發(fā)布時間：2018-05-26 19:45

  本文選題：內(nèi)幕信息 + 內(nèi)幕交易　； 參考：《中國政法大學(xué)》2010年碩士論文

【摘要】：自中國證券市場成立以來,內(nèi)幕交易就層出不窮,尤其是股權(quán)分置改革之后,內(nèi)幕交易活動更加猖獗,監(jiān)管部門也陸續(xù)查處了一批重大的內(nèi)幕交易案件,如最近幾年的杭蕭鋼構(gòu)案、董正青案、黃光裕案等。然而,我國到目前為止,卻還沒有一起因內(nèi)幕交易受損失的投資者向內(nèi)幕交易行為人要求民事賠償?shù)某晒Π咐?其中,最關(guān)鍵的因素在于我國證券立法在如何追究內(nèi)幕交易者民事責(zé)任的規(guī)定嚴重缺失,相關(guān)案例在法律適用和執(zhí)行方面仍存在較大困難和爭議。 2005年新修訂的《證券法》第76條明確規(guī)定了內(nèi)幕交易民事責(zé)任的內(nèi)容:“內(nèi)幕交易行為給投資者造成損失的,行為人應(yīng)當(dāng)依法承擔(dān)賠償責(zé)任”。但此規(guī)定過于原則,對于內(nèi)幕交易民事賠償中權(quán)利主體資格的確定、訴訟程序、因果關(guān)系的界定、損害賠償?shù)姆绞胶陀嬎愕葍?nèi)容未做規(guī)定,使得該內(nèi)容欠缺可操作性。本文通過對內(nèi)幕交易民事責(zé)任的性質(zhì)、歸責(zé)以及構(gòu)成進行全方位法理分析,根據(jù)我國現(xiàn)行的證券法律法規(guī)并借鑒國外相關(guān)經(jīng)驗提出一些建議,希望能為將來出臺的內(nèi)幕交易民事賠償司法解釋盡綿薄之力。 本文除了引言和緒論外,全文共分四大部分。筆者將從內(nèi)幕交易民事賠償?shù)南嚓P(guān)概念、民事責(zé)任的法理基礎(chǔ)、歸責(zé)原則、構(gòu)成要件、法律適用等幾個方面探討,并重點對內(nèi)幕交易民事賠償相關(guān)的權(quán)利義務(wù)主體、因果關(guān)系和損害計算等做了全方位分析和探討,提出了有關(guān)實體法和程序法的立法建議。 第一部分是概念的界定。筆者詳細闡述了跟本文主旨息息相關(guān)的“內(nèi)幕信息”、“內(nèi)幕交易”和“內(nèi)幕交易民事責(zé)任”等概念的基本含義,為全文論點的展開統(tǒng)一認識并做出鋪墊。 第二部分探討了證券內(nèi)幕交易民事責(zé)任的性質(zhì)。針對學(xué)界主要的三種觀點:契約責(zé)任說、侵權(quán)責(zé)任說和獨立類型說進行比較論證。筆者通過對契約責(zé)任和侵權(quán)責(zé)任的利弊分析,針對證券交易的特殊性,主張獨立責(zé)任說,建議通過立法將內(nèi)幕交易民事責(zé)任單列為一類新型的法定責(zé)任。 第三部分介紹了內(nèi)幕交易民事責(zé)任的歸責(zé)和構(gòu)成。提出“信用義務(wù)”這一貫穿全篇法理分析的線索。指出需要全面借鑒美國法關(guān)于內(nèi)幕交易的歸責(zé)理論:信息占有、信息泄露、信息私用等。并從主體要素、行為要素、事實要素、邏輯要素四個方面分析討論了內(nèi)幕交易民事責(zé)任的構(gòu)成。 第四部分作為全文的重點,針對我國內(nèi)幕交易民事賠償?shù)牧⒎ㄋ痉ìF(xiàn)狀,從不同角度闡述了現(xiàn)有制度的缺陷和不足,并借鑒國際經(jīng)驗,分別從內(nèi)幕交易民事賠償?shù)臋?quán)利義務(wù)主體、因果關(guān)系、賠償計算方法和金額、特別訴訟程序等幾個方面提出立法建議。 最后,筆者提出,在現(xiàn)有法律框架下,內(nèi)幕交易人的直接相對方,可以依據(jù)契約責(zé)任理論,適用合同法中的欺詐可撤銷原則來要求損害賠償,并探討性的提出民事賠償請求權(quán)設(shè)計方案。
[Abstract]:Since the establishment of China's securities market, insider trading has been emerging in endlessly. In particular, after the reform of the split share structure, insider trading activities have become even more rampant. The regulatory authorities have also investigated and dealt with a number of major insider trading cases one after another. For example, in recent years, Hang-Xiao Steel case, Dong Zhengqing case, Huang Guangyu case, and so on. However, up to now, there has not been a successful case in China in which investors who have suffered losses from insider trading have claimed civil compensation from the perpetrators of insider trading. The key factor lies in the serious lack of the provisions on how to investigate the civil liability of insider traders in China's securities legislation, and there are still more difficulties and controversies in the application and enforcement of relevant cases. Article 76 of the newly revised Securities Law in 2005 clearly stipulates the content of civil liability for insider trading: "if the insider trading behavior causes losses to investors, the perpetrator shall bear the liability for compensation according to law." However, this provision is too principled, the determination of the qualification of the right subject, the procedure, the definition of causality, the way of compensation for damages and the calculation of the civil compensation for insider trading are not provided for, which makes the content lack of maneuverability. By analyzing the nature, liability and constitution of civil liability of insider trading, this paper puts forward some suggestions according to the current securities laws and regulations of our country and drawing on the relevant experience of foreign countries. It is hoped that the judicial explanation of civil compensation for insider trading in the future will be limited. In addition to the introduction and introduction, this paper is divided into four parts. The author will discuss the related concepts of civil compensation for insider trading, the legal basis of civil liability, the principle of imputation, the elements of constitution, the application of law and so on, and focus on the subject of rights and obligations related to civil compensation for insider trading. The causality and damage calculation are analyzed and discussed in all directions, and the legislative suggestions on substantive law and procedural law are put forward. The first part is the definition of the concept. The author expounds in detail the basic meaning of the concepts of "insider information", "insider trading" and "insider trading civil liability", which are closely related to the main purpose of this paper, and lays the groundwork for the development of the whole thesis. The second part discusses the nature of civil liability for securities insider trading. There are three main viewpoints: contract liability theory, tort liability theory and independent type theory. Based on the analysis of the advantages and disadvantages of contractual liability and tort liability, and in view of the particularity of securities trading, the author advocates the theory of independent liability and suggests that civil liability for insider trading should be listed as a new type of legal liability by legislation. The third part introduces the liability and constitution of insider trading civil liability. This paper puts forward the clue of credit obligation which runs through the whole analysis of jurisprudence. The author points out that it is necessary to draw lessons from the theory of imputation of insider trading in American law: information possession, information leakage, private use of information, etc. The constitution of civil liability of insider trading is discussed from four aspects: subject factor, behavior factor, fact factor and logical factor. The fourth part as the focal point of the full text, in view of our country insider trading civil compensation legislation judicature present situation, elaborated from the different angle the flaw and the insufficiency of the existing system, and drew lessons from the international experience. The legislative suggestions are put forward from the aspects of the subject of rights and obligations of civil compensation in insider trading, causality, calculation method and amount of compensation, special procedure and so on. Finally, the author puts forward that under the existing legal framework, the direct opposite party of insider trader can apply the principle of fraud and revocability in contract law to claim damages according to the theory of contractual liability. And discuss the design scheme of civil compensation claim.
【學(xué)位授予單位】：中國政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：D922.287

【引證文獻】

相關(guān)期刊論文 前1條

1 孔利強;梁凌;;試論我國內(nèi)幕交易民事賠償責(zé)任之完善[J];金融理論與教學(xué);2011年06期

相關(guān)碩士學(xué)位論文 前4條

1 張治權(quán);中國證券市場內(nèi)幕交易的民事責(zé)任[D];蘇州大學(xué);2012年

2 黃翊欽;證券市場內(nèi)幕交易舉證責(zé)任制度探析[D];華東政法大學(xué);2012年

3 林詩然;證券內(nèi)幕交易民事責(zé)任問題研究[D];南昌大學(xué);2012年

4 楊嬌;內(nèi)幕交易民事責(zé)任制度比較研究[D];華東師范大學(xué);2012年

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本文編號：1938680