内幕交易监管:国际经验与中国启示被引量：15

INSIDER TRADING REGULATION: INTERNATIONAL EVIDENCE AND IMPLICATION OF CHINA

下载PDF

导出

摘要内幕交易违反了金融市场的公平原则,降低了资本市场的效率,但是由于其金融交易的特殊性,使得它在监管上存在一定的难度。本文在梳理内幕交易行为的理论基础、对内幕交易监管的争议进行讨论的基础上,从内幕人认定、内幕信息认定、内幕交易行为认定、防范措施以及法律制裁与救济等五个不同的维度对美国、日本、欧盟和我国的内幕交易法律制度进行比较分析,从而总结我国法律在内幕交易规制方面的不足,并相应地提出改进的建议。 Insider trading undermines the fairness and integrity of the securities markets, which leads to dysfunction of securities markets. However, regulating insider trading is difficult due to the unobserv- ability of insider trading. In this paper, we review the theories and regulations of insider trading. From the perspectives of insiders, inside information, detection of insider trading, prevention of insider trading and insider trading legislation and remedy, we compare China＇s insider trading laws and regulations with those of U. S, Japan and European Union, and conclude several defects of insider trading regulations in China. We provide several policy suggestions for the future reform.

作者何青房睿

机构地区中国人民大学财政金融学院中国财政金融政策研究中心

出处《经济理论与经济管理》 CSSCI 北大核心 2013年第7期17-24,共8页 Economic Theory and Business Management

基金国家社会科学基金项目(10CGL011) 新世纪优秀人才支持计划项目

关键词内幕交易证券法信息不对称 insider trading securities law information asymmetry

分类号 D922.287 [政治法律—经济法学]

引文网络
相关文献

参考文献11

1何青.内部人交易与股票市场回报——来自中国市场的证据[J].经济理论与经济管理,2012,32(2):61-70. 被引量：24
2赵秉志,陈志军.证券内幕交易犯罪若干问题比较研究[J].比较法研究,2005,19(3):66-79. 被引量：9
3H. E. Leland. Insider Trading: Should It Be Prohibited? [J]. Journal of Political Economy, 1992, 100 (4).
4F. H. Easterbrook. Insider Trading, Secret Agents, Evidentiary Privileges, and the Production of Information [J]. Supreme Court Review, 1981, (1).
5U. Bhattacharya, H. Daouk. The World Price of Insider Trading [J]. Journal of Finance, 2002, 57 (1).
6M. Fernandes, M. A. Ferreira. Insider Trading Laws and Stock Price Informativeness [J]. Review of Financial Stud- ies, 2009, 22 (5).
7D. D. Haddock, J. R. Macey. Regulation on Demand A Private Interest Model, with an Application to Insider Trading Regulation [J]. Journal of Law and Economics, 1987, (30).
8S. M. Bainbridge. Incorporating State Law Fiduciary Duties into the Federal Insider Trading Prohibition [J]. Wash- ington and Lee Law Review, 1995, (52).
9S. Prakash. Our Dysfunctional Insider Trading Regime [J]. Columbia Law Review, 1999, 99 (6).
10T. Akashi. Regulation of Insider Trading in Japan [J]. Columbia Law Review, 1989, 89 (6).

二级参考文献28

1A. Shleifer, R. W. Vishny. Large Shareholders and Corporate Control [J]. The Journal of Political Economy, 1986, 94 (3).
2S. L. Gillian, L. T. Starks. Corporate Governance, Corporate Ownership and the Role of Institutional Investors: A Global Perspective [Z]. World Institute for Development Economic Research Discussion Paper, 2002.
3Henry G. Manne. In Defence of Insider Trading [J]. Harvard Business Review, 1966, (44).
4J. F. Jaffe. Special Information and Insider Trading [J]. The Journal of Business, 1974, 47 (3).
5J. E. Finnerty. Insiders and Market Efficiency [J]. Journal of Finance, 1976, (31).
6H. N. Seyhun. Do Bidder Managers Knowingly Pay Too Much for Target Firms [J]. Journal of Business, 1990, (63).
7J. P. Fidrmuc, M. Goergen, L. Rennoboog. Insider Trading News Releases and Ownership Concentration [J]. Jour-nal of Finance, 2006, (61).
8N. Fernandes, M. A. Ferreira. Insider Trading Laws and Stock Price Informativeness [J]. Review of Financial Studies, 2009, (5).
9A. Betzer, E. Theissen. Insider Trading and Corporate Governance.. The Case of Germany [J]. European Financial Management, 2009, (15).
10J. Lakonishok, I. Lee. Are Insider Trades Informative [J]. Review of Financial Studies, 2001, (14).