我国证券市场内幕交易预防机制研究

发布时间：2018-04-09 03:06

本文选题：证券市场　切入点：内幕交易　出处：《安徽大学》2012年硕士论文

【摘要】：虽然各个国家和各位学者对内幕交易的概念尚未达成统一的认识,但是简单来看,内幕交易就是利用内幕信息进行交易,这种交易并不具有合理性,更不具有合法性,不符合公共利益,是法律应当予以禁止的行为。内幕交易的存在不仅给普通投资者造成损害,而且给公司带来损害,还给资本市场带来了风险。但是事实上,内幕交易是各国证券市场都存在的违法行为之一,大多数国家都对内幕交易的行为制定了一定的法律法规,有的还形成了一定的行业规范,以从各个方面对其进行预防和治理。对于几乎每天都在发生的内幕交易,我国证券监管部门对内幕交易的预防和治理进行了很多探索,并取得了一定的成绩。但是内幕交易具有很强的秘密性,查处成本高、难度大,效果并不理想。应当从各个方面对内幕交易进行预防,以降低内幕交易的发案率,维护投资者权益、保护公司发展并保证资本市场的秩序。我国对于内幕交易虽然有一定的预防手段,但是并未形成总体意义上的制度,效果并不理想。要更好地预防内幕交易,还要从各个方面对内幕交易预防机制进行完善,寻找不足并予以弥补。虽然各个国家对内幕交易的规定都没有能够杜绝内幕交易的产生,但是通过对境外国家和地区相关法律和规范的研究,发现我国内幕交易相关制度的不足,并根据我国实际予以借鉴,可以对我国内幕交易的预防机制予以完善。从内幕交易的预防着手,降低内幕交易发案率,对维护证券市场正常有序的运行有着其不可替代的意义。我国证券市场内幕交易预防机制现状并不理想,通过对我国信息披露制度、内幕信息知情人登记制度、内幕信息保密制度和举报制度的现状及相关法律法规的梳理,发现我国内幕交易预防机制主要存在以下问题：信息披露不及时、信息披露不完整、内幕信息知情人范围不科学、内幕信息知情人登记内容不科学、上市公司保密规则不完善、中介机构保密制度不规范、个人保密意识淡薄、缺乏举报奖励和保障机制。针对提出的上述问题,通过有针对性地研究了境外相关国家和地区法律在这些方面的规定和做法,以对我国相关制度进行完善。这些国家和地区有美国、英国、德国、加拿大、日本、法国、欧盟、我国香港和我国台湾地区。由于美国是内幕交易规定较为发达的国家,对于美国证券交易委员会的相关规定进行了细致的研究。通过对境外相关国家和地区法律在这些方面的规定和做法的比较,以对我国内幕交易预防机制有所启示。根据提出的关于我国证券市场内幕交易预防机制的不足以及对境外国家和地区相关法律规定的研究,结合我国实际对我国内幕交易的预防,从我国信息披露制度、内幕信息知情人,登记制度、内幕信息保密制度和举报制度等方面提出相关建议,以完善我国的证券市场内幕交易预防机制。
[Abstract]:Although various countries and scholars have not yet reached a unified understanding of the concept of insider trading, in short, insider trading is the use of insider information for trading. This kind of trading is not reasonable, let alone legitimate.It is not in the public interest and should be prohibited by law.The existence of insider trading not only damages ordinary investors, but also damages companies and brings risks to the capital market.However, in fact, insider trading is one of the illegal acts in the securities markets of all countries. Most countries have formulated certain laws and regulations on insider trading, and some have formed certain industry norms.To prevent and treat it in all its aspects.For the insider trading that happens almost every day, the securities regulatory department of our country has carried on a lot of exploration to the prevention and management of the insider trading, and has made certain achievements.However, insider trading has a strong secrecy, high cost, difficult to deal with, the effect is not ideal.We should prevent insider trading from all aspects in order to reduce the incidence of insider trading, protect investors' rights and interests, protect the development of companies and ensure the order of capital market.Although China has some preventive measures for insider trading, it does not form an overall system, and the effect is not satisfactory.In order to prevent insider trading better, it is necessary to perfect the prevention mechanism of insider trading from all aspects, to find out the deficiency and to make up for it.Although the regulations on insider trading in various countries have not been able to prevent the emergence of insider trading, through the study of the relevant laws and regulations of overseas countries and regions, it is found that the relevant system of insider trading in our country is inadequate.According to the actual situation of our country, we can perfect the prevention mechanism of insider trading in our country.Starting from the prevention of insider trading and reducing the incidence of insider trading, it is of irreplaceable significance to maintain the normal and orderly operation of the securities market.The present situation of the prevention mechanism of insider trading in China's securities market is not ideal. The present situation and relevant laws and regulations of information disclosure system, insider information insider registration system, insider information secrecy system and reporting system in China are combed.It is found that the following problems exist in the prevention mechanism of insider trading in China: the information disclosure is not timely, the information disclosure is incomplete, the scope of insider information is not scientific, the registration content of insider information is not scientific, and the confidentiality rules of listed companies are not perfect.The intermediary organization secrecy system is not standard, the individual secret consciousness is weak, lacks the report reward and the safeguard mechanism.In order to perfect the relevant system of our country, this paper studies the regulations and practices of the relevant countries and regions in these aspects through the study of the above mentioned questions.These countries are the United States, the United Kingdom, Germany, Canada, Japan, France, the European Union, Hong Kong and Taiwan.As the United States is a developed country with insider trading regulations, the relevant regulations of the Securities and Exchange Commission of the United States have been studied in detail.By comparing the regulations and practices of foreign countries and regions in these aspects, this paper gives some enlightenment to the prevention mechanism of insider trading in China.According to the research on the deficiency of the prevention mechanism of insider trading in China's securities market and the relevant laws and regulations of overseas countries and regions, combined with the actual prevention of insider trading in our country, from the information disclosure system of our country,In order to perfect the prevention mechanism of insider trading in China, the author puts forward some suggestions on insider information insider, registration system, insider information secrecy system and reporting system.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;D922.28

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