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证券市场是一个信息不对称的市场,而其中内幕交易的存在,更加大了信息的不对称性,严重损害了中小投资者的权益。内幕交易是指因地位或职务上的便利而能掌握内幕信息的人,直接或间接地利用该内幕信息进行证券买卖,获取不正当的经济利益;或泄露该内幕信息,使他人非法获利的行为。内幕交易违背了公平原则,严重损害了投资者的权益,破坏了证券市场的健康运行。 与国外成熟市场相比,中国股市的内幕交易行为更具普遍性、隐蔽性,具有更大的破坏力。内幕交易者并非简单地利用内幕信息提前买入股票,而是通过操纵股价获取更大的暴利。本文通过对禁止内幕交易法律的国际比较,提出了我国证券市场内幕交易监管的法律思考。
The securities market is a market with asymmetric information, and the existence of insider trading has further increased the asymmetry of information and seriously damaged the rights and interests of small and medium-sized investors. Insider dealing refers to the person who has the inside information because of his position or position, directly or indirectly using the inside information to buy and sell securities, gaining unfair economic benefits, or disclosing the inside information to illegally gain profits from others behavior. Insider trading violates the principle of fairness, seriously undermines the rights and interests of investors and undermines the healthy operation of the securities market. Compared with mature foreign markets, China’s stock market’s insider trading behavior is more universal, concealed, with greater destructive power. Insider trading is not simply the use of insider information to buy stocks ahead of time, but by manipulating stock prices to obtain greater profits. This article, through an international comparison of laws prohibiting insider trading, puts forward the legal thinking on the supervision of insider trading in China’s securities market.