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Research On Legal Issues Of Insider Trading Supervision In Securities Market

Posted on:2020-12-16Degree:MasterType:Thesis
Country:ChinaCandidate:Y XingFull Text:PDF
GTID:2416330575969689Subject:Law
Abstract/Summary:PDF Full Text Request
Since the beginning of the 1980 s,China's securities market has developed rapidly,and the securities market has shown a prosperous scene.The transaction record has been continuously innovated and the future development prospects are bright.With the continuous development of China's economy and the expansion of international investment capital,the internationalization trend of China's securities market will become more and more obvious.Insider trading behavior will continue to exist in the continuous development of China's securities market.At the same time,the situation of the securities market is very good.The breeding of insider trading is destroying the stability of the securities market and bringing great challenges to the supervision of the securities market.Insider trading refers to the act of controlling the inside information of a listed company in securities trading to buy or sell securities based on insider information,or to provide insider information to others and guide others in securities trading activities.For consumers,insider trading is the destruction and trampling of the normal price law of the securities market,which makes it difficult to play the role of financing the market and optimizing the allocation of funds.For listed companies,it will damage the company's reputation affects the company's operational efficiency and hinders the company's internal management.For the securities market,insider trading will disrupt the securities market order,harm the stock market financing and optimize capital allocation,thus affecting the operation of the entire securities market,which is not conducive to the health of the securities market.In addition,insider trading can also raise moral hazard.Therefore,we must resolutely crack down on insider trading behavior,and investors must have a fair,real and transparent securities market environment.At present,China's supervision of insider trading behavior has problems in legislation,law enforcement,and judiciary.In terms of legislation,the elements of insider trading are not clear and the legal penalties are insufficient,and the information disclosure system needs to be improved.In terms of law enforcement,the CSRC lacks effective supervision and lacks a linkage and cooperation mechanism for investigating insider trading cases.The role of judicial supervision is not fully utilized.It is necessary to strengthen the supervision of the pre-stage stage,reduce the occurrence of insider trading behavior from the source,strengthen the supervision of the middle stage,strengthen the technology development,improve the securities trading monitoring system,improve the supervision in the after-stage stage,increase the investigation and punishment,and improve the democratic compensation for insider trading.The system thus combats insider trading,maintains the normal order of the securities market,and promotes the steady development of the securities market.Based on the relevant theories of insider trading,this paper attempts to identify the legal concept of insider trading,analyze the constituent elements of insider trading,and discuss the adverse effects of insider trading on listed companies,securities markets and investors.Based on the statistics of the CSRC's 2004-2018 administrative penalty decision book,this paper analyzes the status and existing problems of the insider trading supervision in China's securities market,and explores the reasons behind it,so as to propose targeted supervision.It is recommended to provide an objective basis.Finally,in view of the problems existing in China's domestic trading supervision,combined with the revision of the Securities Law,it puts forward practical and feasible suggestions,in order to provide guidance theory and reference basis for improving the insider trading supervision system.
Keywords/Search Tags:Securities market, Insider trading, Legal regulation
PDF Full Text Request
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