论内幕交易侵权责任因果关系的认定

发布时间：2018-03-02 02:09

本文关键词： 内幕交易侵权责任因果关系定量分析　出处：《法学评论》2017年05期 　论文类型：期刊论文

【摘要】：内幕交易侵权责任因果关系的认定一直困扰着司法实务部门,也是理论上的难题。在证券交易的特殊性和多方利益需要平衡的要求下,因果关系的认定研究显得困难。理论界有代表性的各种学说都没有构建出一套有说服力的证明模型,论证过程不是给人以盖然性的认知就是对实质问题旁敲侧击,与内幕交易行为的本质结构擦肩而过。研究方法更新是有必要的。内幕交易侵权责任因果关系的认定可以借鉴数学上的变量分析思维,将整个内幕交易过程的利益分配及变动进行数量化描述,建立定量分析法模型,结合传统的因果证明规则解释因果关系的成立。责任范围因果关系应采"同时反向交易者模型",其"同时"限定于开始利用内幕信息下达交易指令实施交易时到内幕交易指令在系统中撮合成交结束时。侵权人的损害赔偿应当以滤除市场因素的科学公式计算出的纯粹内幕信息作用下的利益为限。
[Abstract]:The determination of causality of tort liability for insider trading has always troubled judicial practice departments and is also a theoretical problem. Under the requirements of the particularity of securities trading and the need to balance the interests of various parties, It is difficult to identify causality. The representative theories in theoretical circles have not constructed a set of persuasive proof models, and the process of argumentation is either to give people the cognition of inevitability or to bypass the substantive problems. It is necessary to update the research methods. The identification of causality of tort liability in insider trading can draw lessons from the mathematical variable analysis thinking. The benefit distribution and variation of the whole insider trading process are described quantitatively, and the quantitative analysis model is established. In combination with the traditional rules of causality proof, causality should be explained by "simultaneous reverse trader model" in the scope of liability, which is limited to the time when trading orders are given using insider information. At the end of the dealmaking of the insider trading order in the system, the damages of the infringer should be limited to the interests under the action of pure insider information calculated by the scientific formula of filtering out the market factors.
【作者单位】：海南师范大学法学院;
【分类号】：D922.287

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