我国证券市场内幕交易法律规制研究

北京物资学院硕士学位论文我国证券市场内幕交易法律规制研究姓名：彭燕飞申请学位级别：硕士专业：企业管理指导教师：赵兵200301091234RESEARCHONINSIDERTRADINGREGULATIONINSECURITIESMARKETABSTRACTIt’sreportedthatabout80%ofillegalcasesarerelatedtotheInsidertradinginsecuritiesmarket,Insidertradinghasbecomingthemainmalfeasanceofsecuritiesmarket.Howtorestrictiteffectivelybylegalnormsisaninternationalproblemallcountriesenforcethesupervisionofinsidertradingbyformulatingstrictsecuritieslaw.Domesticsecuritiesmarketjusthasashorthistory,developinginlowlevelandsothatmanyperplexityoccurredbothinthetheoryresearchandjudicialpractice.Eventhereisn’toneinsidertradingcaseisacceptedbydomesticcourt.Thus,it’semergenttoresearchonthelegalregulationofinsidertradingindomesticsecuritiesmarket.Recentyears,therearemanydiscussesontherootofdeveloping,theessentialconcept,andthecomparativeresearchofinsidertrading,buttherearefewprofound,systemicand5embeddedanalysisbaseupondomesticrealisticenvironment.Thepurposeofthispaperistobringforwardaseriesoffeasibleandconstructivestandpointstoconsummatetheregulationofinsidertradingindomesticsecuritiesmarket.Followingsuchagoal,thecontextofthispaperisdividedinto5parts:Inpart1theessentialconcept,characteristicofinsidertradingisfirstexaminedbuildthelawbasisofregulationofinsidertrading.Andtheharmtoinvestor’sconfidence,listingcorporation’sefficiencyandmovingventureofsecuritiesmarketarethensummeduptoestablishtheeconomicbasisofregulationofinsidertrading.Part2focusonthelegalnormsaboutinsidertradingwhichmakingadetailedanalysisofthelegislativedefectsinourcountrycomparingwithothercountries’theoryandjudicialpractice.Intheaspectsofcomprehensive,scientific,operational,effectiveandstrictoflegalterms,raisesomepointuseforreference.Part3dealswiththecurrentsituationofdomesticenvironment.Throughthedemonstrationstudyonabnormityofsharepriceandexchangequantitybeforemagnitudeeventdisclosededucetherealityseverityofinsidertradingindomesticsecuritiesmarket.Atthesametime,fromthefewrepresentativecasescomeatsome6evidentfeaturesofinsidertradinginourcountry.Finallyestimatetheregulationeffectofinsidertradingindomesticsecuritiesmarketfromthecontrastbetweendemonstrationstudyandcaseinvestigation.Part4putforwardsthreepiecesoflegislativesuggestionsagainstinsidertradingbasedupontheanalysisofaboveparts.Firstlytheimportantdocumentconstituteofinsidertrading(therangeofstaffandcognizancecriteriaofinsiderinformationandtypeofbehavior)mustbeperfectedSecondlymoredetailedrulesareenactedforthesystemofshortexchangeThirdlyinformationdiscloseregulationshouldbepromotedtoenhancedtohelptheinsidertradingprohibition,especiallyinthemainchainofinformationdisclose.Thepurposeofpart5istoestablishlegalreliefsystemtoprotecttheinsidertradingvictimsbysolvingthesequestions1capacityofplaintiff2capacityofdefendant3computingcompensationforloss4burdenofproof5judicialproceeding.KeywordsStaffofinsidertrading,Insiderinformation,Rightofreturn,Informationdisclose,civilresponsibility1“8080”123412345ThomasG.Corcorand6RobertHaftBhattachryar72001181980611412001984SEC9Regulation201933171934193410(b)(SEC)10b-5SEC80SEC1984110319881010100708080MilkenBoesky901012341811622116221234IDA121231234425%665%193416b131206603305%5%30%1450%51050153101801832091,16100510310750103251521033155510120025A19992000517200015200051250%50%34550182105010101050%26.13%50%18.35%22.58%23.32%33.13%18.92%210(200212919939294.56%4.52%1.57%10.65%199393017.07%93930114.7724.6019939169172762.7367210716711808199692111815212888341501996112211182021143.21180.51998235115115.077%34176743.2964%17663271.7036%199821010680004152061199711272905.5457.26199712235.832067.57199834A30000205633.15580000199611199715801997219961996325602.4325492.97.64%120.08%254219978791739.13%84338930026319961019961.6010671997111199711741410510319961019974171116.23%60.61%19971234218.8616.252119996201999622200031919971997229322352412412522632710%5%5%5%5%5%5%5%”SEC412328112322910233020%31425%5%1475%5%422325%7120301015201000105152510152010257120-10*1000=10000101572010573010-20*1000=-100001000010000331234AB341351252030325%()3630%37137138234341234“”3910(1)(2)(3)130244015915921100151000100020100202224262830302020100025201000301003028262422202010003025100041UnitedStatesv.O’Hagan42434411994219953200042001519986199772000820009199810200011200012200013200114200015200016200217200018199819200120200021200022199923199424199725198826199527200228199929199230199831198632198933J199634199935200163620006372002338200043920004454020014120005421999432001442000452000462001147200148200249GilBrazier,InsiderTrading:LawandRegulation,CavendishPublishingLimited,199650JonathanEisebnberg,AvoidingInsiderTradingLiability,Matthew&Bender,199751NasserArshadi&ThomasH.Eyssell,TheLawandFinanceofcorporateInsiderTrading:TheoryandEvidence,KluwerAcademicPublisher,199352DonaldC.Langevoort,InsiderTrading:Regulation,Enforcement,andPrevention,Westgroup,199953RobinHolliongton,MinorityShareholder’sRights,Sweet&Maxwell,1994我国证券市场内幕交易法律规制研究作者：彭燕飞学位授予单位：北京物资学院本文读者也读过(10条)1.李海明.贾晓玉.顾晓明.马杰滨海地区胶体迁移-沉积对含水介质渗透性的影响[会议论文]-20082.张曼.屠梅曾新兴股票市场有效性及诚实性检验方法和实证分析[期刊论文]-预测2001,20(1)3.李敏遏