中日内幕交易认定和预防制度比较研究

发布时间：2018-01-14 12:06

本文关键词：中日内幕交易认定和预防制度比较研究　出处：《长春工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国内幕交易规制体制在事前预防方面相对薄弱,由于内幕交易行为具有隐蔽性和突发性的特点,在现有的法律实践中主要采取事后惩处,对相关人员的不正当交易行为的威慑和阻止作用有限。日本在新修订的相关法律中对企业内部信息管理和内幕交易预防提供了指导和规范,逐渐将不正当交易行为的事中、事后追究转为事前遏止。在企业治理结构和信息管理体制的构建等方面做出改进,以在微观上应对更为激烈的企业竞争,在宏观上构建一个更为公平的资本市场。在内幕交易认定方面,日本法律对于“篮子”条款的设置显示了其在内幕信息界定方面的先进性,并将判例作为事实上的法律依据进行判罚,显示了其为应对不同情况而做出的积极探索。资产运营主体是证券市场的重要组成部分,我国由于违法风险低和监管不严导致证券市场上的资产运营主体发生不正当交易行为的情况时有发生。日本在最近的相关法律修改当中加入了大量规制投资信托法人主体及纯粹持股公司的内容,为我国相应领域的监管提供了启示。在内幕交易预防方面,在上市公司的管理中引入“服从”体制,则在内幕信息产生、传递过程中对所有可能泄露和不当利用的环节加以抑制,并通过人员培训、设置信息管理责任人等多种手段综合预防内幕交易的发生。当前在国家发展战略“一带一路”的建设当中,我国需要向日本学习其海外资本运作经验和对外国公司进入本国资本市场进行管理,在海外分公司的设立、遵守当地法律法规、促进双边和多边经贸交流合作等领域都有很大的借鉴研究价值。另外,尽职调查的过程中对可能出现的内幕交易进行规制也是预防内幕交易的有效手段之一。在企业上市、并购重组以及资本管理的过程中,作为尽职调查主体的中介机构会全面深入地审核企业的相关信息,以管控风险。从日本的经验来看,对企业历史数据、管理人员背景及资本流向控制等的审查能够有效预防证券市场中的内幕交易行为。
[Abstract]:The regulation system of insider trading in our country is relatively weak in the aspect of prevention in advance. Due to the hidden and unexpected characteristics of insider trading behavior, it is mainly punished after the fact in the existing legal practice. Japan has limited deterrent and deterrent effect on improper trading of relevant personnel. Japan has provided guidance and norms for information management and insider trading prevention in the newly amended relevant laws. In order to deal with the more fierce competition in the micro-level, we gradually change the behavior of improper transaction into pre-check and make improvement in the construction of corporate governance structure and information management system. In the aspect of insider trading, the setting of the "basket" clause in Japanese law shows the advanced nature of the definition of insider information. And the case as a de facto legal basis for punishment, showing that its response to different situations to make an active exploration. The main body of asset operation is an important part of the securities market. Due to the low risk of violation of the law and the lack of strict supervision, improper trading of the asset operators in the securities market occurs from time to time. Japan has added a large number of regulatory investment trusts in the recent relevant legal amendments. The content of the legal person subject and the pure shareholding company. In the field of insider trading prevention, the introduction of "service" system in the management of listed companies, the generation of insider information. In the course of transmission, all possible leaks and improper utilization should be restrained and personnel trained. The establishment of information management responsible persons and other means to prevent insider trading. Currently in the national development strategy "Belt and Road" in the construction. China needs to learn from Japan its overseas capital operation experience and manage the entry of foreign companies into its capital market, establish branches abroad and abide by local laws and regulations. Promoting bilateral and multilateral economic and trade exchanges and cooperation is of great value for reference and research. In the process of due diligence, the regulation of possible insider trading is also one of the effective means to prevent insider trading. In the process of listed companies, mergers and acquisitions and capital management. As the main body of due diligence, the intermediary will thoroughly review the relevant information of the enterprise in order to control the risk. From the experience of Japan, the historical data of the enterprise will be reviewed. Management background and capital flow control can effectively prevent insider trading in the stock market.
【学位授予单位】：长春工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D931.3;DD912.28;D922.28

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