內幕交易違法所得的算定及判罰──以中國大陸法律實踐為視角

Gain Computation and Legal Sanction of Insider Trading: Mainland China's Law and Practice

內幕交易違法所得算定的數額在不同法域下均影響到行為人的法律責任認定，從近五年內中國大陸有關內幕交易行為的行政處罰和刑事判決案例來看，除賣出部分股票並持有餘股的情形以外，違法所得的計算方法具有規律性，顯現出的爭議問題多集中在不同計算方法的適用依據、基準日的確定及參考價格的選擇標準等方面。觀察美國、中國大陸香港及臺灣等域外市場實踐，同樣存在「實際所得」與「擬制收益」兩種違法所得計算方法背後的理論之爭，而實踐案例和金融理論的發展，推動了違法所得算定依據的明確化及科學化。

The calculation of the amount of gain resulted from insider trading is of critical importance to the determination of liabilities of the offenders in the major jurisdictions. Observing the administrative and criminal sanctions against insider trading cases in mainland China in 2001-2005, when methods of the gain calculation have their regularity, disputes still focus on the issues of the determinative factors of applying different calculation methods, determination of the reference date and the choice of the reference price. There are also idea battles between the two methodologies of calculation of the amount of insider trading gains, named the actual gain method and the presumptive gain method. The development of the law, practice and financial theories would contribute to more certainty and rationality in the determination of the amount of gain resulted from insider trading.