中國大陸證券市場內幕交易的法律規制

Legal Regulations of Insider Trading: From the Perspective of Mainland Security Mardet

中國大陸於1993年初，先後建立深圳和上海證券交易所，並且著手進行證券立法。現行《證券法》於1999年施行，於2005年進行大幅度修改。立法機關於2015年審議了新的證券法修正案，並有意借鑑臺灣和美國證券立法經驗。在中國大陸，立法和行政機關向來重視內幕交易的法律管制，從1993年起就引入境外證券法的概念和基本理論。但與域外證券市場相比，中國大陸之內幕交易有特殊的誘發原因。除了通常的資訊不對稱因素以外，特有的企業產權和政府管理體制，也是不容忽視的重要因素。基於此，中國大陸在管制內幕交易時，既要借鑑境外經驗，還要從縮短資訊不對稱的存在周期入手，強化對證券市場內幕交易的規制。

Mainland established the Shenzhen Stock Exchange and Shanghai Stock Exchange in 1993, and proceed with securities legislation thereafter. The current “Securities Act” is implemented in 1999, and a major modification was made in 2005. The legislature is now considering a new amendments of the Security Act, and intends to draw on the experience of Taiwan and US securities legislation. When the Securities Act enacted in 1993, the mainland started to introduce the basic concepts and rules of foreign securities laws. However, compared with the other stock market, causes of insider trading is a special. In addition to the information asymmetry, the unique corporate property and government management system in mainland, are also the important factors that can not be ignored. Based on this, the mainland in regulating the insider trading, need to learn from foreign experience, shorten the cycle of transmission of information, and strengthen the implementation of “regulating insider trading” rules.