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内幕信息重大性的认定存在两种标准的讨论,而两种标准背后均隐合了一定的投资者设定,该设定最终决定了两者是否有根本性的区别,也直接体现了内幕信息重大性认定标准背后的价值考量。从我国《证券法》及证监会的法律实践来看,我国内幕信息重大性认定采取的是价格可能敏感性标准,而该可能性的判断基于的是具有独特投资偏好的理性投资者视角。然而,相关价值权衡与投资者设定还远未结束,如何协调不同理性投资者之间的利益冲突是其中的核心问题。股灾期间相关利好信息重大性的认定就为其中典型。以此为例,本文对该问题的解决提供了一些思路和具体建议。
There are two standard discussions about the determination of the materiality of insider information, and some standards of investors are hidden behind the two standards. This setting ultimately determines whether there is a fundamental difference between the two and directly reflects inside information Consideration of the Value Behind the Materiality Criteria. Judging from the “Securities Law” of our country and the law practice of the CSRC, the criterion of the price sensitivity may be adopted to determine the materiality of inside information in our country, and the judgment of the possibility is based on the rational investor’s perspective with unique investment preferences. However, the related trade-offs of value and investor setting are far from over. How to coordinate the conflict of interests among different rational investors is one of the core issues. During the stock market disaster related to the importance of information identified as typical. Taking this as an example, this article provides some ideas and concrete suggestions for the solution of this problem.