证券市场欺诈行为及反欺诈制度研究

The Anti-fraud System in China's Securities Market

证券欺诈是发生在资本市场中与证券发行和交易有关的欺诈性行为,是一种侵权法意义上的欺诈。反欺诈制度建设是本文研究的主要问题。不实陈述、内幕交易、欺诈客户和操纵价格四种类型的证券欺诈在主观上具有牟取非法利润或非法避免损失的动机,在客观上造成了其他投资者的合法权益受到损失,使得证券欺诈禁止制度在体系上呈现出相对的独立性。这种相对独立性要求对证券欺诈的禁止必须通过刑事、民事和行政多种调整手段加以规范和禁止。因此,设计证券欺诈禁止制度的出发点在于为市场提供一个经济和效率的司法救济模式,以促进市场的公正和稳定。本文借鉴美国、英国、日本等国的证券法规及其成功经验,通过比较法等研究方法探讨我国证券市场反欺诈制度存在的问题及其制度体系,对构建我国资本市场监管法律制度及其反欺诈制度,建立一个公平、公正、公开透明的规制体系,提出了建设性意见。

Security fraud is a fraudulent behavior, which occurrs in the capital markets related to security issuance and trading. It is a kind of fraud in the sense of the tort law. There are four types of security fraud： misrepresentation, insider trading, customer deceiving and price manipulation, all subjectively aiming to seek illegal profits or to illegally avoid losses, and in this process objectively making other investors lose their legitimate rights and interests. These features make anti-fraud system of securities relatively independent from other anti- fraud systems. This relative independence requires a new thought, which means that the anti-fraud system of securities must be enforced by criminal, civil and administrative laws and regulations. As a result, the anti-fraud system of securities should be designed as a model of judicial aid, which can promote justice and stability of the market economically and efficiently. This paper focuses on the securities laws and successful experiences of the United States, Britain, Japan and other countries, and proposes some constructive suggestions for improving the legal system of capital market regulations and the anti-fraud system in China, in order to establish a fair, justified, open and transparent regulation system.