证券内幕交易犯罪现状与侦查困境探析

Analysis on the Current Situation of Securities Insider Trading Crimes and the Dilemma of Investigation

近年来,以内幕交易为主的证券犯罪案件频发,严重损害了广大投资者的信心,给整个证券市场环境带来了恶劣的影响。以无讼案例网的34份内幕交易罪一审判决书和证监会发布的近10年275份内幕交易行政处罚决定书为研究样本,分析出证券内幕交易案件中主体多元化、处罚过轻、地域特征明显及案发率居高不下的基本现状,指出当前此类案件存在线索单一、证据获取难、内幕信息复杂及侦查主体局限性的困难。结合公安机关证券犯罪侦查工作的实际,探索证券内幕交易犯罪案件的侦查对策,有效遏制证券市场违法犯罪行为。

In recent years,securities crime cases mainly of insider trading have occurred frequently,seriously damaging the confidence of investors and bringing bad influence to the entire securities market environment.This article takes 34 trials of insider trading crimes in the non-litigation case net and 275 sets of insider trading administrative penalty decisions issued by the CSRC in the past 10 years.This paper analyzes the basic status quo of the insider trading cases,the punishment is too leniently,the geographical characteristics are obvious,and the crime rate is high.It points out that there are difficulties:single clues,difficult evidence acquisition,complicated inside information and limitations of investigation subjects.Combined with the actual investigation of securities crimes by public security organs,this paper explores the investigation strategies of securities insider trading crime cases and effectively curbs illegal and criminal activities in the securities market.