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市场中的个别信息掌握者利用手中的非公开信息谋取非法利益,以内幕信息买卖证券获利的行为被称为内幕交易。内幕交易会导致证券市场的效率降低、规模缩小,上市公司筹集不到需要的资金,带来非常严重的后果。本文综合研究了美国SAC资本公司的内幕交易案件的动机、过程和后果。最后,结合中美法律环境,提出我国在内幕交易治理方面可借鉴的经验做法。
Individual information holders in the market to use the hands of the non-public information to seek illegal profits, the insider information trading securities profit is called insider trading. Insider trading fairs have led to the stock market efficiency is reduced, the size is reduced, listed companies can not raise the necessary funds, with very serious consequences. This article examines the motivations, processes, and consequences of the insider trading case of SAC Capital in the United States. Finally, combining the legal environment in China and the United States, put forward the experience that our country can learn from the insider trading governance.