摘要
传统的“市场秩序法益说”无法合理地阐释内幕交易行为的实质违法性。既有的“投资者利益说”在论证具体内幕交易案件时具有一定说服力,但仍存在投资者利益损害与内幕交易间因果关系难以证明的局限。内幕交易行为的危害性本质在于破坏市场竞争和信息披露机制,进而损害市场效率法益。市场效率这一法益虽难以在物理层面被感知,但仍具有经验层面的实体性。市场效率减损之原因主要在于行为人滥用具有重大性的内幕信息。在司法实践中,市场效率这一法益能够有效指导解决诸多疑难、复杂的内幕交易类型,以“滥用重大信息优势+市场效率减损”为标准,能够将内幕交易罪主体统一为内幕信息知情人,也能为“层级式”内幕交易、“无意获悉型”内幕交易等难题处理提供足够的阐释力和理论支撑。
The traditional"market order interest theory"cannot reasonably explain the substantive illegality of insider trading.The existing"investor interest theory"is fairly persuasive in arguing specific insider trading cases,but there are still some limitations that the causal relationship is difficult to prove between the damage to investor interests and insider trading.The essence of the harm of insider trading behaviour lies in destroying the market competition and information disclosure mechanism,which in turn undermines the legal interest of market efficiency.The interest in market efficiency is difficult to perceive on a physical level,but still has an empirical dimension.The main reason for the impairment of market efficiency is the misuse of material insider information by the perpetrator.In judicial practice,the market efficiency of this interest can effectively guide the solution of many difficult,complex insider trading types.Taking"abuse of material information+market efficiency impairment"as the criterion,the subject of insider trading crime can be unified as"insider".It can also provide sufficient explanatory power and theoretical support for dealing with difficult issues such as"hierarchical"insider trading and"unintentional"insider trading.
作者
陈俊秀
毛越煊
Chen Junxiu;Mao Yuexuan(School of Law,Fuzhou University,Fuzhou 350108,China)
出处
《中国海洋大学学报（社会科学版）》
2024年第4期99-108,共10页
Journal of Ocean University of China(Social Sciences)
基金
福建省社会科学规划项目“网络犯罪扩张的类型化规制研究”(FJ2021BF015)。
关键词
内幕交易罪
保护法益
市场效率说
信息优势
the crime of insider trading
legal interests
the theory of market efficiency
the advantage of information
