论利用未公开信息交易罪法定刑的设置及适用  

The Setting and Application of the Legal Penalty for the Crime of Trading on Undisclosed Information

作　　者：刘宪权[1] 

机构地区：[1]华东政法大学,上海200042

出　　处：《现代法学》2016年第5期104-114,共11页Modern Law Science

基　　金：2014年度国家社科基金重大项目"涉信息网络违法犯罪行为法律规制研究"(14DB147)

摘　　要：从司法解释层面反思利用未公开信息交易罪法定刑问题,并通过法律与经济角度对利用未公开信息交易的行为实质进行深度分析,能够有效化解下级法院既有判例体系与最高法院判例结论之间的冲突,并为金融市场犯罪刑法司法解释提供符合法律与金融原理双重检验的司法规则完善建议。利用未公开信息交易罪与内幕交易、泄露内幕信息罪具有不同的经济机理,前者不能参照内幕交易犯罪司法解释规定的数额标准。基于对现有利用未公开信息交易行政处罚、刑事判例的实证分析,建议将利用未公开信息交易罪"情节严重""情节特别严重"的核心数额标准以"累计交易量"或"非法获利数额"分别重新加以设定。The essay reflects on the penalty in Article 180 of China＇ s Criminal Law from the judicial interpretation perspective and critically analyzes the essence of trading on undisclosed information crime from the legal and economic perspective. The ideas of the essay can effectively resolve the conflict between the lower courts＇ existing case law system and the Supreme People＇ s Court＇ s judgment. Also, the author provides improving suggestions on judicial interpretation about financial crimes that can be double-checked by legal and fi- nancial principles. Trading on undisclosed information crime has different economic mechanism between that of the insider trading crime, therefore the two crimes shall not apply to the same amount standard. Based on the current empirical analysis of administrative punishment and criminal cases, the essay suggests that judicial interpretations should reset the amount standard of ＂serious＂ and ＂especially serious＂ in Article 180 to ＂cumulative transactions＂ and ＂the volume of illegal gains＂.

关 键 词：利用未公开信息交易罪 司法解释 法定刑 法律与经济分析 经济机理 

分 类 号：D924[政治法律—刑法学]