从法律责任视角论证券市场内幕交易行为监管  

The Supervision of Insider Trading Behavior in Securities Market from the Perspective of Legal Liability

作　　者：崔金珍[1] Cui Jinzhen

机构地区：[1]天津财经大学法学院,天津300202

出　　处：《法学杂志》2018年第6期85-94,共10页Law Science Magazine

基　　金：天津财经大学"研究生科研资助计划"(编号:2017TCS08)资助

摘　　要：证券市场被誉为"国民经济的晴雨表",一直以来对于优化资源配置起着重要的作用。但是近年来我国证券市场上出现的一些异常交易行为——以内幕交易为代表,严重影响着证券市场的交易秩序和资本市场的健康有序发展。当前的内幕交易已然衍生为信息、资本与权力的结合体,且内幕交易主体呈现出群体化、复杂化的特点,行为方式亦向多样化发展,存在内幕信息的确定标准不一、对于内幕交易的监管不到位以及责任设定不严谨等问题。对于内幕交易的监管,不能局限于以行政处罚与刑事处罚为主,应以公私法并用结合司法救济的模式保护投资者的合法利益,完善民事责任的有关内容,借鉴其他国家的先进经验,设立一套严格的事前预防和事后处罚体系,更加高效地实施监管。The securities market is known as the ＂barometer of the national economy＂and has always played an important role in optimizing the allocation of resources. However,in recent years,some abnormal trading behaviors in the securities market,represented by insider trading,have seriously affected the trading order in the securities market and the healthy and orderly development of the capital market. The current insider trading has evolved into a combination of information,capital,and power,and the insider trading subjects have been characterized by grouping and complication. The behavioral methods have also diversified. The criteria for determining insider information are not the same. For insider trading,inadequate supervision and rigorous accountability are not the only issues. The regulation of insider trading cannot be limited to administrative penalties and criminal penalties. It should be based on public and private law combined with judicial relief to protect the legitimate interests of investors and improve the content of civil liability. Advanced experience,set up a strict pre-prevention and post-punishment system,and implement supervision more efficiently.

关 键 词：证券市场 内幕交易 内幕信息 内幕交易监管 

分 类 号：D922.287[政治法律—经济法学]