内幕信息重大性标准探讨  

Research on Materiality Standard of the Insider Information

作　　者：李有星[1] 徐鹏炯 

机构地区：[1]浙江大学光华法学院,浙江杭州310008 [2]厦门大学法学院,福建厦门361000

出　　处：《浙江大学学报（人文社会科学版）》2017年第3期168-182,共15页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：国家社科基金重点项目(15AFX016);浙江省社科规划优势学科重大课题(14YSXK01ZD);温州大学金融综合改革协同创新中心资助项目"民间金融监管协调机制的模式创新研究"

摘　　要：随着我国资本市场的迅速发展,自20世纪90年代开始打击内幕交易以来,不同法律规范对内幕信息定义中的首要因素——重大性的规定越来越混乱,尤其体现在具体如何选择理性投资者标准和价格敏感性标准、对证券价格"可能影响"和"实际影响"及其列举的方式与项目方面。通过比较法视野下抽象式、列举式和综合式三种立法方式的分析,结合我国现有法律框架和具体国情,建议兼采价格敏感性标准和理性投资者标准;明确主观敏感性标准;完善内幕信息列举事项,包括科学分类和改进已有的内幕信息事项,从立法上加以明确与改善。Along with the rapid development of capital market in China, the standard of materiality, the primary factor in the definition of insider information, has increasingly reflects the confusion in different legal norms since the crackdown on insider trading in the 1990s, and the confusion apparently caused the difficulty of Legislation and application in practice. The problems include how to choose the Reasonable Investors Decision-making Standard （RIDS） or Price Sensitivity Standard（PSS）, how to define the price of the securities ＂may＂ be effected or ＂actually＂ being effected, and how to make clear the way and the projects in enumeration etc. Through the analysis based on the three legislative modes, including the abstract type （RIDS and PSS）, enumeration type and comprehensive type, and considering the context of the current legal framework and actualconditions of China, these problems are proposed to be solved from thefollowing three highly different aspects. Firstly, we should combine the RIDS and PSS. These two standards seem but actually share some deep connections. On the one hand, with the disclosure of information, the reasonable investors will make decisions after analyzing information, and the decisions will affect the price, then the price will also affect the decision-making. Investment decisions and price volatility are of the same essence at different levels and different stages; On the other hand, there is inherent defects in applying no matter which standard alone. From a global perspective, whether in the United States, or in the EU, integration of RIDS and PSS has become a trend. Secondly, clarify Subjective Sensitivity Standard. The 75th article in securities law -- ＂have a material influence on the price of the securities＂ should be interpreted into ＂may have a material influence on the price of the securities,＂ and this is consistent with literal interpretation and system interpretation. According to the real cases and punishment that Securities Regulatory Commission

关 键 词：内幕交易 内幕信息 重大性 价格敏感性标准 理性投资者标准 综合式立法 证券价格 

分 类 号：D922.287[政治法律—经济法学]