涉外证券内幕交易防范法律机制研究

发布时间：2018-01-31 07:41

本文关键词： 涉外证券内幕交易防范法律机制　出处：《郑州大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券市场是一个瞬息万变的市场,也是一个充斥着信息的市场。在市场中,谁第一时间拥有某个证券的相关信息,也就等于拥有了金钱和财富。故而,从整个证券投资的历史上来看,不管个人或是团体,都一直企图发现广大投资者所不知道的信息,并以此牟取利益。所以,相关上市公司的未公开信息,也就成为了证券市场中炙手可热的东西。某些人就利用它进行一些非法的证券投机行为,即内幕交易行为。内幕交易行为非常复杂,根据其主要的行为样态,学者把内幕交易归纳为：内幕人员或者其他非法获得了内幕信息的人员,为了获取利益或者减少损失,自己或通过建议他人或泄露内幕信息的手段,使他人利用此信息进行相关证券发行、交易的活动,进而获利。证券内幕交易行为是证券市场上一种常见的违法行为。通过已掌握的未公开的重大信息进而从事证券交易,来获取非法利益,这种行为操作起来很容易,而且隐蔽性比较强,再加上内幕交易的手段复杂,因此它是最经常发生的证券违法行为。再有,涉外证券市场与国内证券市场相比,有着独特的特点,涉及范围和出现的问题又比较多,因此对于涉外证券市场上出现的内幕交易更要有针对性的解决,维护市场的公平,保证法律的正义和有效实施。维护市场的公平、公开和公正,是法律的基本价值。虽然说,每一个进入市场的人不会百分之百能够获得利益,但最起码要保证每一个进入市场的人都享有平等的权利,没有人想有什么其他人没有的特权。因此法律尽量规避内幕交易的发生,加强监管,并且会对内幕交易行为处以严厉的惩罚措施,争取营造一个平等自由的市场环境,然而不可否认,有些还是会有一定数量的“漏网之鱼”,但也能够从立法和管制方面看到我国政府和立法者的努力。随着改革开放的发展深入,我国证券市场又了长足发展,但同时也存在着大量问题,这其中充斥着许多内幕交易现象,影响着市场的稳定。我国证券市场起步晚,在历史上对其定位也有过一定的偏差,而内幕交易行为本身又有其独特的特点,行为表现复杂,隐蔽性强,查处有一定的难度,对赔偿问题的责任划分还不是很确定,内幕交易的事后监管力度不大,再加上涉外证券市场与国内证券市场相比,问题更为复杂,因此,本文试图通过对我国涉外证券内幕交易观察分析,比照国际上其他国家的做法,找出适合我国的一套预防和惩处规范,对现今的规范提出建议,力图建立更加规范的证券法律体系。
[Abstract]:The securities market is a rapidly changing market, is also a market full of information. In the market, the first time who has the relevant information of a security, it is equivalent to have money and wealth. From the whole history of securities investment, no matter individuals or groups, have been trying to find the vast number of investors do not know the information, and in order to make a profit. It has become a hot thing in the stock market. Some people use it to engage in some illegal securities speculation, that is, insider trading. Insider trading behavior is very complex, according to its main behavior, scholars conclude insider trading as: insider personnel or other people who illegally obtained insider information, in order to obtain benefits or reduce losses. By advising others or by disclosing insider information, others can make use of this information for the purpose of issuing and trading related securities for profit. Securities insider trading is a common illegal behavior in the securities market. It is easy to obtain illegal interests by engaging in securities trading through the important information that has not been disclosed. And the concealment is relatively strong, and the means of insider trading is complex, so it is the most frequent securities illegal behavior. Moreover, the foreign securities market has unique characteristics compared with the domestic securities market. The scope and problems involved are more, so the insider trading in the foreign securities market should be solved, the fairness of the market should be maintained, and the justice and effective implementation of the law should be guaranteed. Upholding the fairness, openness and fairness of the market is the fundamental value of the law, although no one who enters the market will benefit 100%. But at the very least, everyone who has access to the market is guaranteed equal rights, and no one wants to have privileges that others do not have. So the law tries to avoid insider trading and strengthen regulation. And will impose severe penalties on insider trading, strive to create an equal and free market environment, but undeniably, some will still have a certain number of "netting fish." But the efforts of our government and legislators can also be seen in terms of legislation and regulation. With the development of reform and opening up, China's securities market has made considerable progress, but there are also a large number of problems, which are full of many insider trading phenomena. Affect the stability of the market. China's securities market started late, in the history of its positioning has a certain deviation, and insider trading behavior itself has its unique characteristics, the behavior is complex, strong concealment. It is difficult to investigate and deal with the problem of compensation, the division of liability for compensation is not very certain, the supervision of insider trading is not strong, and the foreign securities market is more complex than domestic securities market, so it is more complicated. This paper attempts to find out a set of prevention and punishment norms suitable for our country by observing and analyzing the insider trading of foreign securities in our country, comparing with the practices of other countries in the world, and puts forward some suggestions to the present norms. Strive to establish a more standardized securities legal system.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

【参考文献】