論我國短線交易歸入制度的完善

On the Improvement of the Short Term Transaction System in China

短線交易歸入制度起源於美國《1934年證券交易法》，該制度旨在通過對公司內部人的短線交易行為予以事先規制，來預防內幕交易行為的發生。我國《證券法》第44條引自於美國短線交易歸入制度，在實際適用上，仍存在著主體認定標準不清晰、交易行為認定方法狹隘、權益歸屬與計算方法不明、未發揮配套股東代位訴訟制度相應功能等缺陷。針對我國短線交易條款在立法設計與實施標準上存在的爭議，應從法理與實踐視角上展開對短線交易歸入制度的功能再定位，認清短線交易歸入制度在整個現代公司治理層面上的具體設計思路架構，瞭解該條款的實際價值在於規範公司內部人對公司事務的控制權，有針對性地對我國短線交易條款進行理論完善與規則重塑，以期填補該制度在適用層面存在的漏洞，真正融入進我國證券法體系當中。

The system of short swing trading is originated from the Securities Exchange Act of the United States in 1934，which aimed to prevent inside trading by regulating the insider short swing transaction in advance. Article 44 of Chinese Securities Law is quoted from it. But there are still some defects involved in it, such as fussy standard of subject identification, narrow method of transaction identification, ambiguous ownership and interest calculation, and lack of corresponding faction of shareholder subrogation system. In view of the controversy on the legislative design and implementation standard of short swing transaction clause of China, we should reposit the function of the short swing transaction disgorging system from jurisprudence and practice, to understand the specific designed structure of short swing transaction disgorging system at the whole modern corporate governance level, and to understand the actual value of this clause lies in standardizing the control power of the insiders to company affairs. In order to cover the shortages of the implications of the system, the short term transaction clause of China should be improved and reshaped.