对内幕信息范围的再界定——以政府救市举措为例

Redefining the Scope of Insider Information:Take the Government Bailout Measures as an Example

既有制度和研究主要从微观角度即公司内部的重大决策出发,分析股价的影响因素,但公司重大决策往往仅对特定股票产生影响。从宏观角度看,政府救市举措对股价的影响则涉及整个股市。《证券法》将公司重大决策规定为内幕信息,但未提及政府救市举措。就目前我国内幕信息采用的标准看,政府救市举措不能完全与未公开性、价格敏感性标准相适应,但是在有效市场的理论背景下,信息公开的主体已不再局限于上市公司,价格敏感性标准也逐渐由客观性转为主观性,因此就《证券法》的发展趋势看,政府救市举措应属于内幕信息。

In the existing system and research,the factors that affecting the stock price are mainly from the micro perspective of the company＇s decision which can influence the stock market price,though this decision only affects the specific share.From the macro perspective,the impact of government bailout measures on shares is related to the entire stock market.In ＂Securities Law＂,the former is defined as＂insider information＂,but the latter is not mentioned.According to China＇s current standards of the insider information,the government bailout measures cannot fully meet the non-publicity and the standard of price sensitivity.However,based on the effective market theory,the main part of information disclosure is no longer limited to listed companies,i.e.government can become the main part of information disclosure and the standard of price sensitivity are gradually turned from objectivity to subjectivity.Therefore,according to the development trend of securities law,the government＇s bailout measures belong to the insider information.