中国资本市场20年内幕交易行为案例综述  

A Case Summary of 20 Years Insider Trading Behavior in China's Capital Market

作　　者：彭志[1] 肖土盛[2] 赵园 

机构地区：[1]对外经济贸易大学金融学院,北京100033 [2]中央财经大学会计学院,北京100081 [3]中央财经大学信息学院,北京100081

出　　处：《财经研究》2017年第12期100-120,152,共22页Journal of Finance and Economics

基　　金：国家自然科学基金项目(71402197);中央高校基本科研业务费专项资金;中央财经大学科研创新团队支持计划项目的资助

摘　　要：文章对1994-2015年中国证券监管机构和司法机关查处的内幕交易案件的特征进行了档案式归纳分析。研究发现,中国资本市场内幕交易案件呈现以下特点:(1)对内幕交易的处罚以行政处罚为主,民事赔偿基本处于缺位状态。(2)内幕交易违规主体以法定内幕人为主,但有向非法定内幕人扩散的趋势,且呈现裙带化、复杂化、公职化等特点;并购重组领域仍是内幕交易发生的"重灾区";内幕交易的利益驱动力强,违法获利金额高。(3)内幕交易稽查执法力度不断增强,案件办理效率显著提升,但内幕交易处罚力度偏轻,威慑力不强。(4)从时间序列上看,不同时期的执法环境不同,执法效果也不同,但整体的内幕交易执法力度和效率均呈快速上升态势。此外,随着我国证券市场的发展,内幕交易的具体行为模式不断发生变化并呈现出新特点、新趋势,这对内幕交易行为监管提出了新挑战。因此,文章还深入剖析了两类具有代表性的新型内幕交易行为的特点,并提出了相应的监管对策。After more than 20 years of development, China＇s capital market basically integrates with the developed capital markets in the aspects such as institutional arrangement, trading rules and regulatory methods, but has been plagued by insider trading, stock manipulation and other illegal acts. Learning from the regulatory experience of developed capital markets, to crack down on insider trading will continue to be the focus of China＇s securities regulators for a long time. With further development of China＇s capital market, specific insider trading behaviors are becoming more complex and hidden, which is bound to require that the regulatory approaches should also be constantly adjusted to meet insider trading regulatory requirements. Thus, this paper analyzes the characteristics of insider trading cases investigated and dealt with in the past two decades of China＇s capital market, trying to reveal general characteristics and trends of insider trading behavior, and to provide empirical supports for regulatory authorities to effectively prevent and guard against insider trading. Based on the 196 insider trading cases investigated and dealt with by Chinese securities regulators and judicial authorities from 1994 to 2015, this paper analyzes and sums up general characteris- tics and trends of cases in three dimensions, namely insider trading legal liability types, insider trading violation characteristics and insider trading supervision characteristics. This paper shows that insider trading cases present the following features： firstly, punishment of insider trading is mainly punishable by administrative penalty, and civil compensation is basically rare; secondly, insider traders are mainly legal insiders, while there is a tendency to spread to non-legal insiders, and show the phenomenon of cronyism, complication of personal identity and more public officials; insider trading mainly occurs in the activities of mergers and acquisitions; the interests of insider trading are huge, and related illegal profits ar

关 键 词：内幕交易 内幕信息 内幕交易监管 

分 类 号：F830.9[经济管理—金融学]