上市公司并购重组中内幕交易规制问题探析——以日本证券立法为视角  

On the regulation of insider trading in M&A and reorganization of listed companies:From the perspective of Japanese securities legislation

作　　者：王为雄 WANG Weixiong(School of Law,Fujian Jiangxia University,Fuzhou 350108,China)

机构地区：[1]福建江夏学院法学院,福州350108

出　　处：《浙江理工大学学报（社会科学版）》2021年第4期432-439,共8页Journal of Zhejiang Sci-Tech University：Social Sciences

摘　　要：上市公司并购重组过程中内幕交易行为一直是证券市场监管的重要问题。对此,新《证券法》也在监管规则上作出了较大幅度的调整。为了探讨如何以法律规制的方式有效防控与遏制这一行为,首先剖析了上市公司并购重组中内幕交易规制存在的问题,然后对日本《金融商品交易法》有关公开收购过程中内幕交易规制的条款进行了梳理与分析,最后,就完善我国并购重组中内幕交易的法律规制进行了思考,提出应通过制定新《证券法》实施细则对知情人范围进行界定,完善民事赔偿责任规定,以及将公司内部人员与并购重组关系者的内幕交易要件的分离,以更好地激励上市公司收购,从而促进证监会管控与抑制内幕交易行为。In the process of M&A and reorganization of listed companies,insider trading has always been an important issue in the supervision of the securities market.In this regard,the newly revised Securities Law has also been substantially adjusted in terms of the regulatory rules.To explore how to effectively prevent and control this behavior by legal regulations,this paper first analyzes the problems existing in the regulation of insider trading in M&A and reorganization of listed companies,then sorts and analyzes the rules on the regulation of insider trading in the process of public acquisition in Japan's Law of Financial Commodity Trading.Finally,this paper discusses how to improve the legal regulation of insider trading in China's M&A and reorganization,and proposes that we should define the scope of insiders by formulating the implementation rules of the newly revised Securities Law,improve the provisions on civil liability for compensation,and separate the elements of insider trading between the company's internal personnel and those related to M&A and reorganization,so as to better encourage the acquisition of listed companies and promote the CSRC for control and inhibition of insider trading behaviors.

关 键 词：新《证券法》 上市公司 规制 内幕交易 并购重组 

分 类 号：D922.287[政治法律—经济法学]