公平交易理论下内幕交易民事赔偿责任因果关系的认定  

Causality in Civil Compensation Liability for Insider Trading Based on the Fair Trade Theory

作　　者：刘韵逸 LIU Yun-yi(School of Law,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学法学院,安徽合肥230601

出　　处：《福建金融管理干部学院学报》2022年第4期53-58,共6页Journal of Fujian Institute of Financial Administrators

基　　金：安徽大学法学院硕士研究生优质生源创新项目(编号:M080148001)。

摘　　要：内幕交易民事赔偿责任因果关系认定一直都是此类案件的核心争议,通过对现有案例的分析,可以发现在市场欺诈理论下的因果关系认定困境。内幕交易实则是对同时交易者公平交易权益的损害,而非欺诈。在此基础上运用公平交易理论能够完成因果关系的证成,即自内幕交易行为开始至交易完成之时,与内幕交易人进行反向交易的投资者损害与内幕交易行为之间存在因果关系。此外,应将内幕交易人的违法所得作为赔偿上限,以平衡内幕交易人与受损投资者的合法权益。Causality in civil compensation liability for insider trading has always been the core dispute in such cases.Through the analysis of existing cases,we can find the dilemma of determination of causality under the Fraud-on-the-market Theory.Insider trading is actually a damage to the fair trading rights of concurrent traders,rather than fraud.On this basis,the fair trade theory can be used to prove the causal relationship,that is,from the beginning of the insider trading behavior to the completion of the transaction,there is causality between the damage of investor and the insider trading behavior in the reverse transaction with the insider trader.In addition,the illegal gains of insiders should be capped as compensation to balance the legitimate rights and interests of insiders and damaged investors.

关 键 词：内幕交易 因果关系 民事责任 公平交易 

分 类 号：D922.287[政治法律—经济法学]