴(kuò)大內(nèi)幕人員的范圍,進(jìn)一步界定內(nèi)幕信息認(rèn)定標(biāo)準(zhǔn)等。內(nèi)幕交易責(zé)任的明確和追究是對受害人權(quán)利保護(hù)的必要措施,也是打擊內(nèi)幕交易的重要手段,鑒于此,本文提出了完善內(nèi)幕交易責(zé)任的構(gòu)成要件、提升內(nèi)幕交易執(zhí)法水平和建立內(nèi)幕交易的民事救濟(jì)機(jī)制等完善我國內(nèi)幕交易規(guī)制的建議。
[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.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：D922.287

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