摘要
该研究采集了1998至2016年中国证监会发布的关于内幕交易案件的所有处罚公告和法院判决,从内幕交易主体、内幕信息的界定、内幕交易的行政处罚、追究责任类型以及监管部门的执法效率这五个层面分析了我国内幕交易案件的主要特征及监管机制存在的漏洞。近年来,我国内幕交易案件呈快速增长的态势,"公司内幕人员"是案发的主要群体,"非法获取内幕信息的人"实施的案件数目剧增,并购重组是内幕交易的"重灾区"。但是,内幕交易发现概率低,执法周期长,总体处罚力度偏低,并且主要以行政处罚为主,刑事处罚较少,民事责任追究极少。因此,应尽快完善内幕交易相关的法律制度,同时加大发现的概率以及惩戒的力度。
Based on the data collected from insider trading cases of all notices of penalties issued by the China Securities Regulatory Commission and court decisions from 1998 to 2016,this paper analyzes the main characteristics of China＇s insider trading cases and the loopholes in the regulatory mechanism in terms of the subjects of insider trading,the definition of insider information,administrative punishments of insider trading,types of accountability and efficiency of regulatory enforcement. In recent years,China＇s insider trading cases have grown rapidly,among which ＂company insiders＂are mainly involved,＂the subjects with illegal access to insider information＂has increased dramatically,and acquisitions and reorganizations are the＂hardest hit＂area for insider trading. However,cases of inside trading are accompanied by low probability of discovery,long period of enforcement and less severe punishments on the whole,most of which fall to administrative penalties,few to criminal punishment,and rare to civil liability. Therefore,it is essential to perfect related legal systems as soon as possible to handle cases of insider trading,and expand the probability of exposure and the extent of punishments.
出处
《上海大学学报（社会科学版）》
CSSCI
北大核心
2018年第1期107-120,共14页
Journal of Shanghai University(Social Sciences Edition)
关键词
内幕信息
内幕交易主体
行政处罚
刑事处罚
民事诉讼
insider information
the subjects of insider trading
administrative punishment
criminal punishment
civil litigation
