美国证券内幕交易民事责任研究

内幕交易是证券市场中一个永恒的问题。对内幕交易行为追究民事责任有利于证券交易市场的正常运行。美国证券市场是世界上最发达的证券市场，它的证券法也最为完善。研究探讨了美国证券法中对内幕交易民事责任的规定，以求对完善我国相关法律制度有所借鉴。     

对内幕交易民事责任制度的反思

2005年新修订的《证券法》规定了内幕交易等证券欺诈行为应当承担民事赔偿责任,但由于在内幕交易民事责任基础上的争议以及实践操作中困难等原因,使得内幕交易民事责任制度依旧薄弱。因此,有必要深入理解内幕交易民事责任制度完善的重要意义,切实解决其理论基础和实践操作难题,在新的时代背景之下,促进证券市场的健康发展及保护投资者权益。     

论证券欺诈民事责任的法律性质

证券欺诈行为人因从事欺诈行为给其他投资者造成损失的,应当承担民事责任,但对于证券欺诈民事责任性质的认定,学说界却存在一定的分歧,大体有三种观点,即契约责任说、侵权责任说和独立责任说。文章认为将证券欺诈民事责任定性为侵权责任才能够更好地保护广大投资者的合法权益。     

禁止内幕交易之理论

证券市场中如果充斥着内幕交易,会使其它投资人不敢进场,进而导致证券市场日渐萎缩。在证券市场对现代资本主义的工商业发展如此重要的前提下,内幕交易无异是经济发展的毒瘤,有必要予以禁止。无论是从维持市场公平交易、促进证券市场效率、防止道德风险或者保护公司财产等各角度分析,均可认为禁止内幕交易对于维护证券市场的正常发展为必不可缺的要素。     

证券内幕交易的认定及其规制

作为市场经济的重要组成部分,证券市场具有很强的风险性和不稳定性,所以说相对于实物市场,证券市场更加渴望公平、公正和公开。然而证券交易市场的内幕交易严重违反了证券市场的公平、公正和公开的原则,证券内幕交易严重侵犯了投资者的平等知情权和财产收益,对于证券市场的有很大的影响。该文对证券内幕交易的概念进行介绍,认定证券内幕交易的定义,分析了证券内幕交易的规制的重要性,提出了如何对证券内幕交易规制的措施和方法。     

论证券市场内幕交易行为的规制

本文试图从内幕交易行为的行为及其规制原因等方面进行分析,并提出在如今的市场条件下,规制内幕交易行为的重点所在。     

论证券投资损害诉讼中的信赖和因果关系

在证券法的欺诈市场民事责任制度中，信赖和因果关系问题是一个重要的环节。原告只有基于对被告欺诈行为的信赖，并且证明了是该行为导致了其交易行为及所蒙受的损失，才有可能要求责任人予以损害赔偿。在证券法律制度最为发达的美国，信赖和因果关系的判断标准是通过判例确立下来的，我国最新出台的有关虚假陈述引发的证券民事赔偿案件的司法解释对这一问题的规定尚有欠缺。     

日本《金融商品交易法》内幕交易规制的修订及借鉴

一个有效的资本市场要求信息能够准确充分及时地披露给投资者。除了一些不可抗力和意外事件以外,一些人为的违规行为也在影响证券市场的正常发展,内幕交易行为就是其中一种。内幕交易行为影响证券市场的三公原则,损害投资者的利益,影响国家证券金融市场的稳定和发展。本文对日本《金融商品交易法》的多年发展和完善进行阐述,基于我国证券法对于内幕交易的规制不足之处,从完善立法、加强执法等角度提出改进的意见。     

证券虚假陈述民事责任事实因果关系的认定

虚假陈述的民事责任,是指行为人违反证券法规定的信息公开制度,即在信息披露时有虚假陈述、重大遗漏或误导性陈述,致使投资者造成损害所应当承担的民事赔偿责任。     

内幕交易的模型识别及监管研究

本文从内幕交易的概念入手,从法律、金融相结合的角度,对内幕交易的监管必要性、甄别指标选择、监管进行了探讨,发现了换手率可能成为内幕交易的甄别指标,并给出目前情况下的一些监管建议。     

The Ethics of Insider Trading Revisited

Following Manne (1966, Insider Trading and the Stock Market (New York, Free Press)) we introduce a distinction between insider trading and market manipulation on the one hand and corporate insiders versus misappropriators on the other hand. This gives rise to four types of alleged inside transactions. We argue that the literature on insider trading has often targeted inside transactions type II, III and IV but that these arguments do not necessarily hold for type I transactions. We look for consequentionalist as well as non-consequentionalist arguments against type I transactions and demonstrate that these are hard to find. Throughout the article we refer extensively to the economic literature on insider trading in order to overcome a relative divide between the economic, legal, and philosophical discussion on insider trading.

内部控制与内部人亲属卖出股票交易行为的市场反应--来自深市上市公司的经验证据

本文运用事件研究法分析了市场能否对内部人亲属卖出股票交易行为做出显著的反应,并探求内部控制在其中的影响。研究发现：内部人亲属在卖出股票交易中表现出了准确的市场择机能力,市场对此有着显著的负面反应;与内部控制质量高的上市公司相比,内部控制质量低的上市公司的内部人亲属能够更为成功地选择在股价大幅度上升的恰当时点卖出股票,市场对此的反应也更加强烈。     

Ethical Reasoning and the Use of Insider Information in Stock Trading

The cognitive developmental theory of ethics suggests that there is a positive relationship between ethical reasoning and ethical behavior. In this study, we trained a sample of accounting and finance students in performing competitive stock trading in our state-of-the-art trading room. The subjects then performed trading of stocks under two experimental conditions: insider information, and no-insider information where significant performance-based financial awards were at stake. We also administered the Defining Issues Test (DIT). Ethical behavior, as the dependent variable was measured in a binary scale: whether the subjects used insider information for trading of stocks or not. Ethical reasoning as measured by the DIT P-score indicated statistically significant effect on ethical behavior. The results have important implications for recruitment and training of professionals engaged in the use of financial markets for securities trading.     

集体建设用地征用与市场交易机制建立

在考察中国集体土地产权制度演变的基础上,分析转型时期的土地征用过程,剖析征地矛盾的内在机理,探索征地矛盾的解决思路和具体方案,揭示集体建设用地市场交易机制的重要性。     

An Experiment Testing the Determinants of Non-Compliance with Insider Trading Laws

Recent stories of corporate insiders avoiding losses and, in some cases, generating enormous personal profits as their companies crumbled have led investors to question the integrity of American business and the fairness of the United States stock markets. The SEC tries to ensure the fairness of the stock markets by making and enforcing laws against unfair practices such as insider trading. In the United States, when insiders trade stock based on non-public information, they have broken the law and betrayed the trust that has been placed in them.This study used student subjects to test the relationship between the likelihood of trading based on insider information and subjective probabilities of deterrents and motivations for insider trading. Expected gain, guilt, cynicism, and fairness of laws were the determinants that had a significant relationship with the intent to trade based on insider information. This study also found support for prospect theory with regard to insider trading. The results indicate that subjects are more likely to trade based on insider information to avoid a loss than to achieve an abnormal gain. The study also finds evidence of social desirability response bias.Additional findings of the study were that subjects did not view the determinants for themselves in a manner consistent with how they viewed those same deterrents and motivations for other people. Also, a test of the effects of gender found that certainty and social stigma were significantly higher for female respondents than for male respondents.     

The Issue of Insider Trading in Law and Economics: Lessons for Emerging Financial Markets in the World

Growth of the private sector and privatization of state companies around the world have led to the emergence of various stock markets, some of which are depicted by insider trading. Law literature uses the arguments of unfairness, breach of fiduciary rights and damage to others to define and rule against insider trading. Economic literature can be used to interpret insider trading from other perspectives. This study argues that the question of insider trading in developing markets can be resolved by the extent stock markets generate externalities and are public goods. It advocates structural changes in the developing markets and examines the conditions under which the Coase Theorem would work.     

买空卖空机制对市场和个股波动性的影响

融资融券和转融通业务的推出标志着我国买空、卖空机制进入了新的阶段,本文采用Granger因果检验、脉冲响应函数和方差分解的方法,检验融资融券交易行为对市场波动的影响,用事件研究法对被纳入融资融券标的的个股股价波动和累计超额收益状况进行分析,认为买空机制能够有效降低市场波动性,卖空对市场波动的影响不显著;融资融券和转融通业务均能稳定个股股价,但融资融券能为个股带来显著负向累计超额收益,转融通业务则相反。     

上市公司会计信息披露民事责任认定刍议

本文认为,由于上市公司承担民事责任的前提条件是其披露的会计信息存在虚假陈述,因此如何认定虚假陈述是确定上市公司是否应承担民事责任的关键。《关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》对虚假陈述的界定以客观事实作为衡量标准,但会计学衡量会计信息是否存在虚假陈述的标准则遵循程序理性原则。以程序理性为理论基础来制定会计准则、制度,再以这样的会计标准作为衡量会计信息是否真实、是否存在虚假陈述的依据,与直接以客观事实作为衡量会计信息是否真实、是否存在虚假陈述的依据,其结果可能会存在一定的差距。文章提出,在认定上市公司披露的会计信息是否存在虚假陈述时,要遵循程序理性原则,即只能依据会计准则、会计制度这个间接标准来判断,而不能直接引用客观标准。     

我国市政公用行业投融资市场化改革探析

我国市政公用行业的发展受制于资本供需的较大缺口而举步维艰。改变市政公用行业投融资不力的局面 ,根本出路在于公用行业投融资的市场化改革。从经营制度上创新 ,以扫除制约公用行业市场化进程的障碍。着眼于经营模式的创新 ,积极探寻非公有资本进入公用行业的可行途径     

开发农民工雇主责任保险的必要性和可行性分析

农民工雇主责任保险有利于保护农民工的生存权和健康权,有利于农民工家庭经济稳定;有利于企业再生产的顺利进行;有利于保险业的成长;有利于社会的稳定和减轻国家财政的负担。政府应该通过税收优惠、强制保险和完善法律、法规扶持雇主责任保险的开发,保险业应通过限制保险金额、规定绝对免赔额和利用再保险降低和转移经营风险,厂家应积极购买雇主责任保险来转移雇主责任风险。