上市公司并购重组中内幕交易法律规制研究

发布时间：2018-06-20 23:27

本文选题：内幕交易 + 并购重组　；参考：《中南大学》2013年硕士论文

【摘要】：内幕交易行为几乎与证券市场相伴相生,其顽固性犹如套在资本市场上的“紧箍咒”。我国是一个新兴的市场经济国家,证券市场产生与成长于经济转轨时期,这种特殊的背景使得我国证券市场内幕交易行为频发,特别是在上市公司并购重组过程中表现得更为严重。由于上市公司并购重组从决策到实施的过程漫长,其行为结构复杂,内幕信息具有信息链长、传递的多层次性,参与方众多,因而内幕信息的知情人员更多、组成更复杂,且往往与市场操纵等违法行为交织在一起等特征,因而以我国资本市场中公司并购重组的内幕交易为研究对象,直面并购重组成为当下内幕交易等证券违法行为重灾区的现状,提出规制并购重组中内幕交易的法律对策,为防控、遏制呈高发态势的上市公司并购重组中内幕交易行为提供审慎建议和思路。本文首先结合公司并购重组和内幕交易的基本理论,就并购重组中的内幕交易概念、特征及其构成要件行为,并购重组中内幕交易频发的原因等基本理论问题进行了论述；并通过并购重组中内幕交易典型案例的讨论,对我国并购重组中内幕交易行为的法律适用以及并购重组中内幕交易行为的司法追责形式进行了分析。然后在梳理我国现有法律体系对内幕交易已有的法律规范的基础上,借鉴各国经验教训,提出构建联动的监管网络,从完善我国并购重组中内幕交易的防控法律制度以及自律性组织防控机制两个方面,提出了自己的构想。最后就完善我国并购重组中内幕交易的法律责任体系进行了思考,提出完善现有的刑事法律责任规范,搭建刑事责任与行政责任的对接机制,以及完善内幕交易的民事侵权赔偿制度。
[Abstract]:Insider trading is almost concomitant with the stock market, and its inflexibility is like the "magic of hoops" applied in the capital market. Our country is a new market economy country, the stock market produces and grows in the economic transition period, this kind of special background causes our country stock market insider trading behavior to occur frequently. Especially in the process of mergers and acquisitions of listed companies more serious. Due to the long process from decision-making to implementation of M & A of listed companies, its behavior structure is complex, the inside information has long information chain, multi-level transmission, many participants, so the insider information has more informed personnel and more complex composition. And it is often intertwined with illegal activities such as market manipulation. Therefore, taking the insider trading of corporate M & A and reorganization in our capital market as the object of study, facing up to the current situation of securities illegal activities such as insider trading and other serious disaster areas, we face up to the current situation of securities illegal practices such as insider trading. This paper puts forward legal countermeasures to regulate insider trading in M & A reorganization, which provides prudent suggestions and ideas for prevention, control and containment of insider trading in M & A of listed companies. In this paper, the basic theory of corporate M & A and insider trading is discussed, including the concept of insider trading, its characteristics and its constitutive elements, and the causes of frequent insider trading in M & A. Based on the discussion of typical cases of insider trading in M & A, this paper analyzes the legal application of insider trading in M & A and the judicial accountability of insider trading in M & A. Then, on the basis of combing the existing legal norms of insider trading in China's existing legal system, and drawing lessons from the experiences of other countries, the author puts forward the construction of a linkage regulatory network. From two aspects of perfecting the legal system of prevention and control of insider trading and the mechanism of prevention and control of self-discipline organization, the author puts forward his own conception. Finally, the author thinks about how to perfect the legal liability system of insider trading in M & A reorganization in China, and puts forward to perfect the existing norms of criminal legal liability, and to set up the docking mechanism between criminal liability and administrative responsibility. And perfect the civil tort compensation system of insider trading.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.291.91

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