论文标题:内幕交易民事责任制度研究
Research on Policies of China"s Promoting the Private Self-employed Individuals Economy
论文作者 黄新
论文导师 张秀全,论文学位 硕士,论文专业 民商法学
论文单位 郑州大学,点击次数 83,论文页数 61页File Size2514k
2002-05-01论文网 http://www.lw23.com/lunwen_18457367/ WTO;工业企业;政府;政策
WTO;industrial corporation;government;policy
内幕交易是指内幕人利用内幕信息侵害投资者合法权益的证券侵权行为，严重危害了公开、公平、公正的证券市场原则及诚实信用的市场精神。我国刚刚建立起的证券市场尚不规范，充斥着大量的内幕交易违法行为。由于内幕交易行为本身的“隐秘性”及我国特有的社会环境，使得实践中内幕交易的认定极为困难；而且，证券立法思想的偏差以及因此导致的民事责任制度的缺位，使投资者合法权益的保护处于法律制度设计的真空地带。由此，本文以保护投资者合法的私权利益为基点，以健全我国内幕交易民事责任制度为核心，从宏观上透视了我国证券市场内幕交易行为的现状和危害，分析了我国滋生内幕交易行为的社会环境，从微观上对内幕交易行为的构成要件进行了清晰的厘定，增强了内幕交易行为认定上的可操作性；然后，从理论和制度层面上，对健全和完善我国内幕交易民事责任制度所涉及的实体法和程序法问题进行了深入的探讨。在研究方法上，作者主要采用法比较学和法经济学的方法，以美国、英国、日本和我国台湾地区内幕交易的法律规制为参照系，尤其以内幕交易民事责任制度较为完善的美国和台湾地区为借鉴，对我国的内幕交易民事责任制度进行了整体上的设计。 笔者认为，内幕交易的法律规制必须重视对投资者的私权保护，只有赋予投资者私人诉权，健全内幕交易侵权行为的民事赔偿责任制度，才能对内幕交易产生最有力的抗制，才是证券法保护投资者利益的立法之本。因此，在实体法问题上，首先，内幕交易的民事责任应当采用过错推定责任。如果投资者能够证明其所受损害是由被告所致，而被告又不能证明自己没有过错，法律就推定被告有过错并确认其应负责任。其次，在因果关系的认定上应当适用推定因果关系，即投资者只要能证明其为善意并同时为相反方向交易，法律便推定行为人的行为与投资者的损害事实之问有相当的因果关系，法律推定因果关系成立。再次，在损害赔偿问题上，损害赔偿的范围应当以行为人从事内幕交易所获得的利益或所避免的损失为限；赔偿额的计算采用差价计算法。在程序法问题上，应当完善我国的代表人诉讼制度，并将之应用于内幕交易诉讼纠纷案件。在该类案件中，有权提起诉讼的原告只能是与被告同时从事相反方向交易的投资者，证明责任的分配适用举证责任倒置规则。此外，笔者认为，还应当为内幕交易诉讼案设立行政处罚的前置程序，以更好地保护投资者利益，阻却滥讼、提高司法效率。 文章共分五个部分。第一部分从宏观上透视了我国证券市场上扑朔迷离的内幕交易行为，考察了内幕交易的概念、性质、成因及其危害。第二部分对我国内幕交易民事责任制度的缺位进行了反思，深入剖析了我国内幕交易民事责任制度缺位的原因及民事责任制度在规制内幕交易中的实践意义；文章第三部分从法比较学的视角论述了内幕交易的构成要件及民事责任制度的立法例；第四部分对内幕交易民事责任法律制度中有关内幕交易的归责理论、民事责任的归责原则、因果关系和损害赔偿等实体法问题进行了研究；最后一部分文章对内幕交易民事责任法律制度中有关原告资格的认定、举证责任、诉讼形式等程序法问题进行了研究。
Inside dealing refers to infringing act in security dealing of insider who takes advantage of inside information to infringe on investor"s legitimate rights and interests. It is congested with large quantities of illegal inside dealings in our just established securities market due to its irregularity, which greatly disrupts securities market principles of openness, justice, impartial and honesty. Affirming inside dealing is extremely difficult on account of the concealment of the inside dealing of itself and the complication of our country"s special social surrounding. In addition, owing to the deviation in the thoughts about the legislation of securities and corresponding vacancy in civil liability of compensation, the protection of investor"s legitimate rights and interests has been ignored just like in a vacuum zone. With the protection of investor"s legitimate interests at the core, this thesis regards the perfection of the civil liability of our inside dealing as the aim. From a macro angel, the author penetrates the current situation and the damage of the inside dealing to securities market and probes into the social surroundings nourishing the inside dealing. And then, from a micro angel, the author makes a clear specification on the requisite elements of the inside dealing in order to improve the feasibility of affirming inside dealing. Then, at theory and institution level, the author deeply probes into the problems of substantive law and procedural law involved in improving our civil liability of the inside dealing. As for the researching method, the author mainly makes use of some ideas of comparative law and economic law, and especially draw on the experiences of the united states and Taiwan in which the civil liability of the inside dealing are a bit more improved. As a result, the author makes a whole design for our civil liability of the inside dealing.The thesis proceeds to hold that the protection of the investor"s private right must be emphasized in the legal provisions of the inside dealing. Only on condition that the investor is bestowed with private procedural rights, could the system of civil compensation liability of the inside dealing be improved, would the strongest resistance be given to the inside dealing, which is just the basis of the securities law to protect the investor"s interests. Therefore, on the problem of substantive law, firstly, constructive faultliability should be adapted in civil liability of inside dealing. If insider can testify that his damage is caused for defendant"s infringement act and the defendant cannot prove his ignorance, the fact that the defendant has fault and bears civil liability is inferred in law. Secondly, the principle of constructive causation is a value use for reference in affirming causation between insider"s act and investor"s damage, which means appropriate causation can be inferred from that investor has good intentions and deals with insider simultaneously in the opposite direction. Thirdly, the range of damage compensation should be limited to insider"s gained profit or avoided damage for taking in inside dealing. On the problem of procedural law, the author holds that representative action need to be further perfected so as to be more efficient in issue of inside dealing. In the issue of this type, the subjects of the right of action only are those investors who deal with insider simultaneously in the opposite direction. The rule of burden of proof inverted is suitable to the issue of inside dealing. In addition, the author suggests that the former procedure of administrative penalty should be set up in order to protecting investor"s interests, preventing from abusing right of action and enhancing efficiency of justice.This thesis is divided into five parts. In the first part, the author makes a macro-examination of the bewildering inside dealing on our securities market and makes an inspection on its conception, nature, situation and damage. In the second part, the author reflects the reason of the absence of the civil lia
|
