对完善我国短线交易归入制度的法律思考

Thinking on disgorging short-swing insider profit

短线交易是内幕交易的一种典型形态。各国立法上对短线交易行为的控制主要是通过归入制度实现的。我国现行立法上对短线交易的规定非常匮乏且不尽合理。今后的改革途径应当是适当扩大短线交易规制主体的范围;从立法上明确规制主体的身份界定标准;完善公司管理者和大股东的持股报告制度以及有关部门的信息披露制度;完善短线交易归入制度中的豁免适用规定;明确短线交易归入制度中的利润计算方法等。

As insider trading in securities market has a serious impact on market and bring harm to investors, supervisors of different countries adopt strict regulations to prohibit it from being happening. One of the regulation systems is ＂disgorging short - swing insider profit＂, which prohibit insider person from being involved in such deals by pro - situated rules of threatening, and which is a definitely advanced system.This article tries to discuss some of these questions and introduce advanced experiences in foreign countries, so as to provide some suggestions that are intend to advance and perfect our rules of ＂disgorging short - swing insider profit＂.