The Study On The Right To Disgorge Short-swing Profits

The profits obtained through insider short-swing trading belongs to the compant. The direct aim for which the law endows the company with disgorgement is to prevent insiders abusing the information obtained because of their easy access to the company's inside information, and the ultimate aim is to maitain the confidence of the investor of secrity market, assure fairness and justice of secrity market. The rule of disgorging short-swing trading profit can dispel the insider's motivation to frequent trading securities, and thus indirectly prevent possible insider trading, make up for the lack of insider trading prohibition system in operation.《Securities Law of the People's Republic of China》provides the rule of disgorging short-swing trading profit, but the relevant provisions are too simple, weak in operation. Lack of legislation led to many difficulties on the the implementation of this right, but also result in the inconvenience of judicial practice in the use of the relevant provisions. Therefore, it is necessary to make a systematic study on the legal problems of disgorgingment of short-swing trading profit, absorb and learn from the advanced legislation to complete it, let it play its due role.This thesis is divided into four parts.The first part of this paper is a summary of disgorgingment of short-swing trading, analyse the concept, characteristic and history of disgorgingment of short-swing trading.The second part of this paper is analysis of disgorgingment of short-swing trading on theory, mainly analyse properties of disgorgingment of short-swing trading, discuss the value of this rule.The third part of this paper is the exercise of disgorgingment of short-swing trading, disguss the subjects, term, procedure and the calculation of earnings.The fourth part of this paper is the problems and improvement of disgorgingment of short-swing trading.