“老鼠仓”行为的定性研究

Qualitative Research of Rat Trading

近来,全国最大基金老鼠仓案陈志民案的爆发,引发刑法学界关于'老鼠仓'行为定性的再讨论,且观点各异。'老鼠仓'行为具有一定程度的法益侵犯性,具有入罪的必要,而主要争议的问题在于应予何种罪名规制,学术界主要有成立'内幕交易、泄露内幕信息罪'、'利用未公开信息交易罪'、'背信罪'三种观点。在秉持罪刑法定原则的基础上,从信息范围的界定、合理的刑罚配置、司法案例实证分析三大层面对'老鼠仓'行为予以定性研究,以'利用未公开信息交易罪'对其进行刑法规制。

Recently,as the largest case of rat trading,case of Chen Zhimin triggers intense debate about the qualitative of rat trading,and different scholars have different points of view. Rat trading has a certain degree of legal interest infringement and the necessity of conviction. Major controversial issues lie in establishing "sin of insider trading,disclosing inside information","sin of using nonpublic information trading","sin of breaching faith". On the basis of upholding the principle of a legally prescribed punishment,rat trading should be punished by sin of using nonpublic information trading.