市场性因素介入之内幕交易罪违法所得的计算  

Calculation of Illegal Gains from Insider Trading Crimes Involving Market Factors

作　　者：黄彬[1] 周子告 孙琳原 HUANG Bin;ZHOU Zigao;SUN Linyuan(Fujian Police College,Fujian,Fuzhou,350007;Beijing Tianyuan Law Firmimes,Beijing,100032;School of law,Minzu University of China,Beijing,100071)

机构地区：[1]福建警察学院,福建福州350007 [2]北京市天元律师事务所,北京100032 [3]中央民族大学法学院,北京100071

出　　处：《实事求是》2024年第3期86-94,共9页Seek Truth From Facts

摘　　要：内幕交易罪等证券类犯罪因涉及多方主体、复杂的违法链条、严重的危害后果以及隐蔽的犯罪手段,对市场交易秩序造成严重破坏,一直是监管部门严厉打击的重点。为实现刑法的有效规制并保障人权,科学准确地计算内幕交易罪的违法所得数额显得尤为重要。在实践中,市场性因素的介入会导致内幕交易罪中行为人所获得的收益或避免的损失数额增大。对于扩大的收益或者避免的损失数额,由于不符合没收违法所得制度的宗旨与内涵,因此不能计入行为人的违法所得数额。在具体计算方法上,法院可以综合选取相关市场指数或者个股组合作为参照,综合测算市场性因素所导致的股市波动权重,进而将其从违法所得的认定中排除。The crime of insider trading and other securities related crimes involves multiple subjects,a long illegal chain,heavy harmful consequences,and covert means,which have a great destructive effect on market trading order.They have always been the focus of strict crackdowns by regulatory authorities.The scientific and reasonable calculation of the amount of illegal gains from insider trading crimes is of great significance for regulatory authorities to achieve the purpose of criminal law regulation and the function of human rights protection.In practice,the intervention of market factors can lead to an increase in the amount of profits or losses that the perpetrator obtains or avoids in the crime of insider trading.The amount of expanded profits or avoided losses cannot be included in the amount of illegal gains of the perpetrator as it does not meet the purpose and connotation of the confiscation of illegal gains system.In terms of specific calculation methods,the court can comprehensively select relevant market indices or individual stock combinations as reference,calculate the weight of stock market fluctuations caused by market factors,and then exclude them from the determination of illegal gains.

关 键 词：内幕交易罪 违法所得 市场性因素 市场指数 

分 类 号：D924.3[政治法律—刑法学]