短线交易条款的功能定位与适用规则重构  

Rethinking the Short-Swing Trading Provision:Towards A New Theory of Institutional Functions and Application

作　　者：李有星[1] 周冰 Li You-xing;Zhou Bing

机构地区：[1]浙江大学光华法学院 [2]上海交通大学凯原法学院

出　　处：《苏州大学学报（法学版）》2022年第2期134-150,共17页Journal of Soochow University：Law Edition

基　　金：国家社会科学基金重点项目“地方金融监管立法理论与实践”(项目编号:19AFX020);浙江省社会科学规划重点项目“数字金融平台发展法治保障”(项目编号:21WZQH02Z)的阶段性成果。

摘　　要：短线交易条款机械化的运作特征使其成了证券法中的一条“另类规则”,也引发了理论和实务界关于其存废和适用问题的争议,而解决之道在于对其功能定位进行理论革新。传统的观点仅认为短线交易条款实际具有“三位一体”的多重制度功能,不但在打击内幕交易方面仍有现实价值,而且还能起到反操纵和改进公司治理的效果。我国应当在充分认识其制度功能的基础上,探寻更合理的适用方法。美国法院在其判例中发展出了短线交易条款适用的实际方法,确立了以交易类型区分为基础的分析路径,但这种做法缺乏现实基础,并非理想的选项。在“三位一体”的功能定位下,我国应当以公司内部人的主体认定为核心问题,以规制内部人对公司事务的控制权为关注重点,重构短线交易条款的适用规则。The operating features of the short-swing trading provision make it an“uncharacteristic rule”in the securities law.As a“crude rule of thumb”,the provision’s simplicity has undoubtedly had a substantial deterrent effect,but it is also vulnerable to criticism as it could be labelled either overinclusive or underinclusive.However,all the controversies concerning the short-swing trading provision in theory and practice are based on a prevailing presumption,that the provision can only function as a rule to deter insider trading.However,this understanding of the provision is too limited.In fact,the short-swing trading provision has multiple institutional functions of the“trinity”.It not only has practical value in combating insider trading,but also has the effect of anti-manipulation and improving corporate governance.On the basis of fully understanding the“trinity”institutional functions of the short-swing trading provision,China should explore more reasonable and consistent application methods.Under the“trinity”institutional functions,China should take the identification of corporate insiders as the central issue,and take the insiders’ability to control corporate affairs as the primary principle to reconstruct the applicable rules of short-swing provision.

关 键 词：短线交易 内幕交易 公司治理 股份转让限制 

分 类 号：D912.29[政治法律—民商法学]