内幕交易惩罚性赔偿制度的构造原理与现实选择  

Structural Principles and Realistic Choices in Punitive Compensation for Insider Trading

作　　者：邢会强[1] 

机构地区：[1]中央财经大学法学院,教授北京100081

出　　处：《中国社会科学》2018年第4期89-108,共20页Social Sciences in China

基　　金：北京市社会科学基金重点项目(项目批准号15FXA008);中央高校基本科研业务费专项资金;中央财经大学2016年度"青年英才"培育支持计划的资助

摘　　要：在证券市场内幕交易领域实行惩罚性赔偿制度有其合理性,惩罚性赔偿数额为惩罚基准与惩罚倍数的乘积。当违法者的收益大于或等于其给受害者造成的损失时,内幕交易的惩罚基准应该是违法者的收益。只有当违法者的收益小于其给受害者造成的损失时,内幕交易的惩罚基准才能是受害者的损失。而内幕交易的惩罚倍数有两种确定方式:根据原告举证的被告逃脱惩罚的概率来确定或直接由法律推定。法律推定宜规定一个固定的倍数,但它仅为"默认选项",可以被当事人的举证所推翻。《证券法》在内幕交易领域引入惩罚性赔偿制度是必要的,这有利于对违法违规者形成威慑压力,减少内幕交易等违法违规行为,增强投资者对我国资本市场的信心,助力我国证券市场法治化的进程。There is a rational basis for implementing apunitive compensation system in insider trading in the securities market.The amount of punitive compensation should be the product of the baseline penalty and the penalty multiple.When the offender’s gain is greater than or equal to the loss caused to the victim,the baseline penalty for insider trading should be what the offender gained.Only when the offender’s gain is less than the loss caused to the victim can the baseline penalty for insider trading be the loss suffered by victim.The penalty multiple for insider trading can be determined in two ways:either in the light of the probability attested by the plaintiff that the accused will escape punishment or directly through a legal presumption.The legal presumption should specify a fixed multiple,but this multiple is only a "default option" that can be overridden by the parties’evidence.The Securities Law needs to introduce a punitive compensation system into the field of insider trading.To do so will be conducive to deterring delinquents who break the law and contravene regulations and will reduce insider trading and other violations,strengthening investors’ confidence in China’s capital market and assisting the progress of the rule of law in the Chinese securities market.

关 键 词：内幕交易 惩罚性赔偿 成本内化法 证券法修改 

分 类 号：D922.287[政治法律—经济法学]