本文關(guān)鍵詞： 涉外證券 內(nèi)幕交易 防范 法律機(jī)制　出處：《鄭州大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：證券市場是一個(gè)瞬息萬變的市場,也是一個(gè)充斥著信息的市場。在市場中,誰第一時(shí)間擁有某個(gè)證券的相關(guān)信息,也就等于擁有了金錢和財(cái)富。故而,從整個(gè)證券投資的歷史上來看,不管個(gè)人或是團(tuán)體,都一直企圖發(fā)現(xiàn)廣大投資者所不知道的信息,并以此牟取利益。所以,相關(guān)上市公司的未公開信息,也就成為了證券市場中炙手可熱的東西。某些人就利用它進(jìn)行一些非法的證券投機(jī)行為,即內(nèi)幕交易行為。 內(nèi)幕交易行為非常復(fù)雜,根據(jù)其主要的行為樣態(tài),學(xué)者把內(nèi)幕交易歸納為：內(nèi)幕人員或者其他非法獲得了內(nèi)幕信息的人員,為了獲取利益或者減少損失,自己或通過建議他人或泄露內(nèi)幕信息的手段,使他人利用此信息進(jìn)行相關(guān)證券發(fā)行、交易的活動(dòng),進(jìn)而獲利。 證券內(nèi)幕交易行為是證券市場上一種常見的違法行為。通過已掌握的未公開的重大信息進(jìn)而從事證券交易,來獲取非法利益,這種行為操作起來很容易,而且隱蔽性比較強(qiáng),再加上內(nèi)幕交易的手段復(fù)雜,因此它是最經(jīng)常發(fā)生的證券違法行為。再有,涉外證券市場與國內(nèi)證券市場相比,有著獨(dú)特的特點(diǎn),涉及范圍和出現(xiàn)的問題又比較多,因此對于涉外證券市場上出現(xiàn)的內(nèi)幕交易更要有針對性的解決,維護(hù)市場的公平,保證法律的正義和有效實(shí)施。 維護(hù)市場的公平、公開和公正,是法律的基本價(jià)值。雖然說,每一個(gè)進(jìn)入市場的人不會(huì)百分之百能夠獲得利益,但最起碼要保證每一個(gè)進(jìn)入市場的人都享有平等的權(quán)利,沒有人想有什么其他人沒有的特權(quán)。因此法律盡量規(guī)避內(nèi)幕交易的發(fā)生,加強(qiáng)監(jiān)管,并且會(huì)對內(nèi)幕交易行為處以嚴(yán)厲的懲罰措施,爭取營造一個(gè)平等自由的市場環(huán)境,然而不可否認(rèn),有些還是會(huì)有一定數(shù)量的“漏網(wǎng)之魚”,但也能夠從立法和管制方面看到我國政府和立法者的努力。 隨著改革開放的發(fā)展深入,我國證券市場又了長足發(fā)展,但同時(shí)也存在著大量問題,這其中充斥著許多內(nèi)幕交易現(xiàn)象,影響著市場的穩(wěn)定。我國證券市場起步晚,在歷史上對其定位也有過一定的偏差,而內(nèi)幕交易行為本身又有其獨(dú)特的特點(diǎn),行為表現(xiàn)復(fù)雜,隱蔽性強(qiáng),查處有一定的難度,對賠償問題的責(zé)任劃分還不是很確定,內(nèi)幕交易的事后監(jiān)管力度不大,再加上涉外證券市場與國內(nèi)證券市場相比,問題更為復(fù)雜,因此,本文試圖通過對我國涉外證券內(nèi)幕交易觀察分析,比照國際上其他國家的做法,找出適合我國的一套預(yù)防和懲處規(guī)范,對現(xiàn)今的規(guī)范提出建議,力圖建立更加規(guī)范的證券法律體系。
[Abstract]:The securities market is a rapidly changing market, is also a market full of information. In the market, the first time who has the relevant information of a security, it is equivalent to have money and wealth. From the whole history of securities investment, no matter individuals or groups, have been trying to find the vast number of investors do not know the information, and in order to make a profit. It has become a hot thing in the stock market. Some people use it to engage in some illegal securities speculation, that is, insider trading. Insider trading behavior is very complex, according to its main behavior, scholars conclude insider trading as: insider personnel or other people who illegally obtained insider information, in order to obtain benefits or reduce losses. By advising others or by disclosing insider information, others can make use of this information for the purpose of issuing and trading related securities for profit. Securities insider trading is a common illegal behavior in the securities market. It is easy to obtain illegal interests by engaging in securities trading through the important information that has not been disclosed. And the concealment is relatively strong, and the means of insider trading is complex, so it is the most frequent securities illegal behavior. Moreover, the foreign securities market has unique characteristics compared with the domestic securities market. The scope and problems involved are more, so the insider trading in the foreign securities market should be solved, the fairness of the market should be maintained, and the justice and effective implementation of the law should be guaranteed. Upholding the fairness, openness and fairness of the market is the fundamental value of the law, although no one who enters the market will benefit 100%. But at the very least, everyone who has access to the market is guaranteed equal rights, and no one wants to have privileges that others do not have. So the law tries to avoid insider trading and strengthen regulation. And will impose severe penalties on insider trading, strive to create an equal and free market environment, but undeniably, some will still have a certain number of "netting fish." But the efforts of our government and legislators can also be seen in terms of legislation and regulation. With the development of reform and opening up, China's securities market has made considerable progress, but there are also a large number of problems, which are full of many insider trading phenomena. Affect the stability of the market. China's securities market started late, in the history of its positioning has a certain deviation, and insider trading behavior itself has its unique characteristics, the behavior is complex, strong concealment. It is difficult to investigate and deal with the problem of compensation, the division of liability for compensation is not very certain, the supervision of insider trading is not strong, and the foreign securities market is more complex than domestic securities market, so it is more complicated. This paper attempts to find out a set of prevention and punishment norms suitable for our country by observing and analyzing the insider trading of foreign securities in our country, comparing with the practices of other countries in the world, and puts forward some suggestions to the present norms. Strive to establish a more standardized securities legal system.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：D922.287

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