内幕交易民事赔偿制度的构建

发布时间：2018-03-14 11:16

本文选题：内幕交易　切入点：民事责任　出处：《华东政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：内幕交易作为证券市场中的“顽疾”之一,长久以来与操纵市场、虚假披露信息等市场欺诈行为共同影响着证券市场的合理秩序。我国自上世纪90年代证券市场逐渐建立以来,内幕交易活动屡禁不止,从最早的“襄樊上证”案,到最近的“光大证券”一案,内幕交易行为一直是证券监管机关重点打击的对象。然而,直到最近的“光大证券”案,才引发了我国第一批证券民事赔偿诉讼。这既标志着我国证券市场的一次重要进步,有关内幕交易民事赔偿的立法却仍然存在明显的不足。这一方面是由于目前相关立法针对内幕交易民事责任的规定不完善,另一方面也是我国并不发达的证券市场致使投资者在保护自身权益方面的懈怠性。本文旨在通过分析中国的内幕交易状况,通过对比国外的证券民事诉讼制度,为我国内幕交易民事赔偿制度的构建提出立法之建议。本文共分为五个部分。第一部分试从内幕交易的基本概念出发,对我国目前的内幕交易现状进行梳理,集中总结了证监会处罚的118起内幕交易行政处罚案例。第二部分对我国内幕交易民事赔偿制度的价值立足点进行探讨,着重考量民事责任的定位。而价值平衡主要从三方面考虑,一是保护投资者信心和维持公司正常运营之间的平衡,二是诉讼成本与司法成本之间的平衡,三是原告与被告之间的利益平衡。第三部分着重分析内幕交易的构成要件,探讨在内幕交易民事责任的认定方面,主要应当包括行为主体、内幕交易行为、损害事实和因果关系四个方面。第四部分则根据我国的具体情况,对内幕交易立法提出若干具体建议,包括如何确定诉讼原告和被告,以“差额计算法”为赔偿金额的判定原则以及因果关系的认定方法。第五部分则从“光大证券”一案出发,介绍了光大证券内幕交易的基本案情,依据本文的相关理论分析了我国第一例内幕交易民事诉讼案,并提出证监会判罚应为法院司法提供指导,但不能直接作为认定依据的观点。最后,本文的结语部分从内幕交易民事赔偿立法的实践出发,认为投资者才是市场中最具活力的主体,最为关注自身的实际权益,是推动民事赔偿立法的最核心因素。
[Abstract]:As one of the "stubborn diseases" in the securities market, insider trading affects the reasonable order of the securities market for a long time, together with the manipulation of the market, false disclosure of information and other market frauds. Since -10s, the securities market has been gradually established in China. Insider trading activities have been repeatedly prohibited. From the earliest case of "Xiangfan Shanghai Stock Exchange" to the recent case of "Everbright Securities," insider trading has been the focus of the securities regulatory authorities. However, until the recent "Everbright Securities" case, That led to the first batch of civil compensation lawsuits for securities in China. This not only marked an important step forward in China's securities market, However, there are still obvious deficiencies in the legislation on civil compensation for insider trading. On the one hand, this is due to the imperfect provisions of the relevant legislation on civil liability for insider trading. On the other hand, it is also the less-developed securities market in our country that causes investors to be slack in protecting their own rights and interests. This paper aims to analyze the situation of insider trading in China and to compare the foreign securities civil litigation system. This paper is divided into five parts. The first part tries to sort out the present situation of insider trading from the basic concept of insider trading. This paper summarizes 118 cases of administrative punishment for insider trading which are punished by CSRC. The second part discusses the value standpoint of civil compensation system of insider trading in China. The balance of value is mainly considered from three aspects, one is to protect investors' confidence and to maintain the balance between the normal operation of the company, and the other is the balance between litigation costs and judicial costs. The third part focuses on the analysis of the elements of insider trading, and discusses that in the determination of civil liability for insider trading, it should mainly include the subject of conduct, the act of insider trading, the third part is the balance of interests between the plaintiff and the defendant, the third part focuses on the analysis of the elements of insider trading. In part 4th, according to the specific situation of our country, the author puts forward some specific suggestions on insider trading legislation, including how to determine the plaintiff and defendant in litigation. Taking "difference calculation method" as the judgment principle of compensation amount and the determination method of causality, part 5th introduces the basic facts of inside trading of Everbright Securities from the case of Everbright Securities. According to the relevant theories of this paper, this paper analyzes the first civil case of insider trading in China, and points out that the CSRC should provide guidance to the court for the administration of justice, but it cannot be directly used as the basis for the determination. Finally, Based on the practice of civil compensation legislation in insider trading, the conclusion of this paper holds that investors are the most dynamic subject in the market, pay most attention to their actual rights and interests, and are the core factors to promote civil compensation legislation.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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