跨国证券欺诈及防范对策研究

发布时间：2018-06-18 18:40

本文选题：证券欺诈 + 内幕交易　；参考：《西南政法大学》2012年硕士论文

【摘要】：一直以来，证券业被誉为是金融界的先锋，是企业融资扩大的重要渠道，也是投资者资本增值的重要来源，它引领全球经济向前发展，其作用自然是不言而喻。然而，近年来发生了一系列具有重要国际影响力的证券欺诈案件，特别是纳斯达克交易所前主席麦道夫欺诈案被曝光以后，全球范围内掀起了对证券业监管的质疑与诘问。为了保护投资者利益，维持国际金融稳定与繁荣，各国开始审视自身证券相关立法并开始寻求国际合作，以杜绝类似案件的发生。本文的结构一共有五个部分。首先，本文将对整个证券业与证券欺诈作出简要的介绍，然后以被誉为三大证券欺诈行为的内幕交易、操纵市场和虚假陈述为论文的出发点进行阐述，同时配合有关国内外案例分析，以及各国相关的法律评析后，对我国证券欺诈行为的监管提出完善建议。第一部分，跨国证券欺诈的基本理论。本部分首先对证券、证券欺诈等相关概念作出介绍，然后讨论了证券欺诈的特点及其产生的原因，引出后面关于三大证券欺诈行为的论述。第二部分，内幕交易及其防范。作为三大证券欺诈行为之首的内幕交易，也作为曾经华尔街的至理名言，在当代，被却视为经济犯罪行为。本部分从其简单的法理介绍开始，通过美国帆船对冲基金创始人拉贾拉特南和中国国美电器总裁黄光裕两个案例的介绍与分析，透视内幕交易在当代证券业所造成的弊端，再通过比较分析美国与中国相关法律规定，建议通过引进市场的做空机制来规制内幕交易，通过达到行政监管手段与市场调控手段的平衡与互相制约，从而防范内幕交易的发生。第三部分，操纵市场及其防范。作为经济犯罪的证券欺诈犯罪是优势犯罪，而操纵市场行为也是优势犯罪行为的典型代表。本部分也以法理分析为基础展开论述，通过美国的两次“墙角”案例以及发生在中国的中恒信一案，剖析操纵市场行为的不良后果。本部分通过中外法律对操纵市场规定的比较，，建议从举证责任和赔偿计算两个方面改进我国规制体系，同时希望各国加强合作，以达到合作共赢的效果。第四部分，虚假陈述及其防范。作为证券交易的基础原则之一即是诚信原则，这也是信息披露的基本要求，而虚假陈述显然动摇了证券交易的基础，极大的危害社会的诚信与交易。本部分在作出与虚假陈述相关的信息披露制度介绍以后，通过对美国马蒂尔虚假财务报告一案以及成都红光公司上市欺诈案的说明与比较分析，探讨中美两国关于虚假陈述规制的异同，提出对我国民事诉讼中启动虚假陈述的前置程序进行改进，并通过集体诉讼的方式来达到规制的目的。第五部分，结语。简要说明证券业在当今金融环境中的重要性，并提出各国只有加强合作交流，共同监管，才可以杜绝类似案件的发生。
[Abstract]:The securities industry has long been known as the pioneer of the financial sector, an important channel for the expansion of enterprise financing and an important source of capital appreciation for investors. It has led the global economy forward and its role is self-evident. However, in recent years, a series of securities fraud cases, especially the NASDA, which have important international influence, have taken place. In order to protect the interests of the investors and maintain the international financial stability and prosperity, all countries have begun to examine their own securities related legislation and begin to seek international cooperation in order to prevent the occurrence of similar cases in order to protect the interests of investors and maintain the prosperity of international finance.
The structure of this article has five parts altogether. First, this article will give a brief introduction to the whole securities industry and securities fraud, and then take the insider trading as the three major securities fraud, manipulate the market and false statements as the starting point of the paper, and cooperate with the relevant domestic and foreign case analysis, and the relevant legal comments of various countries. After analysis, we put forward some suggestions for the supervision of China's securities fraud.
The first part, the basic theory of transnational securities fraud. This part first introduces the concepts of securities, securities fraud and other related concepts, and then discusses the characteristics and causes of securities fraud, and leads to the discussion of the three major securities fraud.
The second part, insider trading and its prevention, as the first insider trading of the three major securities fraud, is also regarded as a famous Wall Street name. In the present time, it is regarded as an economic crime. This part begins with its simple legal introduction, through the American Sailing hedge fund founder rajaret South and the president Huang of China Gome electric appliance. The introduction and analysis of the two cases have been introduced and analyzed. Through the comparison and analysis of the relevant laws and regulations of the United States and China, it is suggested that the insider trading should be regulated through the introduction of the short mechanism of the market and the balance and mutual restriction of the means of administrative supervision and market regulation and control, so as to prevent the internal trade. The occurrence of a curtain deal.
The third part, manipulating the market and its prevention. As an economic crime, the securities fraud crime is the dominant crime, and the manipulation of the market behavior is also a typical representative of the dominant crime. This part is also based on the legal analysis, through the two "wall corner" case in the United States and the case of China's Chinese permanent letter, the analysis of the manipulation of the city. This part, through the comparison of the regulation of market manipulation by Chinese and foreign laws, proposes to improve the system of China's regulation from two aspects of the burden of proof and the calculation of compensation. At the same time, we hope that all countries should strengthen cooperation in order to achieve the effect of win-win cooperation.
The fourth part, false statement and its prevention. As one of the basic principles of securities trading, it is the principle of integrity, which is also the basic requirement of information disclosure, and false statements have obviously shaken the basis of the securities transaction, and greatly harm the integrity and transaction of the society. This part is after the introduction of information disclosure system related to false statements, Through the explanation and comparative analysis of the case of Martial's false financial report in the United States and the fraud case of Chengdu Hongguang company, this paper discusses the similarities and differences between China and the United States on the regulation of false statements, and proposes to improve the prepositional procedure of starting false statements in civil action in China, and to achieve the purpose of regulation through the way of collective action.
The fifth part, the conclusion, briefly explains the importance of the securities industry in the current financial environment, and puts forward that only by strengthening cooperation and exchange and joint supervision can the occurrence of similar cases be eliminated.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D996.2

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