我国证券信息内幕操纵与证券监管研究

重庆大学硕士学位论文我国证券信息内幕操纵与证券监管研究姓名：裴兰申请学位级别：硕士专业：产业经济学指导教师：曾国平20060401IIIABSTRACTInternalinformationoperatingisacommonkindofsecuritiescrime,notonlybeingabondsspeculation,butalsoacheatingbargain.FormtheManifestationofInternalinformationoperating,thispassagediscussesmanyaspctsofournationsecuritiesadministration,includingprecautionarysupervisingsystemandsanctionsystem.Moreover,thisstudyisbasedonthedefinitionofIIOconcept,thevaluecriterionwhichusedtorestraintheinnertradingbehaviorbylaw,andreferringtothethoroughlyanalysisonstatusofChinesemodernlegislation.Accordingtomoderneconomicstheories,informationhaveacloserelationshipwithsecuritiesmarkets.What’smore,actuallyinvestors’investingefficiencyisdirectproportiontothetimethemgainingtheinnermessage.Oncetheinneroperatorwhocontrolsinformationbeginstocarryouttradingbondsbeforetheinformationissuedtothepublic,theywillbringlargetragedytothemarketandlotsofinvestors.Onehand,thiswilldelayevenblockthemessagetoberevealedsufficientlyandtimely;ontheotherhand,theequityofsecuritiestradingwillbeimpaired,notmentiontothejustnessoftradingresultsandnaturalsecuritiestradingorder.Formabove,wecanseethatsecuritiesareextraordinaryimportantandgreatlyimperative.Regardingtotheanalysisofsecuritiesmarketsinternalinformationoperatingandmarketsupervising,thisarticleisaimedtoassurethateverynegotiantholdstheequallyinformationrights,whicharenotonlycontrolledbyafewpeople,thereforeprotectinginvestors’interests.Furthermore,wealsocitesomecontentsaboutemphasizingprotectinginvestors’interestsandsecuritiessupervisingformnewTheLawofSecurities,whichincarnatethesignificanceofthesecuritiessupervising.Keywords:InternalTrading,InternalInformationOperating,SecuritiesSupervising,TheLawofSecurities1111.1“”“”“”“”1.21.2.1121.2.21.31.3.12000-20041.3.2SPSS1.3.31.3.41.3.51.41.4.1131.4.21.4.31.4.41.51.5.11.5.2“”1.6200611141.7151.11.21.31.41.51.63.1.13.1.23.1.33.1.43.2.13.2.23.2.33.2.4—4..1.14.1.24.1.34.1.44.2.14.2.24.2.34.2.44.3.14.3.24.3.34.3.44.3.55.1.1“”5.1.25.1.35.1.41.1Figure1.1Thestudystructureframework2622.12.1.12.1.2——“”“”19981998200611(2002)272.22.2.1(SecuritiesandExchangeCommissSEC)(1)(2)(3)193410b(SEC)10b-5(Rule10b-5)/1(corporateinsider)/()2(temporaryinsider)3(tippee,tipper)(tipping)4,(misappropriate)2819931985(1)(2)(3)(4)(1)(2)(3)(4)“”1994199481SEC“”2.2.2(29)199392()1997314199812296770()“”“”(2001)21069(2)1/3“”――2112.3Sobel(1985)Sobel(“”)0(2001)1)1934(SEC)2)2121996“”“”2.3.1(2002)(2003)2.3.2(2001)(2001)“”(2002)(1)(2)(3)(4)31333.135%65%25%75%199983143.1.1“”1929“”2080Vila(1989)Bagnoli&Lipman(1969)Bagnoli&LipmanCornell&David(2002)(2003)“”315Sobel(1985)Sobel(“”)0BenadouandLaroque(1992)Haduut,Hughes&Levine(2001)Hart(1997)Allen&Gale(1992)Chakraborty&Yilmaz(2000)PaoloVital(2000)(2002)3.1.231669“”“”Jain&Mirman(2002)Alain(2000)19851995128“”“”3173.1.33.1.3.1abc3.1.3.2abc3.1.3.3abc3.1.3.4abc()3.1.4“”3.1.4.1“”“”“”“”“”“”318“”“”3.1.4.2“”“”“”(absieinordisclose)3.1.4.319633.2“”“”“”319SK“”“”3.2.1“”“”()3.2.1.1320()()()()3.2.1.2321—“”“”“”“”322“”“”“”“”3.2.23.2.3,,,,3.2.3.1,,,,“”——,,,,,,,,323,,,3.2.3.2,,,,,,,,,,,,,,,,,,“”,,,,,3.2.3.3“”,,,,,,,,“”,,:“,,‘’,”3.2.3.4,,,2,,,“,324”,3,,,,,,,,,,,3.2.4——“”“”——ab“”“”325“”c.“”d()“”“”3263.3Cady,Roberts&Co.DirksSECChiarellaCady,Roberts&Co.SEC1Cady,Roberts&Co.(1961)Cady,Roberts&Co.Curtiss-WrightCurtiss-WrightSECCady,Roberts&Co.10b-5SEC“”(discloseorabstainfromtrading)Cady,Roberts&Co.Cady,Roberts&Co.()()SECCady,Roberts&Co.10b-5SEC“”SEC“”327“”2Chiarella(1980)19751976ChiarellaPandick5()PandickChiarella3ChiarellaSEC1978Chiarella10bSEC10b-5Chiarell10b-5(relationshipoftrustandconfidence)ChiarellaChiarella10b-5PandickPandick“”SEC4SEC14e-3(Rule14e-3)32814e-314e-3/14e-3Chiarella1997O’Hagan()3DirksSEC(1983)DirksEquityFundingofAmerica(EFA)19733DirksEFAEFADirksEFADirksEFAEFADirksEFA2615EFASECEFAEFASECDirksDirks10b-5SEC“”DirksEFASECDirksSEC“”()329(1)(reputationalbenefits)(2)(3)EFADirksEFADirks“”(second-tiertippee)(third-tiertippee)“”SECSwitzerSwitzerPlatt(PlattTexasInternationalCompanyPhoenixResourcesCompany)TICPhoenixPlattSwitzerSwitzerPhoenixSwitzerPlattPlattDirksSwitzer10b-5SEC20008FD(RegulationFD)DirksFD1934“”(selectivedisclosure)“”10b-510b-5(330)“”DirksFD“”“”[7](48)SEC[8]SECFD10b-510b-5FD“”SECFDSEC(enforcementaction)(privateaction)FD1199820004(“”)20005200113331()“”2“”199257199938“”“”“”19991025200021770262000215“”425“”9“”“”19981056273“”(“”)1998105531.52%1999112300185%“”“”2000254.4977“”20001“”2000110“”42.66“”“332”“”“”00000832000122912:03“”121812.1872451271421801988592“12.27”6.9419.3412297.9530“”OBV“OBV”9885.620002126.3121.51“”123.433343444.14.1.1(2080199210)(19921019984)1.(4.12000.2)435/4.119984Figure4.1China’ssecuritiessupervisingsystembeforeApril,1998(19984)1997199771719978151998443619988(22000.2)(1)(5)/(3)(25)(2)12(18)171328143915410165111761218(36)1101928211202931221304132231514233261524337162534817263591827364.2Figure4.2ThenewestorganizationstructureofChina'sSecuritiesRegulatoryCommission4374.1.2“”“”“”19933182004615306(29)(25)544.1.3:1998“”438199819984.1.44.24.2.1()(439)“”62211“”4.2.24.2.3“”4.2.4,“”“”4404.