论内幕交易法律规制的核心逻辑——基于公司治理与证券监管的双重面向  

On the Core Logic of Legal Regulation of Insider Trading——Based on the dual orientation of corporate governance and securities regulation

作　　者：史佳欣[1,2] SHI Jia-xin(Yan＇an University, Yan＇an 716000/Law School, Renmin University of China, Beijing 100872 Chin)

机构地区：[1]延安大学政法学院,陕西延安716000 [2]中国人民大学法学院,北京100872

出　　处：《河北法学》2018年第4期127-140,共14页Hebei Law Science

摘　　要：内幕交易是证券市场违法行为中内部机理最为复杂的类型,由于其与虚假陈述及市场操纵存在不同的假设前提,因此在本质定性、责任认定、因果关系证明等方面均存在争议,成为当今世界各国证券监管中最为棘手的问题。同时,内幕交易之核心构成要件——内幕信息,多源自于公司内部,反映传统内幕人对发行公司信赖义务的违反及公司对信息的管控程度,成为衡量公司内部治理水平的重要指标。因此,内幕交易法律规制具有公司治理与证券监管的双重面向,惟有在对这一核心逻辑充分论证的前提下,展开内外层面结合的防范与救济,才能形成有效的法律规制体系并实现良好法律实践效果。Insider trading is the most complicated type of internal mechanism in the illegal acts of securities market. Because of its different assumptions with false statements and market manipulation, there are some controveries in the nature of quality,responsibility,causality and so on. Thus,the most difficult issue in the field. At the same time,the core elements of insider trading insider information are from the inside of the company,reflecting the insider on the issuance of corporate trust obligations and corporate control of the degree of information,being a measure of internal control of the company an important indicator. Therefore, the legal regulation of insider trading has the dual aspects of corporate governance and securities supervision. Only in the premise of fully demonstrating this core logic,carrying out the prevention and relief of internal and external level,is it possible for effective legal regulation system and good legal practice effect to be realized.

关 键 词：内幕交易 公司治理 证券监管 信赖义务 信息披露 

分 类 号：DF438[政治法律—经济法学]