论上市公司内幕交易的法律规制
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摘要
保证证券交易的公平公正,保护投资者平等交易的权利,促进资本市场健康发展,是建设中国特色社会主义市场经济的基本要求,内幕交易是证券市场上的一大顽疾,发病频率很高,难以诊治,对资本市场有着较坏的影响。目前世界上绝大多数国家对内幕交易出台了相关法律进行规制,然而效果却不尽人意。在法律制度较为完善的美国,也仅仅是减少内幕交易的次数和频率,完全杜绝不太现实。即使如此,我们也不能放弃对内幕交易的法律限制。我国资本市场法律制度建设起步较晚,在完善证券交易的各个环节上还有进一步完善的空间。打击内幕交易作为资本市场法制建设的一项重要内容,我们必须其进行全面分析,深入研究,从多个层次,多个角度,多个环节上加以规制,以营造公平、公正的市场环境,促进社会主义市场经济健康发展。基于上述原因,本文在对我国上市公司内部交易法律规制的现状与问题调查分析的基础上,深入探讨内幕交易的构成要件、监督机制和责任体系,结合我国《证券法》的完善提出自己的一些建议和意见,本文除引言和结语外,共分五大部分。
第一部分为我国上市公司内部交易法律规制的现状与问题,首先对内幕交易的法律含义作出界定,论述其对上市公司和证券市场的危害,然后根据立法、执法情况调查,分析我国上市公司内部交易法律规制的现状,最后指出上市公司内部交易法律规制存在的问题。
第二部分为内幕交易构成要件,首先分析内幕交易主体确定标准和范围,通过美国和加拿大两国对内幕交易主体确定标准和范围的研究,提出自己的观点以及改进措施,然后对内部信息的认定标准和范围进行分析,对比美国和加拿大对内幕交易的法律规制,然后得出对我国内幕交易规制的启示。在此基础上指出我国关于内幕交易规制上存在的问题,即法律制度不够全面,处罚力度小,赔偿数额小,申诉渠道不畅通。
第三部分为内幕交易的监督机制,分三个方面论述内幕交易的监督机制,首先论述证券监管部门的监督机制,从证券监管部门的部门组成到具体职责,详细分析了证券监管部门的作用发挥,然后论述了上市公司的自律监督和社会监督。
第四部分为内部交易的责任体系,分别分析了内部交易的民事责任、行政责任和刑事责任,详细分析了三种责任的特点和地位,说明了不同性质的法律责任在规制内幕交易中的作用。
第五部分为完善我国上市公司内幕交易的法律规制的建议,首先明确内幕交易的构成要件,明确内幕交易主体的认定标准,准确界定内幕信息的范围,其次完善内幕的监督机制,明确监管部门的职责与权力,建立证券监管部门的责任追究制度,最后论述了内幕交易责任体系的完善。
To ensure the fairness and equity of securities trading, to protect the equal exchanges of investors as well as to promote the healthy development of the capital market are the basic requirements for the construction of the socialist market economy with Chinese characteristics. The insider trading is like a serious disease in the securities market, whose incidence rate is very high and very difficult to diagnose and treat. Thus it results in a bad impact on the capital market. At present, most countries in the world have introduced relevant laws to regulate insider trading. However, the effect is not satisfactory. Even the United States who has a rather perfect legal system can only reduce but not completely eliminate the frequency of insider trading. Even so, we cannot give up the legal restrictions on insider trading.
The legal system construction of capital market was started late in China. Therefore, every link of securities trading can be further improved. Fighting against insider trading is an important content to legal system construction in the capital market. We must conduct a comprehensive analysis and an in-depth study on the system and regulate it from multiple levels, aspects and links, so as to create a fair and balanced market environment, and promote the healthy development of the socialist market economy as well. Based on the above reasons, in this paper I analyzed and investigated the current situation and problems of the legal regulation of insider trading in China's listed companies. I also made an in-depth study of the key components, supervision mechanism and liability system of the insider trading, and put forward some suggestions and opinions on its improvement combined with China's "Securities Law". This paper can be divided into five parts, in addition to the introduction and conclusion.
The first part mainly studied the present situation and problems of the regulation of insider trading laws in China's listed companies. It first defined the legal meaning of insider trading, as well as the harm it did to the listed companies and securities market. Then according to the investigation of legislation and law enforcement, I analyzed the present situation of the legal regulation of insider trading in China's listed companies, and presented the existing problems of the insider trading laws in China's listed companies.
The second part mainly studied the key components of insider trading. It first analyzed the determining standard and scope of insider trading subjects based on the US and Canada's studying of the determining standard and scope of insider trading subjects, and put forward some suggestions and measures for further improvements. I also obtained some enlightments on insider trading regulation in china by the analysis of the standard and the scope of the internal information and the compare of the legal regulation of insider trading between United States and Canada. On the above basis, I pointed out the existing problems on the insider trading regulation--the legal system is not comprehensive, punishment is not enough, compensation amount is small, and the appealing channel is not smooth.
The third part refers to the supervisory mechanism of insider trading which was discussed from three aspects. It first discussed the supervisory mechanism of the securities regulators from the departments to specific duties, and analyzed their functions. After that it discussed the self-discipline supervision and social supervision of listed companies.
The fourth part refers to the liability system of insider trading. It respectively analyzes the features and roles of civil liability, administrative liability and criminal liability of inside trading and stated out the effects that different kinds of legal liabilities played when regulating insider trading.
The fifth part refers to the suggestions on how to improve the legal regulation of insider trading in China's listed companies. It first defined the key components of insider trading, standard of insider trading subjects and the scope of insider information. Then it improved the supervisory mechanism of insider trading, defined the duties and powers of securities regulator and established the accountability system of the securities regulators. Finally it discussed the improvement on the liability system of insider trading.
第一部分为我国上市公司内部交易法律规制的现状与问题,首先对内幕交易的法律含义作出界定,论述其对上市公司和证券市场的危害,然后根据立法、执法情况调查,分析我国上市公司内部交易法律规制的现状,最后指出上市公司内部交易法律规制存在的问题。
第二部分为内幕交易构成要件,首先分析内幕交易主体确定标准和范围,通过美国和加拿大两国对内幕交易主体确定标准和范围的研究,提出自己的观点以及改进措施,然后对内部信息的认定标准和范围进行分析,对比美国和加拿大对内幕交易的法律规制,然后得出对我国内幕交易规制的启示。在此基础上指出我国关于内幕交易规制上存在的问题,即法律制度不够全面,处罚力度小,赔偿数额小,申诉渠道不畅通。
第三部分为内幕交易的监督机制,分三个方面论述内幕交易的监督机制,首先论述证券监管部门的监督机制,从证券监管部门的部门组成到具体职责,详细分析了证券监管部门的作用发挥,然后论述了上市公司的自律监督和社会监督。
第四部分为内部交易的责任体系,分别分析了内部交易的民事责任、行政责任和刑事责任,详细分析了三种责任的特点和地位,说明了不同性质的法律责任在规制内幕交易中的作用。
第五部分为完善我国上市公司内幕交易的法律规制的建议,首先明确内幕交易的构成要件,明确内幕交易主体的认定标准,准确界定内幕信息的范围,其次完善内幕的监督机制,明确监管部门的职责与权力,建立证券监管部门的责任追究制度,最后论述了内幕交易责任体系的完善。
To ensure the fairness and equity of securities trading, to protect the equal exchanges of investors as well as to promote the healthy development of the capital market are the basic requirements for the construction of the socialist market economy with Chinese characteristics. The insider trading is like a serious disease in the securities market, whose incidence rate is very high and very difficult to diagnose and treat. Thus it results in a bad impact on the capital market. At present, most countries in the world have introduced relevant laws to regulate insider trading. However, the effect is not satisfactory. Even the United States who has a rather perfect legal system can only reduce but not completely eliminate the frequency of insider trading. Even so, we cannot give up the legal restrictions on insider trading.
The legal system construction of capital market was started late in China. Therefore, every link of securities trading can be further improved. Fighting against insider trading is an important content to legal system construction in the capital market. We must conduct a comprehensive analysis and an in-depth study on the system and regulate it from multiple levels, aspects and links, so as to create a fair and balanced market environment, and promote the healthy development of the socialist market economy as well. Based on the above reasons, in this paper I analyzed and investigated the current situation and problems of the legal regulation of insider trading in China's listed companies. I also made an in-depth study of the key components, supervision mechanism and liability system of the insider trading, and put forward some suggestions and opinions on its improvement combined with China's "Securities Law". This paper can be divided into five parts, in addition to the introduction and conclusion.
The first part mainly studied the present situation and problems of the regulation of insider trading laws in China's listed companies. It first defined the legal meaning of insider trading, as well as the harm it did to the listed companies and securities market. Then according to the investigation of legislation and law enforcement, I analyzed the present situation of the legal regulation of insider trading in China's listed companies, and presented the existing problems of the insider trading laws in China's listed companies.
The second part mainly studied the key components of insider trading. It first analyzed the determining standard and scope of insider trading subjects based on the US and Canada's studying of the determining standard and scope of insider trading subjects, and put forward some suggestions and measures for further improvements. I also obtained some enlightments on insider trading regulation in china by the analysis of the standard and the scope of the internal information and the compare of the legal regulation of insider trading between United States and Canada. On the above basis, I pointed out the existing problems on the insider trading regulation--the legal system is not comprehensive, punishment is not enough, compensation amount is small, and the appealing channel is not smooth.
The third part refers to the supervisory mechanism of insider trading which was discussed from three aspects. It first discussed the supervisory mechanism of the securities regulators from the departments to specific duties, and analyzed their functions. After that it discussed the self-discipline supervision and social supervision of listed companies.
The fourth part refers to the liability system of insider trading. It respectively analyzes the features and roles of civil liability, administrative liability and criminal liability of inside trading and stated out the effects that different kinds of legal liabilities played when regulating insider trading.
The fifth part refers to the suggestions on how to improve the legal regulation of insider trading in China's listed companies. It first defined the key components of insider trading, standard of insider trading subjects and the scope of insider information. Then it improved the supervisory mechanism of insider trading, defined the duties and powers of securities regulator and established the accountability system of the securities regulators. Finally it discussed the improvement on the liability system of insider trading.
引文
1 郭建华.上市公司内幕交易的防范与控制.现代经济信息.2012年16期
3 陈洁、况玉清.股市内幕交易猖獗存三大原因急需三剂“猛药”. 北京商报.2009年12月21日
5 在cady Roberts ＆Co案中SED的观点
6 满炫、周刚.内幕交易犯罪法律问题研究及其主法完善的思考.贵州警官职业学院学报2003第6期,第23、24页
7 王崇青.论我国证券内幕交易犯罪主体的立法完善.公安学刊.2007年第2期
8 胡光志.内幕交易及其法律控制研究.法律出版社2002年8月第1版.第96页
9 张春萍、卢世荣.内幕交易行为中内幕信息的界定.中国法院网.2003-08-27http:/www.chinacourt.org/article/detail/2003/08/id/78093.shtml
10 李有星、董德贤.证券内幕信息认定标准的探讨.浙江大学学报(人文社会科学版)第39卷第6期.2009年11月
11 黄建武.新编法理学教程[M].广东高等教育出版社.2008.08.
12 邓建萍.中国股票市场现有监管体制的缺失及社会监督体制的建立.现代经济信息.2011年第1期
13 张环宇.我国内幕交易监管制度研究.武汉理工大学硕士学位论文.2009年.第27页
14 毛玲玲.中美证券内幕交易规制的比较与借鉴[J].法学.2007年.第7期.第103页
1、郭建华.上市公司内幕交易的防范与控制.现代经济信息.2012年16期
2、中国证监会.2010年度证券行政处罚分析报告.中国证券报.2011-12-01
3、满炫、周刚.内幕交易犯罪法律问题研究及其主法完善的思考.贵州警官职业学院学报2003第6期.第23、24页
4、王崇青.论我国证券内幕交易犯罪主体的立法完善.公安学刊.2007年第2期
5、李有星、董德贤.证券内幕信息认定标准的探讨.浙江大学学报(人文社会科学版)39卷第6期.2009年11月
6、邓建萍.中国股票市场现有监管体制的缺失及社会监督体制的建立.现代经济信息.2011年第1期
7、毛玲玲.中美证券内幕交易规制的比较与借鉴[J].法学.2007年.第7期.
8、陈洁、况玉清.股市内幕交易猖獗存三大原因急需三剂“猛药”.北京商报.2009年12月21日
1、胡光志.内幕交易及其法律控制研究.法律出版社.2002年8月第1版
2、黄建武.新编法理学教程[M].广东高等教育出版社.2008.08
3、郑顺炎.证券内幕交易规制的本土化研究.北京大学出版社.2002年版
4、陈洁.证券欺诈侵权损害赔偿研究.北京大学出版社.2002年版
5、周友苏.证券法通论.四川人民出版社.1994年版
6、吴志攀、白建军.证券市场与法律.中国政法大学出版社.2000年版
7、黄素心.中国证券市场内幕交易监管研究.经济管理出版.2011年版
8、姜华东.证券市场内幕交易监管的经济学分析.北京师范大学出版集团.2010年版
1、张蕾.论内幕交易中“内幕信息”的界定.华东政法大学硕士学位论文.2012年
2、赵义.中美内幕交易监管制度对比研究.华东政法大学硕士学位论文.2011年
3、李华宁.加拿大资本市场内幕交易法律规制问题研究.上海交通大学硕士学位论文.2011年
4、张环宇.我国内幕交易监管制度研究.武汉理工大学硕士学位论文.2009年
1、关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释.新闻发布稿http://www.law.lib.com/fzdt/newshtml/yidt/20120522135820.htm.
2、张春萍、卢世荣.内幕交易行为中内幕信息的界定.中国法院网.2003-08-27http://www.chinacourt.org/article/detail/2003/08/id/78093.shtml
在cady Roberts ＆Co案中SED的观点
1、《中华人民共和国证券法》
2、《中华人民共和国公司法》
3、《中华人民共和国刑法》
4、《中华人民共和国民法》
5、《中华人民共和国民事诉讼法》
3 陈洁、况玉清.股市内幕交易猖獗存三大原因急需三剂“猛药”. 北京商报.2009年12月21日
5 在cady Roberts ＆Co案中SED的观点
6 满炫、周刚.内幕交易犯罪法律问题研究及其主法完善的思考.贵州警官职业学院学报2003第6期,第23、24页
7 王崇青.论我国证券内幕交易犯罪主体的立法完善.公安学刊.2007年第2期
8 胡光志.内幕交易及其法律控制研究.法律出版社2002年8月第1版.第96页
9 张春萍、卢世荣.内幕交易行为中内幕信息的界定.中国法院网.2003-08-27http:/www.chinacourt.org/article/detail/2003/08/id/78093.shtml
10 李有星、董德贤.证券内幕信息认定标准的探讨.浙江大学学报(人文社会科学版)第39卷第6期.2009年11月
11 黄建武.新编法理学教程[M].广东高等教育出版社.2008.08.
12 邓建萍.中国股票市场现有监管体制的缺失及社会监督体制的建立.现代经济信息.2011年第1期
13 张环宇.我国内幕交易监管制度研究.武汉理工大学硕士学位论文.2009年.第27页
14 毛玲玲.中美证券内幕交易规制的比较与借鉴[J].法学.2007年.第7期.第103页
1、郭建华.上市公司内幕交易的防范与控制.现代经济信息.2012年16期
2、中国证监会.2010年度证券行政处罚分析报告.中国证券报.2011-12-01
3、满炫、周刚.内幕交易犯罪法律问题研究及其主法完善的思考.贵州警官职业学院学报2003第6期.第23、24页
4、王崇青.论我国证券内幕交易犯罪主体的立法完善.公安学刊.2007年第2期
5、李有星、董德贤.证券内幕信息认定标准的探讨.浙江大学学报(人文社会科学版)39卷第6期.2009年11月
6、邓建萍.中国股票市场现有监管体制的缺失及社会监督体制的建立.现代经济信息.2011年第1期
7、毛玲玲.中美证券内幕交易规制的比较与借鉴[J].法学.2007年.第7期.
8、陈洁、况玉清.股市内幕交易猖獗存三大原因急需三剂“猛药”.北京商报.2009年12月21日
1、胡光志.内幕交易及其法律控制研究.法律出版社.2002年8月第1版
2、黄建武.新编法理学教程[M].广东高等教育出版社.2008.08
3、郑顺炎.证券内幕交易规制的本土化研究.北京大学出版社.2002年版
4、陈洁.证券欺诈侵权损害赔偿研究.北京大学出版社.2002年版
5、周友苏.证券法通论.四川人民出版社.1994年版
6、吴志攀、白建军.证券市场与法律.中国政法大学出版社.2000年版
7、黄素心.中国证券市场内幕交易监管研究.经济管理出版.2011年版
8、姜华东.证券市场内幕交易监管的经济学分析.北京师范大学出版集团.2010年版
1、张蕾.论内幕交易中“内幕信息”的界定.华东政法大学硕士学位论文.2012年
2、赵义.中美内幕交易监管制度对比研究.华东政法大学硕士学位论文.2011年
3、李华宁.加拿大资本市场内幕交易法律规制问题研究.上海交通大学硕士学位论文.2011年
4、张环宇.我国内幕交易监管制度研究.武汉理工大学硕士学位论文.2009年
1、关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释.新闻发布稿http://www.law.lib.com/fzdt/newshtml/yidt/20120522135820.htm.
2、张春萍、卢世荣.内幕交易行为中内幕信息的界定.中国法院网.2003-08-27http://www.chinacourt.org/article/detail/2003/08/id/78093.shtml
在cady Roberts ＆Co案中SED的观点
1、《中华人民共和国证券法》
2、《中华人民共和国公司法》
3、《中华人民共和国刑法》
4、《中华人民共和国民法》
5、《中华人民共和国民事诉讼法》