论内幕信息的认定

发布时间：2018-03-01 03:03

本文关键词： 内幕信息内幕信息的定义认定标准　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着证券市场的发展,内幕交易的案件变得多而复杂,这给我们打击内幕交易行为增加了难度。内幕信息作为认定内幕交易的重要因素,无论在理论界还是在实务界都备受关注。要解决证券市场上的这一难题,就要首先准确认定内幕信息。但是,目前我国的相关立法还不够完善,内幕信息的定义和认定标准在实务适用上也有些扑朔迷离。因此,本文通过对内幕信息认定的不足之处进行分析,同时参考美国、日本以及我国香港地区、台湾地区的相关法律法规,吸收他们的先进经验,提出完善我国内幕信息认定的建议。本文有六部分内容。第一部分是引言。引言包括选题背景及研究意义、国内外研究现状、研究方法及创新点等内容。第二部分是内幕信息认定的基本问题。内幕信息是证券市场上有关主体在交易活动中,遇到的关于公司的日常运营情况、财产变动情况或者其他对该证券价格有重大影响而且尚未向公众公开的信息。内幕信息认定的理论基础是信息平等理论、信义义务理论、私权理论。内幕信息是内幕交易的重要组成部分,明确内幕信息的认定具有重要意义:能够更好地规制内幕交易行为;能够平衡证券市场中交易各方及监管机构的利益;能够填补信息披露制度的漏洞。第三部分是内幕信息的认定标准。学术界对内幕信息认定标准的争议有“二要件说”、“三要件说”、“四要件说”,笔者赞同“四要件说”,并在“四要件说”的视野下分析内幕信息的认定标准:相关性标准、非公开性标准、重大性标准和确定性标准。第四部分是我国内幕信息认定的立法现状及存在的问题。相关立法包括《证券法》的有关规定、证券监督管理委员会的有关规定、最高人民法院和最高人民检察院的有关规定。问题主要出现在内幕信息的定义和认定标准这两个方面。内幕信息定义的问题主要表现在内幕信息定义涉及主体的范围狭窄;内幕信息定义的表述含糊;内幕信息定义的考量因素少。内幕信息认定标准的问题主要表现在相关性标准的范围宽泛;非公开性标准笼统;重大性标准模糊;确定性标准缺乏。第五部分是域外关于内幕信息认定的立法及借鉴。通过介绍英美法系和大陆法系关于内幕信息认定的立法,提出可以供我国借鉴的地方,主要表现在我们应该规定实质公开标准中的合理消化期,设置判定重大性标准的方法。第六部分是完善内幕信息认定的建议。从内幕信息的定义和认定标准两个大的方面提出完善建议,完善内幕信息定义的建议是扩大内幕信息涉及主体的范围;明晰内幕信息定义的表述;增加内幕信息定义的考量因素。完善内幕信息认定标准的建议是限缩相关性标准的范围;融合形式公开标准和实质公开标准;明确重大性标准;引入确定性标准。
[Abstract]:With the development of the securities market, insider trading cases become more and more complicated, which makes it more difficult for us to crack down on insider trading. Insider information is an important factor in identifying insider trading. Both theoretical and practical circles are concerned. To solve this difficult problem in the securities market, we must first identify the insider information accurately. However, at present, the relevant legislation in our country is not perfect enough. The definition and identification criteria of insider information are also somewhat confusing in practice. Therefore, this paper analyzes the shortcomings of insider information identification, and at the same time refers to the United States, Japan and the Hong Kong region of China. The relevant laws and regulations of Taiwan region, absorb their advanced experience, put forward the suggestion of perfecting the inside information identification of our country. This article has six parts content. The first part is the introduction. The introduction includes the background and significance of the topic selection, the current research situation at home and abroad. Research methods and innovations. The second part is the basic problem of the identification of insider information. Insider information is the daily operation of the company encountered by the relevant subjects in the securities market. Property changes or other information that has a significant impact on the price of the securities and has not yet been disclosed to the public. The theoretical basis for the determination of insider information is the theory of information equality, the theory of fiduciary obligations, Private rights theory. Insider information is an important part of insider trading. It is of great significance to identify insider information: to regulate insider trading behavior better, to balance the interests of trading parties and regulatory bodies in the securities market; The third part is the identification standard of insider information. There are "two elements theory", "three elements theory", "four elements theory" and the author agrees with "four elements theory" And to analyze the criteria for the determination of insider information in the view of the "four elements theory": the criterion of relevance, Part 4th is the legislative status quo and existing problems of insider information identification in China. Relevant legislation includes the relevant provisions of the Securities Law and the relevant provisions of the Securities Regulatory Commission. The relevant regulations of the Supreme people's Court and the Supreme people's Procuratorate mainly appear in the two aspects of the definition and the standard of the inside information. The problem of the definition of the inside information mainly lies in the narrow scope of the subject involved in the definition of the inside information; The definition of insider information is vague, the definition of insider information is less important. The problem of the standard of insider information identification is that the scope of correlation standard is broad, the standard of non-disclosure is general, the criterion of materiality is vague; The lack of deterministic standard. 5th part is about the legislation and reference of the inside information identification in foreign countries. By introducing the legislation of the common law system and the civil law system on the inside information identification, the author puts forward some points that can be used for reference in our country. The main manifestation is that we should stipulate a reasonable digestion period in the substantive disclosure criteria. The method of setting up the criterion of judging materiality. Part 6th is the suggestion to perfect the identification of inside information. From the definition of inside information and the standard of identifying inside information, the author puts forward some suggestions for perfection. The suggestions to perfect the definition of insider information are to expand the scope of the subject involved in insider information; to clarify the definition of insider information; to increase the consideration factors of the definition of insider information. Fusion form of disclosure standards and substantive disclosure standards; clear materiality standards; the introduction of deterministic criteria.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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