证券内幕交易规制范围确定的内在逻辑  

The Internal Logic of Determining the Scope of Regulation on Securities Insider Trading

作　　者：李激汉 LI Ji-han

机构地区：[1]江苏师范大学法学院

出　　处：《北方法学》2022年第4期93-104,共12页Northern Legal Science

基　　金：教育部人文社会科学规划基金项目“注册制背景下证券法公共执法与私人诉讼动态平衡实现机制研究”(16YJA820027)的后期成果

摘　　要：证券内幕交易规制范围确定的逻辑起点在于经济价值判断。应通过引入机会成本概念进行制度选择分析,强调禁止内幕交易行为是因为替代性制度在经济效果上“更优”,而不是直接认定行为本身无价值。在实施替代性制度的背景下,禁止内幕交易行为的道义标准仍然是规制范围确定的基础。总体上应摒弃客观行为违反“信息绝对平等”或者“信息平等获取”等令人误解之观念,根据内幕信息“获取”来源和“利用”用途区分不同的道义判断标准。内幕交易规制范围确定的逻辑终点是贯彻禁止内幕交易的道义标准而选择合适的规制路径和方法。我国应该选择折衷路径确定内幕交易的规制范围,并根据“利益冲突”和“非法获取”两个具体行为认定标准来具体执行。厘清证券内幕交易规制范围确定的内在逻辑,有利于理解现行立法不断扩展规制范围的共同趋势,也可为构建本土规制理论奠定基础。The logical starting point for determining the scope of securities insider trading regulation is economic value judgment.In view of the long-term debate on the economic value of behavior in academic circles,we should introduce the concept of opportunity cost to analyze the system choice,and emphasize the prohibition of insider trading behavior is because the alternative system is“better”in economic effect,rather than directly determining that the behavior itself is worthless.In the context of implementing an alternative system,the moral standard against insider trading remains the basis for determining the scope of regulation.In general,the misleading notions that objective behavior violates“absolute equality of information”or“equal access to information”should be abandoned,and different moral judgment standards should be distinguished according to the source of“obtaining”and“usage”of inside information.The logical end point for determining the scope of securities insider trading regulation is to implement the moral standard of prohibiting insider trading and choose the appropriate path and method.China should choose the“compromise”path to determine the scope of insider trading behavior regulation,and implement it according to the two specific behavior identification standards of“conflict of interest”and“illegal acquisition”.Clarifying the inner logic of determining the scope of regulation on securities insider trading is conducive to understanding the common trend of the current legislation expanding the scope of regulation,and can also lay the foundation for the construction of local regulatory theories.

关 键 词：内幕交易 规制范围 内在逻辑 

分 类 号：D922.287[政治法律—经济法学]