财务型内幕信息重大性的判定初探

On the Determination of the Importance of Financial Insider Information

财务型内幕信息重大性判断规则和相关司法解释存在技术性偏差与认定标准的缺失,导致了利用重大未公开财务信息实施的内幕交易行为难以定罪量刑。重大性标准的认定,应当考量信息内容对相关上市公司财务状况的映射可能及其影响金融商品市场交易价格的程度。财务资料表现为财务报告或者重大盈利、亏损结论,是一个量变到质变动态发展进程,判断特定时间节点的财务资料或者信息集合具备重大性,需要进行具体分析。经营数据反映出上市公司财务出现重大变化的,应当认定该数据信息具有重大性,禁止知悉人员从事相关证券交易,并及时披露该重大信息。

The lack of technical bias and identification standard of financial insider information judgment rule and related judicial interpretation results in the difficulty cff conviction and sentencing of insider trading by using significant undisclosed financial information. The identification should consider the mapping of the information content to the financial conditions of the listed companies and the degree of influence on transaction price of financial commodity market. The conclusion of financial information is expressed as a financial report or a significant profit or loss is a dynamic process of quantitative change to qualitative change, It is important to judge the financial information or information set of a specific time node, which needs to be analyzed in detail. The operating data reflects significant changes in the financial performance of listed companies and it should be recognized that the data information is significant. It is forbidden for insiders to engage in relevant securities transactions and disclose the important information in time.