Research On The Causality Of Civil Liability In Insider Trading In China

This paper is divided into three parts: introduction,text and conclusion.The main body is composed of four chapters,which is a research on the causality of civil liability in insider trading of securities in China.The first chapter of the main body is the motivation to study the causality of civil liability for insider trading,which is the derivation of the problem.In the case of everbright wulong,a series of civil cases in which the shareholders sued everbright securities company and won the lawsuit,became the first case in the civil case of insider trading in China.This chapter presents the case of the civil case,as well as civil cases of insider trading in the past,summarizes the problems existing in the judicial practice,triggering study of insider trading causality in civil cases.The second chapter is a review of the theory of civil liability of insider trading in China,and analyzes the legal nature of the civil liability of insider trading in China.Under the premise that the civil liability for insider trading is tort liability,the right to analyze the infringement of insider trading is the right of shareholders.Under the theory of existing scholars,The causality of civil liability for insider trading is discussed.The third chapter of the text is based on the theory of causality of civil liability in insider trading,and studies the rules of the relationship between American and Japan in the civil liability of insider trading.To explore the United States and Japan in the insider trading civil liability in securities market if there is a causal relationship can draw lessons from.Chapter 4 is the main part of this paper.This paper discusses the dilemma of the cause and effect of the civil liability of insider trading in China's securities market.One is that the existing theory is difficult to apply the cause and effect of insider trading,and the other is that the multiple value of the civil liability of insider trading needs to be balanced.This article thinks that insider trading tortious causality is certain to exist,and the insider trading is essentially an investor's fair trading rights to an investor in a reverse transaction to obtain illegal earnings.As long as the insider trading is a violation of the investor's "fair trading rights",based on the fact that "if not,but for " rules can deduce a causal relationship between insider trading and investor damage.In the final paragraph of the paper,in the conclusion of this article,it is believed that the insider trading torts and causality are certain to exist,and the insider trading is essentially an infringement of the trading rights of the investors to get the illegal proceeds.