内幕交易民事责任制度及完善

发布时间：2018-05-26 19:45

本文选题：内幕信息 + 内幕交易　；参考：《中国政法大学》2010年硕士论文

【摘要】：自中国证券市场成立以来,内幕交易就层出不穷,尤其是股权分置改革之后,内幕交易活动更加猖獗,监管部门也陆续查处了一批重大的内幕交易案件,如最近几年的杭萧钢构案、董正青案、黄光裕案等。然而,我国到目前为止,却还没有一起因内幕交易受损失的投资者向内幕交易行为人要求民事赔偿的成功案例,其中,最关键的因素在于我国证券立法在如何追究内幕交易者民事责任的规定严重缺失,相关案例在法律适用和执行方面仍存在较大困难和争议。 2005年新修订的《证券法》第76条明确规定了内幕交易民事责任的内容:“内幕交易行为给投资者造成损失的,行为人应当依法承担赔偿责任”。但此规定过于原则,对于内幕交易民事赔偿中权利主体资格的确定、诉讼程序、因果关系的界定、损害赔偿的方式和计算等内容未做规定,使得该内容欠缺可操作性。本文通过对内幕交易民事责任的性质、归责以及构成进行全方位法理分析,根据我国现行的证券法律法规并借鉴国外相关经验提出一些建议,希望能为将来出台的内幕交易民事赔偿司法解释尽绵薄之力。本文除了引言和绪论外,全文共分四大部分。笔者将从内幕交易民事赔偿的相关概念、民事责任的法理基础、归责原则、构成要件、法律适用等几个方面探讨,并重点对内幕交易民事赔偿相关的权利义务主体、因果关系和损害计算等做了全方位分析和探讨,提出了有关实体法和程序法的立法建议。第一部分是概念的界定。笔者详细阐述了跟本文主旨息息相关的“内幕信息”、“内幕交易”和“内幕交易民事责任”等概念的基本含义,为全文论点的展开统一认识并做出铺垫。第二部分探讨了证券内幕交易民事责任的性质。针对学界主要的三种观点:契约责任说、侵权责任说和独立类型说进行比较论证。笔者通过对契约责任和侵权责任的利弊分析,针对证券交易的特殊性,主张独立责任说,建议通过立法将内幕交易民事责任单列为一类新型的法定责任。第三部分介绍了内幕交易民事责任的归责和构成。提出“信用义务”这一贯穿全篇法理分析的线索。指出需要全面借鉴美国法关于内幕交易的归责理论:信息占有、信息泄露、信息私用等。并从主体要素、行为要素、事实要素、逻辑要素四个方面分析讨论了内幕交易民事责任的构成。第四部分作为全文的重点,针对我国内幕交易民事赔偿的立法司法现状,从不同角度阐述了现有制度的缺陷和不足,并借鉴国际经验,分别从内幕交易民事赔偿的权利义务主体、因果关系、赔偿计算方法和金额、特别诉讼程序等几个方面提出立法建议。最后,笔者提出,在现有法律框架下,内幕交易人的直接相对方,可以依据契约责任理论,适用合同法中的欺诈可撤销原则来要求损害赔偿,并探讨性的提出民事赔偿请求权设计方案。
[Abstract]:Since the establishment of China's securities market, insider trading has been emerging in endlessly. In particular, after the reform of the split share structure, insider trading activities have become even more rampant. The regulatory authorities have also investigated and dealt with a number of major insider trading cases one after another. For example, in recent years, Hang-Xiao Steel case, Dong Zhengqing case, Huang Guangyu case, and so on. However, up to now, there has not been a successful case in China in which investors who have suffered losses from insider trading have claimed civil compensation from the perpetrators of insider trading. The key factor lies in the serious lack of the provisions on how to investigate the civil liability of insider traders in China's securities legislation, and there are still more difficulties and controversies in the application and enforcement of relevant cases. Article 76 of the newly revised Securities Law in 2005 clearly stipulates the content of civil liability for insider trading: "if the insider trading behavior causes losses to investors, the perpetrator shall bear the liability for compensation according to law." However, this provision is too principled, the determination of the qualification of the right subject, the procedure, the definition of causality, the way of compensation for damages and the calculation of the civil compensation for insider trading are not provided for, which makes the content lack of maneuverability. By analyzing the nature, liability and constitution of civil liability of insider trading, this paper puts forward some suggestions according to the current securities laws and regulations of our country and drawing on the relevant experience of foreign countries. It is hoped that the judicial explanation of civil compensation for insider trading in the future will be limited. In addition to the introduction and introduction, this paper is divided into four parts. The author will discuss the related concepts of civil compensation for insider trading, the legal basis of civil liability, the principle of imputation, the elements of constitution, the application of law and so on, and focus on the subject of rights and obligations related to civil compensation for insider trading. The causality and damage calculation are analyzed and discussed in all directions, and the legislative suggestions on substantive law and procedural law are put forward. The first part is the definition of the concept. The author expounds in detail the basic meaning of the concepts of "insider information", "insider trading" and "insider trading civil liability", which are closely related to the main purpose of this paper, and lays the groundwork for the development of the whole thesis. The second part discusses the nature of civil liability for securities insider trading. There are three main viewpoints: contract liability theory, tort liability theory and independent type theory. Based on the analysis of the advantages and disadvantages of contractual liability and tort liability, and in view of the particularity of securities trading, the author advocates the theory of independent liability and suggests that civil liability for insider trading should be listed as a new type of legal liability by legislation. The third part introduces the liability and constitution of insider trading civil liability. This paper puts forward the clue of credit obligation which runs through the whole analysis of jurisprudence. The author points out that it is necessary to draw lessons from the theory of imputation of insider trading in American law: information possession, information leakage, private use of information, etc. The constitution of civil liability of insider trading is discussed from four aspects: subject factor, behavior factor, fact factor and logical factor. The fourth part as the focal point of the full text, in view of our country insider trading civil compensation legislation judicature present situation, elaborated from the different angle the flaw and the insufficiency of the existing system, and drew lessons from the international experience. The legislative suggestions are put forward from the aspects of the subject of rights and obligations of civil compensation in insider trading, causality, calculation method and amount of compensation, special procedure and so on. Finally, the author puts forward that under the existing legal framework, the direct opposite party of insider trader can apply the principle of fraud and revocability in contract law to claim damages according to the theory of contractual liability. And discuss the design scheme of civil compensation claim.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.287

【引证文献】