公平交易理论下内幕交易受害投资者司法救济  

Study on Judicial Relief for Victims of Insider Dealings on the Basis of Fair Deal Theory

作　　者：王林清[1] 

机构地区：[1]最高人民法院

出　　处：《中外法学》2017年第3期758-779,共22页Peking University Law Journal

摘　　要：内幕交易受害投资者司法救济制度构建的前提,是对内幕交易与投资者损害之间法律关系的合理阐释。内幕交易既未侵害投资者知情权,也没有对其投资决策造成误导,因此不属于欺诈行为,反欺诈理论的事实基础并不准确。就危害实质而言,内幕交易属于使用非法信息优势的不公平交易行为,侵害了交易对手依据平等决策基础和相同成败机会进行公平交易的合法权益。依据公平交易理论,内幕交易损害赔偿请求权人应当被界定为与内幕交易时间完全一致的善意反向交易者,其有权获得的赔偿数额为实际买入和卖出相关证券的价格差额,同时应以内幕交易人的违法所得数额为限。The precondition of setting dealings is whether we could reasonably up a judicial relief system for victimized investors of insider interpret the relations between insider dealings and investors＇ damages. Insider dealing is neither encroached upon the right to know of investors, nor is it misleading investors in their investment decisions, therefore it is not a fraud, which means the factual basis on anti --fraud theory is inaccurate. With regard to the harmfulness of insider dealings, it is actually an unfair dealing of utilizing advantages of unlawful information, which infringes the dealing rights and interests to a fair deal in the light of equal decision making basis and even c party＇ s legitimate hance of success or failure. In accordance with the fair deal theory, the party with the right of action for the recovery of dam ages from insider dealings should be defined as those in the reversing trade during the exact time of insid- er dealings, who are entitled to claim damages for an amount of the spread between buying and selling prices of related securities, without exceeding the upper limits of the insider dealers＇ illegal gains.

关 键 词：内幕交易 投资者 救济 公平交易 

分 类 号：D922.287[政治法律—经济法学]