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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2012年10月第18卷第5期
   
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文章编号:1672-3104(2012)05-0100-06
 
内幕交易:规制抑或使之正当化?
--基于法制史、比较法与学说对立状况的考察
 
谢潇
 
(西南政法大学民商法学院,重庆,401120)
 
摘  要: 内幕交易规制问题是证券法上的经典问题。不过在理论上内幕交易是否应受规制,存在极大争议:一派认为内幕交易有其合理性,应予以正当化;另一派则认为,内幕交易是违反公平正义的暴利行为,应受到绝对规制。而在比较法的视野内,各国法律对内幕交易的态度也存在不同。事实上,内幕交易在个人本位与社会本位的二维分析视角中既有其正当性,也有被规制的必要,所以我们对待内幕交易应当于规制与正当化之间寻求一个平衡点。
 
关键词: 内幕交易;适度规制;正当化;市场效率;补偿计划;信息披露
 
 
Insider trading: Regulation, or to make it legitimate?
--Based on the investigation of legal history, comparative law,
and the opposition of doctrines
 
XIE Xiao
 
(Department of Civil Law and Commercial Law, Southwest University of Political Science and Law,
Chongqing 401120, China)
 
Abstract: The regulation of insider trading is the classic problem of the securities law. However, there is a huge controversy in theory: a school believes that insider trading is a behavior that is a violation of fairness and justice should be regulated absolutely, another school considers that insider trading which has rationality should be justified. Countries differ in the insider tracing’s attitude. In fact, if we analyze insider trading based on the individual standard and the social standard, we should find that insider trading needs both justified and regulation, which suggests that we should find the point of balance.
 
Key words: insider trading; moderate regulation; justified; market efficiency; compensation plan; information disclosure
 
 
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