發(fā)布時間：2018-06-02 23:40

  本文選題：內(nèi)幕交易 + 侵權(quán)責任　； 參考：《首都經(jīng)濟貿(mào)易大學》2015年碩士論文

【摘要】：2013年8月16日,光大證券爆發(fā)烏龍指事件,隨后證監(jiān)會認定,光大證券在投資者不了解股指異動原因的情況下,利用其所知悉的內(nèi)幕消息賣空,規(guī)避風險,違反了市場公平交易原則,構(gòu)成內(nèi)幕交易行為,并處罰沒款5.23億元。隨后12月2日,投資者包巨芬向上海市第二中級人民法院提起證券內(nèi)幕交易民事賠償訴訟。但是目前我國內(nèi)幕交易民事賠償制度因為缺乏明確的司法解釋,對于內(nèi)幕交易行為主要依靠行政和刑事手段,較少涉及到民事賠償部分,所以投資者在遭遇內(nèi)幕交易侵害之后維權(quán)難,仍然面臨著民事索賠困難的境地。證券內(nèi)幕交易民事賠償制度是指,投資者在證券市場中處于消息不對稱的劣勢地位時,因內(nèi)幕交易行為遭受經(jīng)濟損失,依法要求內(nèi)幕交易行為人予以相應(yīng)民事賠償?shù)闹贫�。�?nèi)幕交易民事賠償制度的請求權(quán)基礎(chǔ)基于投資者合法財產(chǎn)權(quán)益因內(nèi)幕交易行為遭受損失之后的民事救濟權(quán)利。內(nèi)幕交易違法所得本質(zhì)上屬于不當?shù)睦?是內(nèi)幕交易行為人在違犯禁止性義務(wù)的前提上,利用其所知悉的內(nèi)幕信息、規(guī)避不合理的風險獲取的額外收益,勢必對市場中其他參與者的合法權(quán)益造成威脅。所以說,內(nèi)幕交易民事賠償制度中最為根本的要求就是,利用內(nèi)幕消息獲利的行為人,對于投資者因內(nèi)幕交易遭受的損失給予一定的經(jīng)濟補償。此外,由于證券市場獨特的交易規(guī)則和交易方式,內(nèi)幕交易行為所波及的受害者往往人數(shù)眾多,涉案地域廣泛,管轄法院不明確,原被告身份認定困難,內(nèi)幕交易行為與所損害結(jié)果之間的因果關(guān)系認定不清晰,賠償金額范圍與金額難以計算。因此,普通的民事訴訟程序并不適用于證券內(nèi)幕交易民事賠償案件,必須要構(gòu)建符合證券交易特點的民事賠償訴訟程序。但是從我國目前立法現(xiàn)狀來看,現(xiàn)行的《證券法》對于證券內(nèi)幕交易民事賠償訴訟的規(guī)定過于原則化,沒有具體的操作細則,許多理論難點存在爭議。如此原則化的證券內(nèi)幕交易民事賠償制度,造成沒有有效途徑追究內(nèi)幕交易行為人民事責任,利益受損的投資者尋求司法救濟的道路不暢通。所以,目前尚無投資者因內(nèi)幕交易行為獲得民事賠償?shù)南壤?。綜上所述,本文一共分為四章,將首先立足于我國現(xiàn)行內(nèi)幕交易民事賠償制度現(xiàn)狀,結(jié)合我國證券市場法制環(huán)境,借鑒外國證券市場發(fā)達地區(qū)的先進經(jīng)驗和優(yōu)秀制度,然后從程序法和實體法兩方面,厘清現(xiàn)行制度的完善路徑,完善我國內(nèi)幕交易民事賠償制度。真正做到從法律角度保障證券市場投資者合法權(quán)益,打擊內(nèi)幕交易行為,保護證券市場投資者合法權(quán)益,促進我國證券市場良性發(fā)展,以達到“公開、公平、公正”之要義。
[Abstract]:On August 16, 2013, Everbright Securities broke out of the Oolong finger incident. Subsequently, the Securities Regulatory Commission decided that Everbright Securities, in the event that investors did not understand the reasons for the change in the stock index, used the insider information it knew to short to avoid risks. Violated the principle of fair trade in the market, constitutes insider trading behavior, and fined 523 million yuan. Subsequently, on December 2 th, investor Bao Jufen filed a civil compensation suit for insider trading in securities to the Shanghai No. 2 Intermediate people's Court. However, due to the lack of a clear judicial explanation for the civil compensation system for insider trading in China at present, administrative and criminal means are mainly relied on for insider trading, and less is involved in the civil compensation part. Therefore, investors are still faced with civil claim difficulties after insider trading infringement. The civil compensation system for insider trading in securities refers to the system in which investors suffer economic losses due to insider trading when they are in a disadvantaged position of asymmetric information in the securities market and require the doers of insider trading to give corresponding civil compensation according to law. The claim basis of civil compensation system of insider trading is based on the civil relief right of investors' legitimate property rights and interests after they have suffered losses due to insider trading. The illegal proceeds of insider trading are in essence improper interests, which are the additional benefits obtained by the perpetrator of insider trading on the premise of violating the prohibited obligation and using the insider information he knows to avoid unreasonable risks. It is bound to pose a threat to the legitimate rights and interests of other participants in the market. Therefore, the most fundamental requirement in the civil compensation system of insider trading is that the actor who makes profits from insider information will give certain economic compensation to investors for the losses suffered by insider trading. In addition, due to the unique trading rules and trading methods of the securities market, the number of victims affected by insider trading acts is often numerous, the area involved is extensive, the jurisdiction of the court is unclear, and the identification of the original defendant is difficult. The causality between insider trading and damages is not clear, and the range and amount of compensation is difficult to calculate. Therefore, the ordinary civil procedure is not applicable to the civil compensation cases of securities insider trading, and it is necessary to construct the civil compensation procedure which accords with the characteristics of securities trading. However, judging from the present legislative situation of our country, the provisions of the current Securities Law on civil compensation litigation for securities insider trading are too principled, without specific operating rules, and many theoretical difficulties are disputed. Such a principled civil compensation system of insider trading results in the lack of effective ways to investigate the civil liability of insider trading perpetrators and the lack of smooth way for investors whose interests are damaged to seek judicial remedies. So there is no precedent for investors to get civil compensation for insider trading. To sum up, this paper is divided into four chapters. Firstly, based on the current situation of the civil compensation system of insider trading in our country, combined with the legal environment of China's securities market, we can learn from the advanced experience and excellent system of the developed regions of foreign securities markets. Then, from two aspects of procedural law and substantive law, this paper clarifies the perfect path of the current system and consummates the civil compensation system of insider trading in our country. To protect the legitimate rights and interests of investors in the securities market from the legal point of view, to crack down on insider trading, to protect the legitimate rights and interests of investors in the securities market, and to promote the benign development of the securities market in our country, in order to achieve the main meaning of "openness, fairness and justice".
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：D922.287

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本文編號：1970620