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1浅论我国证券市场的内幕交易及其监管国际金融贸易学院金融专业夏文超2010年4月2浅论我国证券市场的内幕交易及其监管摘要内幕交易是世界各国证券市场普遍存在的问题,而我国股票市场目前存在较严重的内幕交易现象，但对内幕操纵及其监管的理论研究还相对滞后，现有的股票市场监管体制也难以达到客观需要。无论在公众认知、还是在法规制度、抑或在执行机制方面,均存在问题。一个拥有四千多万股民参与的博弈场所,背后又关系到近两亿规模人口的福利,内幕交易的存在不仅有损市场公平,阻碍市场健康发展,最终将威胁社会稳定和政府威信,后果不容忽视。因此，本文旨在通过对我国内幕交易特点和成因的分析阐述，指出应利用相关制度设计和机制创新,以创造性的手段并且是脚踏实地地监管和抑制内幕交易。本文的结构安排如下：第一部分导论包括了选题的提出，国内外研究现状和研究的目的，意义及方法。第二部分主要是分析我国内幕交易独具中国特色的基本特征。第三部分对内幕交易的外部效应理论研究进行综述。第四部分通过对杭萧钢构案的案例分析揭示我国内幕交易的深层次原因。第五部分则是本文的结论和展望。内幕交易之风一日不除，中小投资者的利益就不可能得到保障，证券市场也不可能真正实现健康有序地发展。关键词：内幕交易，外部效应，杭萧钢构案，监管3OnInsiderDealingandItsSupervisioninChina’sStockMarketAbstractAsacommonproblemthattheworldwidesecuritiesbusinessmustfaceupto,thephenomenonofinsiderdealingisparticularlyuniversalinourstockmarket.However,therelevanttheoreticresearchonthispartislaggingbehindandthepresentsupervisionsystemofourmarkethasfailedtomeettheobjectiveneeds.Problemsonpubliccognition,ruleoflawandexecutionmechanismbadlyneedtobesolvedbecausethisisagamesitewithmorethan40millioninvestors,whichisrelatedtothesocialwelfareofabout2hundredmillionpeople.Insidertradingnotonlydoesharmtomarketequityandthehealthydevelopmentofsecuritiesbusiness,butalsothreatensthesocialstabilizationandgovernmentprestige.Soaccordingtotheempiricalstudy,thisessayanalysesinsiderdealing’scharactersandcausesofformationinourstockmarket,aimingatpreventingandcontrollinginsidertradingbyaseriesoftheinstitutionalinnovations.Thispaperisstructuredasfollows:thefirstpartistheintroductionincludingthesubmissionofthetopic,theresearchathomeandabroad,thepurpose,significanceandmethodofthisstudy.Thenextpartisabouttheanalysisonthecharactersofourinsiderdealing.Thethirdpartisareviewtothetheoryonitsexternaleffects.ThefourthpartisthecaseofHangxiaoganggouthatrevealsthedeepreasons.Thefifthpartistheconclusionandprospect.KeyWords:insiderdealing,externaleffect,thecaseofHangxiaoganggou,supervision4目录第一章导论..............................................................................................................11.问题的提出........................................................................................................12.国内外研究现状................................................................................................23.选题的意义........................................................................................................44.研究方法............................................................................................................5第二章我国证券市场内幕交易的特征..........................................................61．内幕交易行为表现为市场化的“公开性”...................................................62．内幕交易主体在市场参与的各层面表现出的“普遍性”...........................63．内幕交易内容与形式惊人的“相似性”.......................................................8第三章内幕交易的外部效应.............................................................................91.公司效应............................................................................................................92.市场效应..........................................................................................................113.福利效应..........................................................................................................13第四章我国内幕交易的实例分析...............................................................151.“杭萧钢构案”的基本案情........................................................................152.该案背后的深度思考......................................................................................16（1）宏观上：证券市场呈现国有经济“主体和主导”的特质..............17（2）中观上：缺乏内在动力和外在压力的监管制度..............................18（3）微观上：信托责任缺失......................................................................19第五章结论和展望..............................................................................................211.论文研究的基本结论......................................................................................212.相关监管建议..................................................................................................213.本文的创新点..................................................................................................244.本文研究的不足和未来研究展望..................................................................25参考文献...................................................................................................................265CONTENTSChapterOneIntroduction.......................................................................................................11.SubmissionoftheTopic........................................................................................................12.ResearchatHomeandAbroad..............................................................................................23.SignificanceoftheTopic.......................................................................................................44.ResearchMethod...................................................................................................................5ChapterTwoCharactersofInsiderDealinginOurStockMarket.............................61.MarketizationalOpennessoftheBehavior..............................