| An obvious success has been achieved in our stock market after nearly 14 years efforts. Up till april in 2004,there will have been more than 1300 listed corporations with 71 million in the investor account and about 45 percent GDP (gross domestic product) in the total market value. This scale is only inferior to Tokyo and Honk Kong stock exchange. But some defects still exist and can't be neglected such as cheating customers, inside trading ,narket manipulation,false report and so on ,which often occur and difficult to remove in the root, in aspects of market normalization and running mechanisms for being a new developed market and in normalizing and trarsforming stage.Especially the most serious one, "inside trading", is called a cancer in stock marker.It is very realistic and important on how to efficiently control "inside trading" by legal ways. Now strict stock law or rules are widely adopted to strengthen the control on stock market in the whole world. The definition about inside trading, described in stock law of people's Republic of china made in 1998, is too abstract and simple, which results in lots of difficulties in both theoretical research and judicial experience. However, the rapid development of Chinese stock market needs a matched law system, which instead requires a mismatched theory support. So based upon the current research status a deep a analysis and discussion about inside trading is done, as given in the following four sections.1. Academic analysis on legal control to inside tradingFirst the definition of inside trading is presented, which refers that those persons knowing stable pushes work on stock exchange who haven't open to public or have others to use the information. And then an academic viewpoint is proposed to prevent inside trading base on analysis about damage,on corporations, investors, stock maket etc, resulting from inside trading.2. Constitution elements of inside tradingThe main elements are given as following: (a) key body of inside trading that is the definition and classification of dope man. (b) Object of inside trading, that is two elements of stable push including private nature, importance and their identifying standard, (c) Subjective elements including malicious and gross negligence and corresponding identifying standard. These analyses can provide a specific and definite standard on the definition of inside trading.3. Legal control on inside trading in domestic and foreign countriesThis countains three parts that is defending system .monitor system and sanction system. The defend system is analyzed from both dope man and stable push in conjunction with legislation in USA and other countries on the system design through comparison between china and foreign ones. The monitor one is discussed through power supervision, self-discipline organization supervision, public supervision,technical supervision in market and so on. The legal sanction is a deadline, which is legal control.4.Legal control system promotion on inside trading in our country A frame promoting the legislation against inside trading is proposed through analysis on the status and features of inside trading in our stock market, which contains a logic system on reconstruction of basis legal concepts, defend system promotion, aggravating legal duty and constituting a personal legal relief system on victims. |
