论内幕交易罪中“内幕信息”的界定

A Study on the Definition of Insider Information in Insider Trading

内幕交易罪中内幕信息的界定应采重要性、非公开性、来源性和关联性的四要件标准,而确定性、真实性并不是内幕信息界定的标准。在"重要性"的判断上,应从证券"能够影响到理性投资者的投资行为,进而影响到证券市场的交易价格"的角度予以判断。对于"非公开性"的判断,在坚持《证券法》第70条所规定的形式公开的基础上,从公司的规模与知名度等"实质"角度考虑内幕信息被市场消化的时间。改传统四要件学说中的"真实性"判断标准为"来源性"判断标准,从该信息是否来自于信息源,且该信息是否与最终公布的信息基本一致的角度加以考查。至于"相关性"的要求,指的是该信息必须是与一种或者数种特定证券、期货交易相关的信息。

The definition of insider information in insider trading has always been the focus problem of theory and practice realm. This thesis starts from our own case,comparing the theoretical and practical experience both domestic and international,in order to learn advanced concepts abroad and retain our good tradition. This thesis proposes the adoption of the doctrine of four elements to define insider information,and change the "authenticity"criteria to "source"criteria. As for"nonpublic"criteria,the author thinks that we should insist on the provision of article 70 of the"Securities Act"in principle,learn from America’s "efficient market theory",and set the digest time of the market according to factors such as company size and visibility. As for the"source"criteria,we can drawing on the EU’s approach to distinguish between sources of information( information sources including internal staff,external staff who obtain information illegally,and the securities regulatory authorities,etc.). In order to improve the definition of "inside information",it’s necessary to ensure the stability as well as the rapid development of the stock market.