Empirical Research On Insider Trading Subject

With the rapid development of the securities market in our country, the investor groups involved have been growing fast, illegal behaviors such as insider trading,market manipulation and false statements emerge in endlessly, seriously damaged the fair order of the securities market and the stability of the transaction. Among illegal behaviors in the securities market in recent years, the insider trading appears most frequent and harmful. Since the Shanghai and Shenzhen stock exchange established in 1990 and 1991, securities insider trading had generally existed in the securities market of our country, greatly shocked the fairness of the securities market and investors’ confidence.There should be all aspects of the reflection in order to improve the legal regulation system of insider trading in China. The definition of insider trading subject is the key link, which needed to be solved immediately by us. Based on the preliminary study of the definition of insider trading in current legislation, law enforcement practice and judicial application, I found there are great differences between law enforcement practice and the legislative level on the understanding of the definition of insider trading subject. So this article is based on data of insider trading law enforcement practice in our country, trying to analyze the conflict between legislative and law enforcement in deep, clarifies the reason behind the conflict from the perspective of the theory, furthermore, careful considers the possible approaches to solve the problems, in order to make some useful thinking on improving the legislation of insider trading in China.This paper is written priority with the empirical research method, also with the logic analysis and comparative analysis methods, through collection, analysis of the Administrative punishments made by CSRC for insider trading behavior during1998-2014, provides basis o analyzing the conflict, its reason and solving approach between legislation and law enforcement. The paper is divided into four parts to discuss, whose basic logical architecture is Present situation analysis-Raise ofproblems-Analysis of problems-Approaches exploring.The first part is the analysis on the definition of the insider trading by laws and regulations in our country. In this chapter, the author first clarifies the concept of insider trading with our countries’ vision, and on this basis to perfect our countries’ insider trading laws and analyze the legal regulation of insider trading, so as to lay solid foundation for the subsequent discussed. After clarifying the basic concept of this article, the author makes a discussion on the understanding of insider trading subject in the current legislation, law enforcement and judicial application practice,which has been found that it has a clear obvious tendency to expand in the law enforcement and judicial application practice, thus puts forward the hypothesis that there is a conflict between legislation and law enforcement.The second part is to analyze present securities regulators insider trading law enforcement situation. In this chapter, based on the empirical data of securities insider trading law, the author summarizes the characteristics of the law enforcement data. The result shows that the assumption put forward in the first part was right,there really existed a huge distinct between legislation and enforcement. The author combines with the "securities law" and "the CSRC of the securities market insider trading behavior that guide(try out) " departments such as normative documents to a preliminary analysis of the conflict, finds that the conflicts embodied of the limit in legislative level and expansion trend in collision law enforcement practice.The third part, the perspective of comparative law of reflection: the battle between fiduciary relationship theory and equal access theory. In-depth analysis of the causes behind the focal point, in fact the conflict between legislation and law enforcement comes from the choice of different theories. In this chapter, the author first to define the main theory of insider trading subject: fiduciary relationship theory,misappropriation theory and the development of equal access theory, then discriminate the theories of the United States, the European Union, Britain, Australia and other representative legislative cases carried on, which can be found a clear conflict of theory mapping between legislative level and the law enforcement practice in our country: the battle between fiduciary relationship theory and equal access theory.The fourth part, the Reasonable choice of insider trading subjective regulation approaches in our country: special or general. After clarifying the problems proposed in this paper, the solution to solve the problem has been obvious. Careful consider and choose to the special subject approach based on the Fiduciary relationship theory and general subject approach based on Equal access theory is the basic method to solve the focus problem. In this chapter, the author makes comparison and analysis between the special subject approach and general subject approach under the background of our country, finds that the special subject approach has certain function loss, so it does not adapt to the social environment of our country. While the general subject approach is more in line with China’s securities market, whose development status of legislation more clarity, should be a more reasonable choice.Based on this conclusion, the author proposes suggestions of the reconstruction in the insider trading subject legislation theory, furthermore, discusses the benefits as well as the possible presence of worries brought by the revolution in practice.