公务人员内幕交易规制研究

发布时间：2018-06-07 08:06

本文选题：公务人员 + 证券内幕交易　；参考：《吉林大学》2017年硕士论文

【摘要】：我国市场化改革不断深化发展,在执行公务的过程中,公务人员有机会通过合法方式获取大量能够影响证券价格的信息,这些信息不仅包括传统理论上的公司内部信息,即我国现行法律所规定内幕信息;而且还包括能够影响证券价格的市场信息,即国家政策等公共信息。如不有效规制,在私利动机下可能催发公务人员内幕交易行为。现实中,也确实在发生越来越多的公务人员内幕交易案件。公务人员内幕交易行为不仅破坏了证券市场的诚信原则,损害了投资人利益,同时还违背了公务人员不得以公谋私的信条,践踏了政府为人民服务的形象,必须通过制度建设予以防治。在我国现行制度体系中,明令禁止公务人员内幕交易的规范多属党规政纪或者部门规章,不具法律效力或者法律效力层级较低;而在作为证券交易基本法的《证券法》中,内幕交易规范主要是针对公司内部人以及少数准内部人而设立的禁止性规定,对于公司外部人的规定则处于较为模糊的地带,当涉及公务人员内幕交易的规制时,只能适用兜底条款进行扩张性解释,这不仅不利于法律适用和司法判决的确定性与安定性,也不利于公务人员内幕交易的事前防范。因此,有必要针对公务人员内幕交易的规制进行相应的制度完善。本文主旨,即在于通过比较分析、实证分析、案例分析、价值分析等研究方法的运用,探讨公务人员内幕交易的主体界定、内幕信息的判定、基本规制方式等议题,进而尝试构建我国的公务人员内幕交易规制体系。本文主要分为如下四个部分:第一部分,公务人员内幕交易规制命题的提出。在这一部分中,笔者考察了国家宏观调控和监管下证券市场滋生公务人员内幕交易的社会事实及其对相应规制体系的需求,梳理了我国现行的相关制度体系并分析了其中的缺陷与不足,介绍了我国已发生的公务人员内幕交易的典型案例并指出了其中有待解决的问题。在该部分,笔者提出,我国应在《证券法》等基本法中明确将公务人员纳入内幕交易的主体范围并予以有效规制。第二部分,公务人员内幕交易主体界定。在这一部分中,笔者在信息平等论、信义义务理论、盗用理论的框架下论证了将公务人员纳入内幕交易主体范围的合理性;对美国、欧盟、日本等国的制度构成进行了比较分析,并且讨论了其制度构成对我国公务人员内幕交易主体范围认定的启示意义;提出了在我国将公务人员纳入内幕交易主体的制度化方案,并阐释了其基本类别,即立法机关人员、行政机关人员、司法机关人员、中国共产党各级机关以及人民政治协商会议各级委员会机关人员等。第三部分,公务人员证券内幕交易信息性质判定。在这一部分中,笔者介绍了传统理论上对内幕信息的判断标准,即信息的重大性、非公开性,并在此基础上论证了将未公开的国家立法、政府决策、经济政策、统计数据等能够对证券价格产生实质性影响的公共信息纳入内幕信息范围的必要性和合理性。第四部分,公务人员内幕交易规制方式。在这一部分中,笔者将内幕交易的规制方式分为事前防范机制和事后责任追究制度,围绕这两个方面分别介绍了美国的相关经验,并探讨了我国相关制度的完善方案。其中,笔者指出,我国应当将公务人员内幕交易惩治纳入统一的内幕交易禁止性规范之中;应借鉴美国的信息披露制度及其关于内幕人刑事、民事和行政责任追究的制度,完善我国的知情人登记制度、报告制度、禁止交易制度、回避制度及民行刑责任追究制度。
[Abstract]:In the process of carrying out public affairs, public servants have the opportunity to obtain a large amount of information that can affect the price of securities in a legal way. These information not only include the internal information in the traditional theory, that is, the inside information provided by the current law in our country, but also can affect the price of securities. Market information, such as public information such as state policy, such as non effective regulation, may send public servants insider trading behavior under the motivation of private interest. In reality, there are more and more civil servants insider trading cases. The insider trading behavior of public servants not only destroys the principle of integrity in the securities market, but also damages the interests of the investors. It also violates the fact that public servants are not allowed to seek private or private beliefs, trampled the image of the government to serve the people, and must be prevented through system construction. In the current system of our country, regulations prohibiting insider trading of public servants are mostly subordinate to party rules, rules, regulations, rules and regulations, and have no legal effect or lower legal effect. In the securities law, which is the basic law of securities trading, the regulation of insider trading is mainly a prohibition set up for the insider and a few quasi insiders. The regulations on the external person of the company are in a more fuzzy zone. When it involves the regulation of the insider trading of the public servants, it can only apply the dilated solution to the bottom of the pocket clause. It is not only detrimental to the certainty and stability of the legal application and judicial decision, but also to the prevention of the insider trading of public servants. Therefore, it is necessary to improve the regulation of the insider trading of public servants. The main purpose of this paper is to study the analysis, case analysis, value analysis and so on. The application of the method is to discuss the subject definition of the insider trading, the judgment of insider information, the basic regulation mode and so on, and then try to construct the internal transaction regulation system of the public servants in our country. This article is divided into four parts: the first part, the proposition of the regulation of the insider insider trading of the public servants. This paper investigates the social facts of the insider trading of public servants under the state macro-control and supervision, and the demand for the corresponding regulation system, combs the current relevant system system in our country and analyzes the defects and shortcomings, and introduces the typical cases of the insider trading of the public servants in China and points out that there are some of them. In this part, the author puts forward that our country should clearly put the public servants into the subject scope of the insider trading in the securities law and so on. The second part, the internal transaction subject of the public servants is defined. In this part, the author is under the theory of information leveling, the theory of faith obligation, and the theory of embezzlement. The reasonableness of the inclusion of public servants in the scope of insider trading, the comparative analysis of the institutional composition of the United States, the EU and Japan, and the implications for the identification of the subject scope of the insider trading of the public servants in China are discussed, and the institutionalized side for the incorporation of public servants into the insider trading body is put forward. The case, and explains its basic categories, that is, the personnel of the legislature, the administrative personnel, the judicial organs, the organs of the Chinese Communist Party at all levels and the personnel at all levels of the Committee of the people's Political Consultative Conference. In the third part, the nature of the insider trading information of the public servants is judged. In this part, the author introduces the traditional theory to the inside. The judgment standard of curtain information, that is, the importance and non disclosure of information, and on the basis of this, demonstrates the necessity and rationality of bringing public information which can have substantial impact on the price of securities into the scope of insider information, including the undisclosed national legislation, government decision, economic policy, statistical data and so on. The fourth part, insider trading of public servants In this part, the author divides the regulation mode of insider trading into the precautionary mechanism and the post liability investigation system, and introduces the relevant experience of the United States around these two aspects and discusses the perfect scheme of the relevant system in our country. We should draw on the information disclosure system in the United States and its system about insider criminal, civil and administrative accountability, perfect the system of the registration of the people in the know, the reporting system, the prohibition of trading system, the avoidance system and the system of pursuing the responsibility for the civil execution.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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