内幕交易行为

中国股票市场内幕交易行为甄别监控机制研究

A Study on Monitoring System of Insider Trading in Chinese Stock Market

笔者对美国和德国的证券市场内幕交易行为的监管作了比较研究。

The writer made a comparison between US and Germany .

证券市场内幕交易行为分析我国股市内幕交易行为研究

An Analysis of Insider Trading of Our Stock Market

政府对股票市场内幕交易行为的监管研究

The Study of Government Regulation on the Insider Trading of the Stock Market

其次，通过对域外内幕交易行为法律规制的比较，分析了我国应该借鉴吸收的有益之处。

The second , the extraterritorial comparative analysis of the legal regulation of insider trading .

内幕交易行为与证券市场如影随形，甚至和证券市场一样古老。

Insider trading almost Accompanied by securities markets , and even as old as securities market .

随着证券市场的发展，内幕交易行为有越演越烈的趋势。

With the development of securities markets , insider trading behavior is much more than before .

但众所周知，事实上世界大多数国家在禁止内幕交易行为的实际效果上差强人意，尤其是在我国。

In fact , the efficiency of the insider trading regulation is not satisfactory , especially in China .

这样，通过事前、事中、事后全面的监管，可以有效地防范和打击内幕交易行为。

In this way , insider trading could be curbed before , during and after the trading process .

如何通过法律手段有效控制证券内幕交易行为，具有重要的现实与理论意义。

It is very realistic and important on how to efficiently control " inside trading " by legal ways .

第一部分即前言部分，简单介绍了内幕交易行为的危害和各国反内幕交易管制的沿革。

Part One points out the harm of insider trading and traces the history of the preventing insider trading worldwide .

也正是由于这些特点，导致了内幕交易行为发现难、查处难、监管难和成本高昂。

Because of these characteristics , led to insider tradings more difficult to investigate and , difficult regulation and costly .

分析内幕交易行为的犯罪构成，比较各国（地区）禁止期货内幕交易行为的立法例。

The essay analyzes the constitution of crime about the insider trading , compares the legislation of different countries in prohibiting this action .

证券内幕交易行为的表现形式比较复杂，在司法实践中存在认定与处理的困难。

The act of inside securities transaction has complicated manifestations , so it 's hard to determine and deal with it in judicial practice .

内幕交易行为与证券期货市场如影随形，它是证券、期货市场中最为常见的违法犯罪行为。

Insider trading and securities and futures markets go hand in hand , it is the most common criminal acts in the securities and futures markets .

通过借鉴国外证券市场的管理制度，提出了加强对内幕交易行为的监管、完善强制信息披露制度、加强对关联交易的监督、有效禁止市场操纵行为等四个方面的证券市场规范体系。

The main problem is to improve and strengthen the regulating system of stock market especially on insider trading , information disclosure and manipulation of market .

内幕交易行为作为证券欺诈行为的典型形态之一，是对证券市场公开、公平、公正原则的严重践踏。

As one of the typical forms of security fraudulent acts , insider trading is a severe violation to the publicity equity and justice doctrine of securities market .

一方面，本文提出要通过加强对信息披露行为的监管以及加大对内幕交易行为的处罚力度两项措施来保证证券市场的健康和谐发展。

For one thing , this paper points out that the stock market can be more effective by strengthening the regulation of information disclosure and improving the penalties for insider trading .

即对于内资公司之间的收购应当强化信息披露的规定，以防止和打击内幕交易行为，并且应从监管的体制机制上加以保证。

For the transaction among domestic companies , the regulations of information disclosure needs to be intensified in order to prevent and combat insider trading , thus ensuring the supervision in a systematic way .

我国2006年《证券法》规定内幕交易行为给他人造成损失的，应当承担民事责任，这表明内幕交易行为在我国已经具有可诉性。

In the year 2006 , PRC Securities Law stipulates that the one whose insider trading causes loss to others should take civil liability , which indicates that insider trading can be sued in our country .

随着对证券市场上内幕交易行为危害性的认识不断加强，许多国家明确对内幕交易进行法律规制是证券市场健康平稳运行的重要保障，并且纷纷立法对其加以规制。

As the increasing acknowledge of perniciousness of insider dealing , many countries have known that legally regulate the insider dealing is the vital palladium for the security market and have legislated to regulate it respectively .

因而，如何强化事前预防，从立法体系上有效减少内幕交易行为，并通过法律手段禁止内幕交易行为，成为中国证券市场投资者保护的重要课题。

Hence , how to strengthen the precaution system and effectively reduce insider trading by way of law , especially through legislation , has become an important subject for the protection of investors in Chinese stock market .

呈多发态势的证券内幕交易行为背离了这一基本原则，也有悖于诚信，既损害了投资者的合法利益，也动摇了投资者对证券市场的信心。

Increasing insider trading cases deviate from these principles , and also discomfort to the good faith not only does it jeopardize the interests of investors , but also diminish the investors ' confidences on securities market .

管制论基于市场失灵和公平问题，提出应当对上市公司的信息披露进行管制，并对虚假陈述和内幕交易行为进行惩罚。

Against market failure and for the sake of equity , the advocators of regulation think it necessary to impose regulation on information disclosure of the listed corporations and to inflict punishment on false statement and insider trading .

其三，母子公司相互持股往往会使公司资本的反复计算，虚伪扩张，助长内幕交易行为，造成公司经营和监管的失控。

Thirdly , if both the parent-subsidiary companies owned the stocks of each others , the harm is obvious , it will make the capital of the company accounted repeatedly , help the inner exchange , makes the company 's management lost control .

本文在诚信义务规则的制度依据、内幕交易行为是否可以适用控制股东诚信义务规则、注意义务的举证责任和封闭公司的情况等方面均提出较独到的见解。

There are some innovate opinions such as the basis of fiduciary duty system , whether the duty rule is applied to inside bargaining , the onus burden for breaching the duty of care , and the fiduciary duty system of limited company etc.

本部分主要分析了如何认定内幕交易行为，文中对内幕信息、内幕人员之认定和内幕交易行为之模式三个方面作了详细界定，并指出了我国立法中的一些不足之处。

In this part , the author also gives specific definition of inside information , insiders and Insider Trading patterns . Its prerequisite is the existence of insider information . Insider information utilization is only possible with the connection of the insider and insider information .

然而，在内幕交易行为发生后怎样对投资者的损害进行合理的补偿，即建立适当的民事责任制度以维护证券市场的公平、公正、公开原则和保护投资者权益，我国现行法尚付阙如。

Nevertheless , there are no provisions of civil liability on how to compensate for the damages of investors which are caused by the insider trading to maintain the fairness , justice and publicity of securities market and to protect the rights and interests of investors .

内幕交易行为会降低投资者信心，对证券市场的效率、流动性、资源的优化配置等有很大的负面作用，被视为证券市场的毒瘤，一直以来都是监管层严厉打击的对象。

Insider trading could destroy the confidence of investors , and pose huge negative effect on the efficiency , liquidity and the optimal allocation of capital resources . It has been treated as the poison of the capital market and the object of the supervision from the government .

当证券内幕交易行为发生后，如何对遭受损害的投资者进行合理的补救，如何建立适当的证券民事责任制度来维护证券市场的公平、公正、公开原则和保护投资者权益首当其冲成为当前亟待解决的问题。

When securities insider trading occurred , how rational investors suffer damage remedy , how to establish appropriate securities securities market civil liability regime to maintain a fair , just and open principles and the protection of the rights of investors has become the first to be solved problem .