我国内幕交易民事赔偿制度研究

发布时间：2018-06-02 23:40

本文选题：内幕交易 + 侵权责任　；参考：《首都经济贸易大学》2015年硕士论文

【摘要】：2013年8月16日,光大证券爆发乌龙指事件,随后证监会认定,光大证券在投资者不了解股指异动原因的情况下,利用其所知悉的内幕消息卖空,规避风险,违反了市场公平交易原则,构成内幕交易行为,并处罚没款5.23亿元。随后12月2日,投资者包巨芬向上海市第二中级人民法院提起证券内幕交易民事赔偿诉讼。但是目前我国内幕交易民事赔偿制度因为缺乏明确的司法解释,对于内幕交易行为主要依靠行政和刑事手段,较少涉及到民事赔偿部分,所以投资者在遭遇内幕交易侵害之后维权难,仍然面临着民事索赔困难的境地。证券内幕交易民事赔偿制度是指,投资者在证券市场中处于消息不对称的劣势地位时,因内幕交易行为遭受经济损失,依法要求内幕交易行为人予以相应民事赔偿的制度。内幕交易民事赔偿制度的请求权基础基于投资者合法财产权益因内幕交易行为遭受损失之后的民事救济权利。内幕交易违法所得本质上属于不当的利益,是内幕交易行为人在违犯禁止性义务的前提上,利用其所知悉的内幕信息、规避不合理的风险获取的额外收益,势必对市场中其他参与者的合法权益造成威胁。所以说,内幕交易民事赔偿制度中最为根本的要求就是,利用内幕消息获利的行为人,对于投资者因内幕交易遭受的损失给予一定的经济补偿。此外,由于证券市场独特的交易规则和交易方式,内幕交易行为所波及的受害者往往人数众多,涉案地域广泛,管辖法院不明确,原被告身份认定困难,内幕交易行为与所损害结果之间的因果关系认定不清晰,赔偿金额范围与金额难以计算。因此,普通的民事诉讼程序并不适用于证券内幕交易民事赔偿案件,必须要构建符合证券交易特点的民事赔偿诉讼程序。但是从我国目前立法现状来看,现行的《证券法》对于证券内幕交易民事赔偿诉讼的规定过于原则化,没有具体的操作细则,许多理论难点存在争议。如此原则化的证券内幕交易民事赔偿制度,造成没有有效途径追究内幕交易行为人民事责任,利益受损的投资者寻求司法救济的道路不畅通。所以,目前尚无投资者因内幕交易行为获得民事赔偿的先例,。综上所述,本文一共分为四章,将首先立足于我国现行内幕交易民事赔偿制度现状,结合我国证券市场法制环境,借鉴外国证券市场发达地区的先进经验和优秀制度,然后从程序法和实体法两方面,厘清现行制度的完善路径,完善我国内幕交易民事赔偿制度。真正做到从法律角度保障证券市场投资者合法权益,打击内幕交易行为,保护证券市场投资者合法权益,促进我国证券市场良性发展,以达到“公开、公平、公正”之要义。
[Abstract]:On August 16, 2013, Everbright Securities broke out of the Oolong finger incident. Subsequently, the Securities Regulatory Commission decided that Everbright Securities, in the event that investors did not understand the reasons for the change in the stock index, used the insider information it knew to short to avoid risks. Violated the principle of fair trade in the market, constitutes insider trading behavior, and fined 523 million yuan. Subsequently, on December 2 th, investor Bao Jufen filed a civil compensation suit for insider trading in securities to the Shanghai No. 2 Intermediate people's Court. However, due to the lack of a clear judicial explanation for the civil compensation system for insider trading in China at present, administrative and criminal means are mainly relied on for insider trading, and less is involved in the civil compensation part. Therefore, investors are still faced with civil claim difficulties after insider trading infringement. The civil compensation system for insider trading in securities refers to the system in which investors suffer economic losses due to insider trading when they are in a disadvantaged position of asymmetric information in the securities market and require the doers of insider trading to give corresponding civil compensation according to law. The claim basis of civil compensation system of insider trading is based on the civil relief right of investors' legitimate property rights and interests after they have suffered losses due to insider trading. The illegal proceeds of insider trading are in essence improper interests, which are the additional benefits obtained by the perpetrator of insider trading on the premise of violating the prohibited obligation and using the insider information he knows to avoid unreasonable risks. It is bound to pose a threat to the legitimate rights and interests of other participants in the market. Therefore, the most fundamental requirement in the civil compensation system of insider trading is that the actor who makes profits from insider information will give certain economic compensation to investors for the losses suffered by insider trading. In addition, due to the unique trading rules and trading methods of the securities market, the number of victims affected by insider trading acts is often numerous, the area involved is extensive, the jurisdiction of the court is unclear, and the identification of the original defendant is difficult. The causality between insider trading and damages is not clear, and the range and amount of compensation is difficult to calculate. Therefore, the ordinary civil procedure is not applicable to the civil compensation cases of securities insider trading, and it is necessary to construct the civil compensation procedure which accords with the characteristics of securities trading. However, judging from the present legislative situation of our country, the provisions of the current Securities Law on civil compensation litigation for securities insider trading are too principled, without specific operating rules, and many theoretical difficulties are disputed. Such a principled civil compensation system of insider trading results in the lack of effective ways to investigate the civil liability of insider trading perpetrators and the lack of smooth way for investors whose interests are damaged to seek judicial remedies. So there is no precedent for investors to get civil compensation for insider trading. To sum up, this paper is divided into four chapters. Firstly, based on the current situation of the civil compensation system of insider trading in our country, combined with the legal environment of China's securities market, we can learn from the advanced experience and excellent system of the developed regions of foreign securities markets. Then, from two aspects of procedural law and substantive law, this paper clarifies the perfect path of the current system and consummates the civil compensation system of insider trading in our country. To protect the legitimate rights and interests of investors in the securities market from the legal point of view, to crack down on insider trading, to protect the legitimate rights and interests of investors in the securities market, and to promote the benign development of the securities market in our country, in order to achieve the main meaning of "openness, fairness and justice".
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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