证券内幕交易民事责任认定与承担的规则构建  

Construction of Rules on Determination and Assumption of Civil Liability for Securities Insider Trading

作　　者：曹理[1] Cao Li

机构地区：[1]辽宁大学法学院

出　　处：《财经法学》2025年第1期126-147,共22页Law and Economy

摘　　要：根据证券交易零和博弈特征,内幕交易人的违法所得来自交易对手的损失,故其民事责任承担须以具有违法所得为前提,同时应具备包括故意及重大过失在内的主观过错。为确保所有可能受害人均能获得救济,在集中交易场景应以与内幕人同时成交的反向交易者来替代难以确定的实际交易对手作为赔偿对象。内幕交易的危害实质在于严重破坏市场诚信、侵蚀投资者信心。善意投资者信赖市场诚信参与交易,依市场诚信理论可以推定内幕交易与其决策存在交易因果关系。基于零和博弈原理和集中交易规则,应由全体原告按其成交量比例在被告违法所得五倍限额内分配赔偿金,以适当平衡双方正当利益。应承担民事责任的内幕交易行为类型有三,即自行交易、传递交易和单位交易,相关行为人的责任形态应依具体情形在现行法框架内分别认定。According to the zero-sum game characteristic of securities trading,the insider's illegal gains come from counter-party's loss,therefore pursuing their civil liabilities should based on illegal gains,together with subjective fault including intention and gross negligence.Subject to the special rules of centralized trading,appropriate objects of damages should be comprised of reverse traders with insiders whose transactions established simultaneously for protecting comprehensively,in order to provide relief to all possible victims.The harmful essence of insider trading leads to corrupting market integrity and undermining investors'confidence,and the transactions causation between insiders and innocent investors who rely on the market integrity to trade,could be presumed on the fraud-on-the-market theory.Based on the zero-sum game principle and centralized trading rules,the amounts of compensation should determined by the proportion of each plaintiff's overall transaction volume,within the scope of the defendant's illegal gains.Insider tradings which should assumed civil liability can be summarized as three types:self trading,tipping trading and entity trading,and the form of liabilities should be determined separately within the current legal framework based on specific circumstances.

关 键 词：内幕交易 民事责任 市场诚信 投资者救济 

分 类 号：D922.287[政治法律—经济法学]