發(fā)布時間：2018-06-18 18:40

  本文選題：證券欺詐 + 內幕交易�。� 參考：《西南政法大學》2012年碩士論文

【摘要】：一直以來，證券業(yè)被譽為是金融界的先鋒，是企業(yè)融資擴大的重要渠道，也是投資者資本增值的重要來源，它引領全球經(jīng)濟向前發(fā)展，其作用自然是不言而喻。然而，近年來發(fā)生了一系列具有重要國際影響力的證券欺詐案件，特別是納斯達克交易所前主席麥道夫欺詐案被曝光以后，全球范圍內掀起了對證券業(yè)監(jiān)管的質疑與詰問。為了保護投資者利益，維持國際金融穩(wěn)定與繁榮，各國開始審視自身證券相關立法并開始尋求國際合作，以杜絕類似案件的發(fā)生。 本文的結構一共有五個部分。首先，本文將對整個證券業(yè)與證券欺詐作出簡要的介紹，然后以被譽為三大證券欺詐行為的內幕交易、操縱市場和虛假陳述為論文的出發(fā)點進行闡述，同時配合有關國內外案例分析，以及各國相關的法律評析后，對我國證券欺詐行為的監(jiān)管提出完善建議。 第一部分，跨國證券欺詐的基本理論。本部分首先對證券、證券欺詐等相關概念作出介紹，然后討論了證券欺詐的特點及其產(chǎn)生的原因，引出后面關于三大證券欺詐行為的論述。 第二部分，內幕交易及其防范。作為三大證券欺詐行為之首的內幕交易，也作為曾經(jīng)華爾街的至理名言，在當代，被卻視為經(jīng)濟犯罪行為。本部分從其簡單的法理介紹開始，通過美國帆船對沖基金創(chuàng)始人拉賈拉特南和中國國美電器總裁黃光裕兩個案例的介紹與分析，透視內幕交易在當代證券業(yè)所造成的弊端，再通過比較分析美國與中國相關法律規(guī)定，建議通過引進市場的做空機制來規(guī)制內幕交易，通過達到行政監(jiān)管手段與市場調控手段的平衡與互相制約，從而防范內幕交易的發(fā)生。 第三部分，操縱市場及其防范。作為經(jīng)濟犯罪的證券欺詐犯罪是優(yōu)勢犯罪，而操縱市場行為也是優(yōu)勢犯罪行為的典型代表。本部分也以法理分析為基礎展開論述，通過美國的兩次“墻角”案例以及發(fā)生在中國的中恒信一案，剖析操縱市場行為的不良后果。本部分通過中外法律對操縱市場規(guī)定的比較，，建議從舉證責任和賠償計算兩個方面改進我國規(guī)制體系，同時希望各國加強合作，以達到合作共贏的效果。 第四部分，虛假陳述及其防范。作為證券交易的基礎原則之一即是誠信原則，這也是信息披露的基本要求，而虛假陳述顯然動搖了證券交易的基礎，極大的危害社會的誠信與交易。本部分在作出與虛假陳述相關的信息披露制度介紹以后，通過對美國馬蒂爾虛假財務報告一案以及成都紅光公司上市欺詐案的說明與比較分析，探討中美兩國關于虛假陳述規(guī)制的異同，提出對我國民事訴訟中啟動虛假陳述的前置程序進行改進，并通過集體訴訟的方式來達到規(guī)制的目的。 第五部分，結語。簡要說明證券業(yè)在當今金融環(huán)境中的重要性，并提出各國只有加強合作交流，共同監(jiān)管，才可以杜絕類似案件的發(fā)生。
[Abstract]:The securities industry has long been known as the pioneer of the financial sector, an important channel for the expansion of enterprise financing and an important source of capital appreciation for investors. It has led the global economy forward and its role is self-evident. However, in recent years, a series of securities fraud cases, especially the NASDA, which have important international influence, have taken place. In order to protect the interests of the investors and maintain the international financial stability and prosperity, all countries have begun to examine their own securities related legislation and begin to seek international cooperation in order to prevent the occurrence of similar cases in order to protect the interests of investors and maintain the prosperity of international finance.
The structure of this article has five parts altogether. First, this article will give a brief introduction to the whole securities industry and securities fraud, and then take the insider trading as the three major securities fraud, manipulate the market and false statements as the starting point of the paper, and cooperate with the relevant domestic and foreign case analysis, and the relevant legal comments of various countries. After analysis, we put forward some suggestions for the supervision of China's securities fraud.
The first part, the basic theory of transnational securities fraud. This part first introduces the concepts of securities, securities fraud and other related concepts, and then discusses the characteristics and causes of securities fraud, and leads to the discussion of the three major securities fraud.
The second part, insider trading and its prevention, as the first insider trading of the three major securities fraud, is also regarded as a famous Wall Street name. In the present time, it is regarded as an economic crime. This part begins with its simple legal introduction, through the American Sailing hedge fund founder rajaret South and the president Huang of China Gome electric appliance. The introduction and analysis of the two cases have been introduced and analyzed. Through the comparison and analysis of the relevant laws and regulations of the United States and China, it is suggested that the insider trading should be regulated through the introduction of the short mechanism of the market and the balance and mutual restriction of the means of administrative supervision and market regulation and control, so as to prevent the internal trade. The occurrence of a curtain deal.
The third part, manipulating the market and its prevention. As an economic crime, the securities fraud crime is the dominant crime, and the manipulation of the market behavior is also a typical representative of the dominant crime. This part is also based on the legal analysis, through the two "wall corner" case in the United States and the case of China's Chinese permanent letter, the analysis of the manipulation of the city. This part, through the comparison of the regulation of market manipulation by Chinese and foreign laws, proposes to improve the system of China's regulation from two aspects of the burden of proof and the calculation of compensation. At the same time, we hope that all countries should strengthen cooperation in order to achieve the effect of win-win cooperation.
The fourth part, false statement and its prevention. As one of the basic principles of securities trading, it is the principle of integrity, which is also the basic requirement of information disclosure, and false statements have obviously shaken the basis of the securities transaction, and greatly harm the integrity and transaction of the society. This part is after the introduction of information disclosure system related to false statements, Through the explanation and comparative analysis of the case of Martial's false financial report in the United States and the fraud case of Chengdu Hongguang company, this paper discusses the similarities and differences between China and the United States on the regulation of false statements, and proposes to improve the prepositional procedure of starting false statements in civil action in China, and to achieve the purpose of regulation through the way of collective action.
The fifth part, the conclusion, briefly explains the importance of the securities industry in the current financial environment, and puts forward that only by strengthening cooperation and exchange and joint supervision can the occurrence of similar cases be eliminated.
【學位授予單位】：西南政法大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：D996.2

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