| The security market is a place mainly used for the capital supplier and demander trade the use right of funds, the equity and obligatory right. Insider trading, is a party who has the advantage of insider information trades with the other party who does not know the insider information in order to obtain high profits, which is the inevitable product of the securities exchange. Insider trading seriously damage the healthy operation of the order of security market. This destructive result to China’s security market is even more devastating. China introduced the Company Law, Securities Law and Stock Act to monitor insider trading. Although there are some achievements, the actual effect is not good. The reason comes from the defects of insider trading monitoring system. This paper analyses the differences of insider trading regulation between Chinese and American, and found some problems such as China’s security market information disclosure system is imperfect, the civil litigation system of insider trading is not existed, causality identification system is not good, the punishment of insider trading is not enough, the supervisory authority of China Securities Regulatory Commission is excessively centralized, the supervising and managing functions of stock exchange are not effectively played, and the supervision strength of discipline organization is obviously insufficient. So this paper conclude that the top-level design of insider trading regulation shall be adopted, the door of accepting civil suit cases of insider trading shall be opened, security market information disclosure system shall be improved, and the supervision function of Securities Regulatory Commission shall be properly played. This paper is divided into four chapters.Chapter I:Defines the concept of insider trading, and bring "significant" and "non-public" features of insider information into the concept of insider trading. Explore the elements of insider trading from three aspects of insider person, insider information and form of insider trading behavior. Analysis the reason of insider trading in china from three aspects of interest drive, imperfect market economy and lack of oversight mechanisms.Chapter II:America improves the supervision system of insider trading in the practice of legislation and judicial precedent. America implement dual supervision of administrative and judicial departments. Explore the situation of civil plaintiff qualification, causation and damages system.Chapter III:It is pointed out the main problems of insider trading regulation are the imperfect information disclosure system, lack of civil litigation system and report system. Combined with the Hong Guang case and the insider trading case of Agricultural Bank of China Shanghai securities business of Trust Investment Company of Xiang Fan city in1993, reveal the core problem of insider trading regulation in China is lack of civil litigation system.Chapter Ⅳ:Proposed the suggestions of improving supervision system of insider trading in China, such as consummating the insider trading behavior standards, combining the advantages of governmental supervision, judicial supervision mode and self-regulation, opening civil insider trading gate, establishing report bonus system of insider trading and improving the information disclosure system and so on. Advocated that the security market shall have a transformation from the government-led system to the self-discipline system. |
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