论内幕交易民事责任之否定  

The Negation of Civil Liability for Insider Trading

作　　者：吕成龙[1] LüChenglong

机构地区：[1]深圳大学法学院

出　　处：《财经法学》2023年第5期51-66,共16页Law and Economy

基　　金：吕成龙主持国家社会科学基金项目“证券监管介入上市公司治理的体系性构造研究”(21CFX077)的研究成果。

摘　　要：内幕交易民事责任是长期困扰我国证券法治的重要议题,除因果关系外,内幕交易的侵权客体也难以认定。究其原因,这与我们对内幕交易民事责任性质认识模糊、对规则存在路径依赖等因素有密切关系。在分析法学视角看来,司法审判机关塑造的“知情权”“公平交易权”无法经受法理证成的检验。霍菲尔德理论视域中权利与义务相伴相生,由此观之,证券信息披露义务的法定性与市场投资者的知情权利存在天然冲突,而公平交易权不仅面临概念内涵与内幕交易行为人“不交易义务”之间的悖论,而且在多层、多级、多向的内幕交易形势下,行为人往往无法识别自身是否承担该种义务。即便以纯粹经济损失论证内幕交易民事赔偿的合理性,依然面临法理证成的诸多难题。面向未来,我们应当考虑放弃内幕交易民事责任,转向以公权力规制作为内幕交易负外部性矫正的法律手段。The civil liability of insider trading is an important issue that has plagued the rule of law of our securities market for a long time.As the Securities Law fails to provide an accurate and clear basis for judicial judgments,except the causation problem,it is difficult to identify the infringement objects of insider trading.The reason why the civil liability of insider trading presents this kind of paper-based legislation phenomenon is closely related to some factors,such as our vague understanding of the nature of civil liability of insider trading and the reliance on rule path dependence.In practice,the so-called“right to know”and“right to fair transaction”shaped by our courts,from the perspective of analytical jurisprudence,cannot stand the test of legal proof.According to Wesley N.Hohfeld's theory,rights and duties coexist.It can be seen from this that there is a natural conflict between the legality of securities information disclosure requirements and the right to know of market investors.The right to fair trading faces the paradox between concept connotation and the“non-trading obligation”of insider trading actors.Meanwhile,the actor often fails to recognize that he has undertaken this kind of obligation.Especially in the new situation of multi-level and multi-directional insider trading,the right to fair trading does not have theoretical and practical feasibility.Even if the rationality of civil compensation for insider trading is demonstrated by pure economic loss,it still faces various difficulties on its justification.Therefore,we should consider abandoning the path of civil liability of insider trading,and turn to use public enforcement as legal means to correct the negative externalities of insider trading.

关 键 词：内幕交易 霍菲尔德 知情权 公平交易权 证券民事责任 

分 类 号：D922.287[政治法律—经济法学]