内幕交易民事责任的价值平衡与规则互补——以美国为研究范本

发布时间：2018-09-07 16:25

【摘要】：内幕交易的民事赔偿责任不同于普通的侵权责任。如何应对内幕交易的民事诉讼、是否应对该类诉讼进行适当限制是各国制度建构所面对的共同问题,在此方面,美国的经验具有重要的借鉴意义。在内幕交易民事责任的追究中,存在着远非单一的多元价值,补偿投资者利益只是要实现的若干目标之一。制度构建的重要任务是要对相互冲突的价值目标进行恰当的协调和平衡,其中包括:威慑、监控内幕交易行为、保护投资者信心与防止滥诉、保护公司利益之间的平衡;补偿投资者损失与防止民事责任成为投资者保险之间的平衡;保护受害者诉讼权利与抑制过度诉讼之间的平衡等。同时,为实现法律的目标,内幕交易民事赔偿的各种法律规则之间需要功能的互补和相互的配合,包括刑事、行政、民事责任的互补配合,程序法和实体法的互补配合等。
[Abstract]:The civil liability of insider trading is different from the common tort liability. How to deal with the civil action of insider trading and whether to restrict it properly are the common problems faced by the system construction of various countries. In this respect, the experience of the United States is of great significance. In the investigation of civil liability for insider trading, there is far from a single multiple value, and compensating investors' interests is only one of the goals to be achieved. The important task of system construction is to coordinate and balance the conflicting value objectives, including: deterrence, monitoring insider trading, protecting investor confidence and preventing excessive litigation, and protecting the interests of the company; The balance between compensation for investor losses and prevention of civil liability becomes the balance between investor insurance and protection of victims' litigation rights and suppression of excessive litigation. At the same time, in order to achieve the goal of law, various legal rules of civil compensation in insider trading need to complement each other, including criminal, administrative, civil liability, procedural law and substantive law.
【作者单位】：中国政法大学民商经济法学院;
【分类号】：D971.2

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