中国资本市场20年内幕交易行为案例综述

发布时间：2018-01-02 22:14

本文关键词：中国资本市场20年内幕交易行为案例综述　出处：《财经研究》2017年12期 　论文类型：期刊论文

【摘要】：文章对1994-2015年中国证券监管机构和司法机关查处的内幕交易案件的特征进行了档案式归纳分析。研究发现,中国资本市场内幕交易案件呈现以下特点:(1)对内幕交易的处罚以行政处罚为主,民事赔偿基本处于缺位状态。(2)内幕交易违规主体以法定内幕人为主,但有向非法定内幕人扩散的趋势,且呈现裙带化、复杂化、公职化等特点;并购重组领域仍是内幕交易发生的"重灾区";内幕交易的利益驱动力强,违法获利金额高。(3)内幕交易稽查执法力度不断增强,案件办理效率显著提升,但内幕交易处罚力度偏轻,威慑力不强。(4)从时间序列上看,不同时期的执法环境不同,执法效果也不同,但整体的内幕交易执法力度和效率均呈快速上升态势。此外,随着我国证券市场的发展,内幕交易的具体行为模式不断发生变化并呈现出新特点、新趋势,这对内幕交易行为监管提出了新挑战。因此,文章还深入剖析了两类具有代表性的新型内幕交易行为的特点,并提出了相应的监管对策。
[Abstract]:This paper summarizes and analyzes the characteristics of insider trading cases investigated and dealt with by Chinese securities regulators and judicial organs from 1994 to 2015. China's capital market insider trading cases show the following characteristics: 1) the penalty for insider trading is mainly administrative punishment. Civil compensation is basically in the vacancy state. (2) the main body of insider trading violation is the legal insider, but it has the tendency of spreading to the non-legal insider, and it presents the characteristics of nepotism, complication, public service and so on. M & A field is still the "disaster area" of insider trading; Insider trading has a strong interest driving force, the illegal profit is high. 3) the law enforcement of insider trading audit has been strengthened, the efficiency of case handling has been improved significantly, but the punishment of insider trading is relatively light. From the point of view of time series, the law enforcement environment is different in different periods, and the enforcement effect is also different, but the overall law enforcement strength and efficiency of insider trading are rising rapidly. In addition. With the development of China's securities market, the specific behavior mode of insider trading has been changing and showing new characteristics and new trends, which put forward a new challenge to the regulation of insider trading. The article also analyzes the characteristics of two representative new types of insider trading behavior and puts forward the corresponding regulatory countermeasures.
【作者单位】：对外经济贸易大学金融学院;中央财经大学会计学院;中央财经大学信息学院;
【基金】：国家自然科学基金项目(71402197) 中央高校基本科研业务费专项资金中央财经大学科研创新团队支持计划项目的资助
【分类号】：F832.51
【正文快照】： 一、引言经过二十余年的发展,中国资本市场在制度安排、交易规则和监管方式等方面基本与国际市场接轨,市场规模位居全球前列。自我国资本市场诞生之日起,股价操纵、内幕交易等违法违规行为一直是困扰其发展的难题。时至今日,世界各国对内幕交易的监管基本达成共识,各国监管机

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