本文關(guān)鍵詞： 內(nèi)幕交易 民事責(zé)任 投資者保護(hù) 光大“烏龍指”事件　出處：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：我國(guó)的證券市場(chǎng)自1990年建立以來(lái),總市值、募集資金規(guī)模和交易活躍度都居于全球領(lǐng)先地位,在改善融資結(jié)構(gòu)和優(yōu)化資源配置上為我國(guó)經(jīng)濟(jì)的迅速發(fā)展提供了強(qiáng)有力的金融支持,已經(jīng)成為我國(guó)社會(huì)經(jīng)濟(jì)體系的重要組成部分。隨著證券市場(chǎng)的迅猛發(fā)展,豐富多樣的金融衍生工具及新型交易方式不斷涌現(xiàn)。然而證券市場(chǎng)在不斷發(fā)展壯大的同時(shí)仍然存在很多迫切需要解決的問(wèn)題,尤其是內(nèi)幕交易等違法行為數(shù)量日益增多、金額日益增大、形式日益復(fù)雜,嚴(yán)重影響了證券市場(chǎng)的規(guī)范發(fā)展。2013年8月16日光大證券的“烏龍指”事件是我國(guó)證券市場(chǎng)上第一起因交易軟件故障引發(fā)的重大市場(chǎng)動(dòng)蕩事件,給中小投資者造成了巨大損失。2015年投資者針對(duì)光大證券“烏龍指”案的民事賠償訴訟的勝利開(kāi)辟了我國(guó)證券市場(chǎng)內(nèi)幕交易投資者勝訴的先例。這一案件折射出諸多的法律問(wèn)題,也帶給我們深刻的啟示。對(duì)于該案的分析能夠幫助我們厘清我國(guó)資本市場(chǎng)在法律層面存在的不足,對(duì)于完善我國(guó)的證券立法和司法,規(guī)范我國(guó)的證券市場(chǎng)以及更好地保護(hù)投資者利益具有深遠(yuǎn)的意義。本文對(duì)案件涉及的法律問(wèn)題進(jìn)行了理論分析和實(shí)踐探討,吸收和借鑒了境外法域在該領(lǐng)域的先進(jìn)學(xué)說(shuō)和判例,從完善證券內(nèi)幕交易民事責(zé)任制度以及增強(qiáng)證券市場(chǎng)參與主體應(yīng)對(duì)風(fēng)險(xiǎn)的能力兩個(gè)方面提出了一些建議。全文共有四章:首先是引言。闡明寫(xiě)作本文的背景、目的和意義、方法及創(chuàng)新點(diǎn)。其次是對(duì)光大證券“烏龍指”案件始末及爭(zhēng)議焦點(diǎn)的概述。2015年投資者訴光大證券內(nèi)幕交易民事賠償案一審的獲勝是我國(guó)證券史上首例投資者勝訴的內(nèi)幕交易民事索賠案,對(duì)于打擊內(nèi)幕交易行為、完善相關(guān)法律法規(guī)具有劃時(shí)代的意義。案件審理過(guò)程中,主要存在四個(gè)爭(zhēng)議焦點(diǎn)。再次是對(duì)案件爭(zhēng)議焦點(diǎn)的法律分析。第一,從內(nèi)幕交易的主體、內(nèi)幕信息的要素以及內(nèi)幕交易行為三個(gè)方面進(jìn)行了分析認(rèn)定光大證券存在內(nèi)幕交易;第二,結(jié)合國(guó)內(nèi)外關(guān)于內(nèi)幕交易主觀要件的規(guī)定,闡述了光大證券存在主觀過(guò)錯(cuò)的原因;第三,結(jié)合國(guó)內(nèi)外關(guān)于民事賠償權(quán)利人及損害后果的判斷標(biāo)準(zhǔn),確認(rèn)內(nèi)幕交易造成投資者損失;第四,結(jié)合國(guó)內(nèi)外關(guān)于內(nèi)幕交易因果關(guān)系的規(guī)定,分析了光大證券的內(nèi)幕交易行為如何導(dǎo)致了投資者的經(jīng)濟(jì)損失。這是本文的核心內(nèi)容。最后是光大證券“烏龍指”內(nèi)幕交易案給我們帶來(lái)的啟示。本文從我國(guó)內(nèi)幕交易法律規(guī)制的現(xiàn)狀出發(fā),對(duì)完善我國(guó)證券內(nèi)幕交易民事責(zé)任制度和增強(qiáng)我國(guó)證券市場(chǎng)參與主體應(yīng)對(duì)風(fēng)險(xiǎn)的能力提出了可行性建議。具體包括:明確內(nèi)幕交易主體和內(nèi)幕信息的認(rèn)定標(biāo)準(zhǔn);合理分配內(nèi)幕交易的舉證責(zé)任;正確適用內(nèi)幕交易的抗辯事由;構(gòu)建多元化的糾紛解決機(jī)制;提高我國(guó)的監(jiān)管機(jī)構(gòu)、證券公司、交易所以及投資者的專(zhuān)業(yè)能力和風(fēng)險(xiǎn)意識(shí)。
[Abstract]:Since the establishment of China's securities market in 1990, the total market value, the scale of raising funds and the activity of transactions have all occupied the leading position in the world. In improving the financing structure and optimizing the allocation of resources, it has provided strong financial support for the rapid economic development of our country, and has become an important part of the social and economic system of our country. With the rapid development of the securities market, Rich and diverse financial derivatives and new trading methods are emerging. However, while the securities market continues to grow and grow, there are still many urgent problems to be solved, especially the increasing number of illegal acts such as insider trading. The increasing amount of money and the increasingly complex forms have seriously affected the normative development of the securities market. On August 16th 2013, the "Oolong finger" event of Everbright Securities was the first major market turbulence event in China caused by a failure of trading software. On 2015, the victory of investors' civil compensation lawsuit against Everbright Securities "Oulong finger" set a precedent for insider trading investors in China's securities market. This case reflects many legal problems. The analysis of this case can help us clarify the legal deficiencies of our country's capital market and improve our securities legislation and judicature. It is of great significance to standardize the securities market in China and to better protect the interests of investors. This paper makes a theoretical analysis and practical discussion on the legal issues involved in the case, absorbing and drawing lessons from the advanced theories and precedents of foreign jurisdictions in this field. This paper puts forward some suggestions from two aspects of perfecting the civil liability system of securities insider trading and enhancing the ability of the participants in the securities market to deal with risks. There are four chapters in the paper: first, the introduction, the background, purpose and significance of the writing of this paper are expounded. Methods and innovations. Secondly, an overview of the beginning and end of the case of Everbright securities "Oulong finger" and the focus of controversy. On 2015, the victory of the civil compensation case of investor v. Everbright securities insider trading in the first instance was the first successful case of investor in the history of securities in our country. Civil claims for insider dealing, It is of epoch-making significance to crack down on insider trading and perfect relevant laws and regulations. In the trial of cases, there are mainly four focal points of dispute. The third is the legal analysis of the focus of disputes in cases. First, from the subject of insider trading, The elements of insider information and insider trading behavior are analyzed to identify the existence of insider trading in Everbright Securities; second, combined with the domestic and foreign provisions on the subjective elements of insider trading, the paper expounds the reasons for the existence of subjective fault in Everbright Securities; Third, according to the judgment standards of civil compensation right holders and damage consequences at home and abroad, to confirm that insider trading causes investors' losses; 4th, combined with the domestic and foreign provisions on the causality of insider trading. This paper analyzes how the insider trading behavior of Everbright Securities leads to the economic loss of investors. This is the core content of this paper. Finally, it is the enlightenment brought to us by the insider trading case of Everbright Securities "Oolong finger". Proceeding from the current situation of legal regulation of transaction, Some feasible suggestions are put forward to perfect the civil liability system of securities insider trading in China and to enhance the ability of the participants in the securities market to deal with risks, including: defining the criteria for the identification of the subject of insider trading and the inside information; Reasonably distribute the burden of proof of insider trading; apply the defense of insider trading correctly; construct a diversified dispute resolution mechanism; improve the professional ability and risk awareness of our country's regulators, securities companies, exchanges and investors.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：D920.5;D922.287

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