上市公司內(nèi)幕交易民事責任制度比較研究
發(fā)布時間：2018-08-29 09:54
【摘要】：內(nèi)幕交易破壞了證券市場中的公平,在少數(shù)人非法獲利的同時損害了廣大投資者的利益,必須通過民事責任的承擔使受損害者得到賠償。本文從比較法的視角分析了美國、歐盟及我國等國家和地區(qū)的內(nèi)幕交易民事責任法律制度,并嘗試提出其他國家的先進之處對我國的借鑒性。 內(nèi)幕交易的定義是整個內(nèi)幕交易法律制度的基石。第一章中對內(nèi)幕交易的界定進行了全面的分析,從內(nèi)幕信息的基本特征、內(nèi)幕人員的范圍及內(nèi)幕交易行為形態(tài)這三個方面進行了較細致的比較分析。其中對內(nèi)幕信息的界定最為詳細,內(nèi)幕信息指尚未公開的、對公司證券價格可能產(chǎn)生重大影響的消息。在論述了內(nèi)幕信息的重大性和未公開性這兩個基本特征后,還對存在爭議的信息確切性問題進行了討論；并且對信息網(wǎng)絡傳播這一新問題進行了深入分析。 第二章通過討論,將內(nèi)幕交易行為定為特殊侵權(quán)性質(zhì)。筆者認為,內(nèi)幕交易民事責任實際上是違約和侵權(quán)責任的競合,但將其作為違約責任來處理的話有諸多不合法理之處,最重要的是非常不利于投資者權(quán)益的救濟,而將其作為侵權(quán)責任處理則可以較為圓滿地保護投資者的利益。在以侵權(quán)行為構(gòu)成理論分析內(nèi)幕交易時,由于其損害結(jié)果計算和因果關(guān)系證明上的復雜性,筆者主張將其作為特殊侵權(quán)處理。 第三章承接前文對損害數(shù)額的計算和因果關(guān)系的證明這兩個復雜問題進行比較研究,分析美國、臺灣地區(qū)的差價計算方法和推定因果關(guān)系作法的優(yōu)點和其在我國的可行性,提倡引進這些先進方法。 第四章主要論述內(nèi)幕交易民事責任的實現(xiàn)方法即民事訴訟制度。在確定原告數(shù)量這一難題上,美國的“同時交易理論”可操作性很強,非常適合引進。通過比較發(fā)現(xiàn),我國證監(jiān)會作為專門證券監(jiān)管機構(gòu),與美國、英國的同類機構(gòu)相比之下缺失了在民事責任追究方面的職能,筆者認為可以就此另設一個承擔此職能的獨立機構(gòu)。在最終訴訟方式上,美國的集團訴訟能夠為投資者提供強大的支持,我國應借鑒其優(yōu)點對現(xiàn)有共同訴訟制度進行改進。
[Abstract]:Insider trading undermines the fairness of the securities market and damages the interests of the investors while making illegal profits for a small number of people. The damage must be compensated through the assumption of civil liability. This paper analyzes the civil liability legal system of insider trading in the United States, European Union and China from the perspective of comparative law, and tries to put forward the advanced points of other countries for reference to our country. The definition of insider trading is the cornerstone of the whole legal system of insider trading. The first chapter makes a comprehensive analysis of the definition of insider trading, from the basic characteristics of insider information, the scope of insider trading behavior and insider trading behavior of the three aspects of a more detailed comparative analysis. The definition of insider information is the most detailed. Insider information refers to the information that has not yet been made public and may have a significant impact on the price of company securities. After discussing the two basic characteristics of inside information, the importance and non-disclosure, the paper also discusses the controversial issue of the accuracy of information, and makes a thorough analysis of the new problem of information network dissemination. The second chapter, through the discussion, regards the insider trading behavior as the special tort nature. The author thinks that the civil liability of insider trading is actually the concurrence of breach of contract and tort liability, but there are many illegalities to deal with it as breach of contract liability, and the most important thing is that it is very unfavorable to the relief of investors' rights and interests. The treatment of tort liability can protect the interests of investors more satisfactorily. In the analysis of insider trading based on the theory of tort constitution, due to the complexity of the calculation of the damage result and the proof of causality, the author proposes to treat it as a special tort. Chapter three carries on the comparative study on the two complicated problems of calculating the amount of damage and proving the causality, and analyzes the advantages and feasibility of the method of calculating the post price and the method of presuming causality in the United States and Taiwan, as well as its feasibility in our country. We advocate the introduction of these advanced methods. The fourth chapter mainly discusses the realization method of insider trading civil liability, that is, civil litigation system. In determining the number of plaintiffs, the "simultaneous transaction theory" in the United States is very operational, very suitable for introduction. By comparison, it is found that China Securities Regulatory Commission, as a special securities regulatory agency, lacks the function of civil liability investigation in comparison with the similar institutions in the United States and Britain. The author believes that an independent institution can be set up to undertake this function. In the final litigation mode, American group litigation can provide strong support for investors, our country should learn from its advantages to improve the existing joint action system.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：D923;D922.287;F832.51
本文編號：2210847
[Abstract]:Insider trading undermines the fairness of the securities market and damages the interests of the investors while making illegal profits for a small number of people. The damage must be compensated through the assumption of civil liability. This paper analyzes the civil liability legal system of insider trading in the United States, European Union and China from the perspective of comparative law, and tries to put forward the advanced points of other countries for reference to our country. The definition of insider trading is the cornerstone of the whole legal system of insider trading. The first chapter makes a comprehensive analysis of the definition of insider trading, from the basic characteristics of insider information, the scope of insider trading behavior and insider trading behavior of the three aspects of a more detailed comparative analysis. The definition of insider information is the most detailed. Insider information refers to the information that has not yet been made public and may have a significant impact on the price of company securities. After discussing the two basic characteristics of inside information, the importance and non-disclosure, the paper also discusses the controversial issue of the accuracy of information, and makes a thorough analysis of the new problem of information network dissemination. The second chapter, through the discussion, regards the insider trading behavior as the special tort nature. The author thinks that the civil liability of insider trading is actually the concurrence of breach of contract and tort liability, but there are many illegalities to deal with it as breach of contract liability, and the most important thing is that it is very unfavorable to the relief of investors' rights and interests. The treatment of tort liability can protect the interests of investors more satisfactorily. In the analysis of insider trading based on the theory of tort constitution, due to the complexity of the calculation of the damage result and the proof of causality, the author proposes to treat it as a special tort. Chapter three carries on the comparative study on the two complicated problems of calculating the amount of damage and proving the causality, and analyzes the advantages and feasibility of the method of calculating the post price and the method of presuming causality in the United States and Taiwan, as well as its feasibility in our country. We advocate the introduction of these advanced methods. The fourth chapter mainly discusses the realization method of insider trading civil liability, that is, civil litigation system. In determining the number of plaintiffs, the "simultaneous transaction theory" in the United States is very operational, very suitable for introduction. By comparison, it is found that China Securities Regulatory Commission, as a special securities regulatory agency, lacks the function of civil liability investigation in comparison with the similar institutions in the United States and Britain. The author believes that an independent institution can be set up to undertake this function. In the final litigation mode, American group litigation can provide strong support for investors, our country should learn from its advantages to improve the existing joint action system.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：D923;D922.287;F832.51
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，本文編號：2210847
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