我国证券内幕交易的执法强度及其影响因素:实证研究与完善建议  

Intensity of Law Enforcement and Influence Factor of Securities Insider Trading:Empirical Study and Consummate Suggestion

作　　者：黄辉 HUANG Hui

机构地区：[1]不详

出　　处：《法学评论》2023年第6期166-181,共16页Law Review

基　　金：香港特别行政区政府研究资助局“人文学及社会科学杰出学者奖励计划”重大课题“跨境上市与监管回应:中国经验和国际启示”(项目编号:34000322)的阶段性研究成果。

摘　　要：本文首次对我国2019年新证券法生效前的内幕交易案件进行了一个全面和深入的实证研究,并与境外法域进行比较,揭示我国内幕交易法律的执行情况。我国对内幕交易的打击力度持续加大,案件数量显著增长,以行政处罚为主,但2008年后刑事处罚逐渐增加。内幕交易变得更为隐蔽,体现在非传统类型的内幕人增多、内幕信息主要与并购相关、选择只交易且利用他人账户交易等。我国的内幕交易处罚类型与境外法域基本接轨,处罚强度甚至居于前列,其主要的影响因素包括违法所得、社会影响、减轻处罚情节、是否使用他人账户等。基于这些发现,本文评价了2019年证券法相关修订,提出了相关完善建议,并指出了需要进一步研究的课题。This paper conducts the first comprehensive and in-depth empirical study of insider trading cases handled before the effective date of 2009 Securities Law in China,and compares the China case with relevant foreign jurisdictions,so as to reveal the enforcement situation of the Chinese insider trading law.China has continually stepped up its efforts to combat insider trading,resulting in significant increase in the number of cases.Most of the cases used administrative sanctions,but since 2008 criminal cases have gradually increased.Insider trading activities have become increasingly secretive,as evidenced by the following features:more cases were committed by insiders other than the category of traditional insiders;inside information was related to mergers and acquisitions in most cases;many insiders chose to trade only using others'accounts.China's approach to punishing insiders is similar to those in foreign jurisdictions and the intensity of punishment there seems to compare favourably with most of the foreign jurisdictions covered in this research.The intensity level was affected by several factors,including the amount of illegal gains,social impact,mitigating circumstances and the use of others'accounts.Drawing on these findings,this paper evaluates relevant rules in the 2019 securities law,makes suggestions for improvement and point out the issues that require further research.

关 键 词：内幕交易 证券执法 处罚强度 2019证券法修订 

分 类 号：D922.287[政治法律—经济法学]