上市公司内幕交易民事责任制度比较研究
发布时间：2018-08-29 09:54
【摘要】：内幕交易破坏了证券市场中的公平,在少数人非法获利的同时损害了广大投资者的利益,必须通过民事责任的承担使受损害者得到赔偿。本文从比较法的视角分析了美国、欧盟及我国等国家和地区的内幕交易民事责任法律制度,并尝试提出其他国家的先进之处对我国的借鉴性。 内幕交易的定义是整个内幕交易法律制度的基石。第一章中对内幕交易的界定进行了全面的分析,从内幕信息的基本特征、内幕人员的范围及内幕交易行为形态这三个方面进行了较细致的比较分析。其中对内幕信息的界定最为详细,内幕信息指尚未公开的、对公司证券价格可能产生重大影响的消息。在论述了内幕信息的重大性和未公开性这两个基本特征后,还对存在争议的信息确切性问题进行了讨论；并且对信息网络传播这一新问题进行了深入分析。 第二章通过讨论,将内幕交易行为定为特殊侵权性质。笔者认为,内幕交易民事责任实际上是违约和侵权责任的竞合,但将其作为违约责任来处理的话有诸多不合法理之处,最重要的是非常不利于投资者权益的救济,而将其作为侵权责任处理则可以较为圆满地保护投资者的利益。在以侵权行为构成理论分析内幕交易时,由于其损害结果计算和因果关系证明上的复杂性,笔者主张将其作为特殊侵权处理。 第三章承接前文对损害数额的计算和因果关系的证明这两个复杂问题进行比较研究,分析美国、台湾地区的差价计算方法和推定因果关系作法的优点和其在我国的可行性,提倡引进这些先进方法。 第四章主要论述内幕交易民事责任的实现方法即民事诉讼制度。在确定原告数量这一难题上,美国的“同时交易理论”可操作性很强,非常适合引进。通过比较发现,我国证监会作为专门证券监管机构,与美国、英国的同类机构相比之下缺失了在民事责任追究方面的职能,笔者认为可以就此另设一个承担此职能的独立机构。在最终诉讼方式上,美国的集团诉讼能够为投资者提供强大的支持,我国应借鉴其优点对现有共同诉讼制度进行改进。
[Abstract]:Insider trading undermines the fairness of the securities market and damages the interests of the investors while making illegal profits for a small number of people. The damage must be compensated through the assumption of civil liability. This paper analyzes the civil liability legal system of insider trading in the United States, European Union and China from the perspective of comparative law, and tries to put forward the advanced points of other countries for reference to our country. The definition of insider trading is the cornerstone of the whole legal system of insider trading. The first chapter makes a comprehensive analysis of the definition of insider trading, from the basic characteristics of insider information, the scope of insider trading behavior and insider trading behavior of the three aspects of a more detailed comparative analysis. The definition of insider information is the most detailed. Insider information refers to the information that has not yet been made public and may have a significant impact on the price of company securities. After discussing the two basic characteristics of inside information, the importance and non-disclosure, the paper also discusses the controversial issue of the accuracy of information, and makes a thorough analysis of the new problem of information network dissemination. The second chapter, through the discussion, regards the insider trading behavior as the special tort nature. The author thinks that the civil liability of insider trading is actually the concurrence of breach of contract and tort liability, but there are many illegalities to deal with it as breach of contract liability, and the most important thing is that it is very unfavorable to the relief of investors' rights and interests. The treatment of tort liability can protect the interests of investors more satisfactorily. In the analysis of insider trading based on the theory of tort constitution, due to the complexity of the calculation of the damage result and the proof of causality, the author proposes to treat it as a special tort. Chapter three carries on the comparative study on the two complicated problems of calculating the amount of damage and proving the causality, and analyzes the advantages and feasibility of the method of calculating the post price and the method of presuming causality in the United States and Taiwan, as well as its feasibility in our country. We advocate the introduction of these advanced methods. The fourth chapter mainly discusses the realization method of insider trading civil liability, that is, civil litigation system. In determining the number of plaintiffs, the "simultaneous transaction theory" in the United States is very operational, very suitable for introduction. By comparison, it is found that China Securities Regulatory Commission, as a special securities regulatory agency, lacks the function of civil liability investigation in comparison with the similar institutions in the United States and Britain. The author believes that an independent institution can be set up to undertake this function. In the final litigation mode, American group litigation can provide strong support for investors, our country should learn from its advantages to improve the existing joint action system.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D923;D922.287;F832.51
本文编号：2210847
[Abstract]:Insider trading undermines the fairness of the securities market and damages the interests of the investors while making illegal profits for a small number of people. The damage must be compensated through the assumption of civil liability. This paper analyzes the civil liability legal system of insider trading in the United States, European Union and China from the perspective of comparative law, and tries to put forward the advanced points of other countries for reference to our country. The definition of insider trading is the cornerstone of the whole legal system of insider trading. The first chapter makes a comprehensive analysis of the definition of insider trading, from the basic characteristics of insider information, the scope of insider trading behavior and insider trading behavior of the three aspects of a more detailed comparative analysis. The definition of insider information is the most detailed. Insider information refers to the information that has not yet been made public and may have a significant impact on the price of company securities. After discussing the two basic characteristics of inside information, the importance and non-disclosure, the paper also discusses the controversial issue of the accuracy of information, and makes a thorough analysis of the new problem of information network dissemination. The second chapter, through the discussion, regards the insider trading behavior as the special tort nature. The author thinks that the civil liability of insider trading is actually the concurrence of breach of contract and tort liability, but there are many illegalities to deal with it as breach of contract liability, and the most important thing is that it is very unfavorable to the relief of investors' rights and interests. The treatment of tort liability can protect the interests of investors more satisfactorily. In the analysis of insider trading based on the theory of tort constitution, due to the complexity of the calculation of the damage result and the proof of causality, the author proposes to treat it as a special tort. Chapter three carries on the comparative study on the two complicated problems of calculating the amount of damage and proving the causality, and analyzes the advantages and feasibility of the method of calculating the post price and the method of presuming causality in the United States and Taiwan, as well as its feasibility in our country. We advocate the introduction of these advanced methods. The fourth chapter mainly discusses the realization method of insider trading civil liability, that is, civil litigation system. In determining the number of plaintiffs, the "simultaneous transaction theory" in the United States is very operational, very suitable for introduction. By comparison, it is found that China Securities Regulatory Commission, as a special securities regulatory agency, lacks the function of civil liability investigation in comparison with the similar institutions in the United States and Britain. The author believes that an independent institution can be set up to undertake this function. In the final litigation mode, American group litigation can provide strong support for investors, our country should learn from its advantages to improve the existing joint action system.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D923;D922.287;F832.51
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