规制证券短线交易法律制度的现存问题与对策

Current problems and possible solutions of the legal system to regulate short-swing trading

起源于美国的上市公司内部人短线交易(short-swing trading)收益归入权制度,是证券内幕交易法律规制制度的一个重要组成部分,其立法目的在于通过对上市公司内部人的短线交易收益予以归入这一威慑手段,建立内幕交易的事先防范和吓阻机制,以维持投资者对资本市场公正性和公平性的信赖,保障资本市场的健康、有序发展。本文试从投资者权益保护的视角,在对我国现行的相关法律制度、司法和监管实践进行研究分析的基础上,借鉴美国、日本、韩国、台湾地区等境外成熟市场的成功经验,提出了完善我国短线交易法律规制制度的若干建议与对策。

Originating from the United States, disgorgement of profits made by insiders of listed companies as a result of shortswing trading is an important part of legal regulation of securities insider trading. The purpose is to establish precautionary and deterrent mechanism against insider trading by disgorging short-swing profits made by insiders so that the investors＇ confidence in the integrity and fairness of the capital market can be maintained and the healthy and orderly development of the capital market can be ensured. Based on the analysis of current domestic legal mechanism and judicial and regulatory practice, this article, from the perspective of investor protection, puts forward some suggestions on how to improve domestic legal regulation of short-swing trading after drawing lessons from successful experience of overseas mature markets, such as the United States, Japan, South Korea and Taiwan.