论我国短线交易归人制度的完善  

On the Improvement of the Short Term Transaction System in China

作　　者：蒋悟真 蒋文琪 Jiang Wuzhen;Jiang Wenqi

机构地区：[1]华南理工大学法学院

出　　处：《厦门大学法律评论》2024年第2期94-110,共17页Xiamen University Law Review

摘　　要：短线交易归入制度起源于美国《1934年证券交易法》,该制度旨在通过对公司内部人的短线交易行为予以事先规制,来预防内幕交易行为的发生。我国《证券法》第44条引自美国短线交易归入制度,在实际适用上,仍存在着主体认定标准不清晰、交易行为认定方法狭隘、权益归属与计算方法不明、未发挥配套股东代位诉讼制度相应功能等缺陷。针对我国短线交易条款在立法设计与实施标准上存在的争议,应从法理与实践视角展开对短线交易归入制度的功能再定位,认清短线交易归入制度在整个现代公司治理层面上的具体设计思路架构,了解该条款的实际价值在于规范公司内部人对公司事务的控制权,有针对性地对我国短线交易条款进行理论完善与规则重塑,以期填补该制度在适用层面存在的漏洞,使该制度真正融入我国证券法体系当中。The system of short swing trading is originated from the Securities Exchange Act of the United States in 1934,which aimed to prevent inside trading by regulating insider short swing transaction in advance.Article 44 of Chinese Securities Law is quoted from it.But there are still some defects involved in it,such as fussy standard of subject identification,narrow method of transaction identification,ambiguous ownership and interest calculation,and lack of corresponding faction of shareholder subrogation system.In view of the controversy on the legislative design and implementation standard of short swing transaction clause of China,we should reposit the function of the short swing transaction disgorging system from jurisprudence and practice,to understand the specific designed structure of short swing transaction disgorging system at the whole modern corporate governance level,and to understand the actual value of this clause lies in standardizing the control power of the insiders to company affairs.In order to cover the shortages of the implications of the system,the short term transaction clause of China should be improved and reshaped.

关 键 词：证券法 短线交易条款 公司治理内部人 归入权 

分 类 号：D922.287[政治法律—经济法学] D971.2[政治法律—法学] D912.28