利用未公开信息交易罪的疑难问题研究

发布时间：2018-07-17 18:28

【摘要】：目前,在金融市场里经常出现违反金融交易规则的老鼠仓行为,这种行为会使很多的散户丧失对于金融市场投资的信心,损害金融市场的秩序,导致投资者们的财产利益受到严重的损害。为了保证我国金融市场有秩序的发展,维护公平的交易环境,消除老鼠仓行为势在必行。本篇文章从马某案件和张某案件两个案件为切入点,通过这两个案件引发的相关问题,结合这两个案件中关于此罪的司法实践难题,进一步分析我国在涉及此类案件时一些切合实际的疑难问题。尽管利用未公开信息交易的这种行为在我国刑法的规范中已经有了明确的法条进行规制,但是司法实务中操作起来比较复杂,有一些模糊的地方或者举证等方面还是需要法律进行进一步的明确。第一,我国法律中尚且没有关于“未公开信息”的内涵的界定,该文从界定内幕信息的范围以及两者的共同点和区别来阐释“未公开信息”的含义。“未公开信息”不关乎公司的最本质的内容,但是它会对市场的交易价格造成很大的波动。“未公开信息”存在其特有的性质,当然,它和内幕信息也存在共同之处,这在本文中会一一阐述。第二,关于到底怎么样认定利用因职务便利获取,这在司法实践中有很多认定办法,笔者通过分析比对香港、台湾等国家和地区的操作方法,在举证责任方面提出,控方只要能够提出犯罪行为人是在该信息尚未对外公布之前,通过其职务上的便利获取了相关的信息,并且犯罪行为人实施了卖出或者买入的金融交易活动,那么这样就可以认定构成利用未公开信息交易罪,除非犯罪行为人能够证明他并不是依据这些未公开的信息从事的金融交易,那么才可以认定他是不构成这个犯罪的。第三,在我国刑法的内幕信息交易罪中有“情节严重”的基本量刑幅度和“情节特别严重”的量刑幅度。然而,利用未公开信息交易罪中到底是只存在基本量刑幅度,还是两个量刑幅度都存在,大家观点不一。笔者认为利用未公开信息交易罪应存在基本和加重两种量刑幅度。
[Abstract]:At present, rat trading practices that violate financial trading rules often occur in financial markets, which can make many retail investors lose their confidence in financial market investments and damage the order of financial markets. This has caused serious damage to investors' property interests. In order to ensure the orderly development of financial market in China, it is imperative to maintain a fair trading environment and eliminate rat trading. This article from two cases of Ma Mou case and Zhang case as the entry point, through these two cases caused by the relevant issues, combined with the two cases of judicial practice of this crime difficult, This paper further analyzes some practical and difficult problems concerning such cases in our country. Although this kind of behavior of using unpublished information transaction has been regulated in the norms of criminal law of our country, it is quite complicated to operate in judicial practice. There are some vague areas or proof or other aspects of the need for further legal clarity. First, there is no definition of the connotation of "undisclosed information" in Chinese law. This paper interprets the meaning of "undisclosed information" from the definition of the scope of insider information and the common points and differences between the two. "undisclosed information" does not concern the company's most essential content, but it can cause a lot of volatility in the market price. "undisclosed information" has its unique nature, of course, it and insider information also have common points, which will be discussed in this paper. Second, on how to determine how to use access by virtue of duty, this has many methods of determination in judicial practice. By analyzing and comparing the operational methods of Hong Kong, Taiwan, and other countries and regions, the author puts forward the burden of proof. As long as the prosecution is able to state that the perpetrator obtained the relevant information through his official convenience before the information was made public, and the perpetrator has carried out a financial transaction that has been sold or bought, Then it can be concluded that the crime of using unpublished information transaction is constituted, unless the perpetrator can prove that he is not engaged in a financial transaction on the basis of these unpublished information, then he can be presumed not to constitute the crime. Thirdly, in the crime of insider information trading in criminal law of our country, there are the basic sentencing range of "serious circumstances" and the sentencing range of "especially serious circumstances". However, there are different views on whether there is only a basic penalty range or two sentencing ranges in the crime of using unpublished information. The author thinks that the crime of using unpublished information transaction should have two kinds of sentencing range: basic and aggravated.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D924.1

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