Research On The Civil Liability Of Securities Insider Trading From The Perspective Of Fair Trading Theory

With the continuous expansion and rapid development of China's securities market,a variety of new financial derivatives and methods of trading methods continue to emerge.At the same time,we also see that there are still many problems that need to be resolved urgently in China's securities market,mainly in the manipulation of securities markets,insider trading and other illegal activities,and the number of illegal activities is increasing,the amount of illegal activities is increasing,and the forms of illegal activities are becoming increasingly complex.Affect the healthy development of China's securities market.The frequent occurrence of insider trading cases has not only deviated from the "three publics" principle of the securities market,endangered the country's financial security,damaged the interests of the capital market,but also brought a serious blow to the confidence of the majority of well-intentioned investors.However,the progress of China's civil liability system for insider trading has stagnated,and its theory and practice lag behind the development of illegal behavior in the real securities market.In view of this,this paper attempts to explore the perfection of the civil liability system of insider trading in China from the perspective of fair trade theory.This paper can be divided into five parts.The first part is the introduction,which expounds the source of the topic and the purpose and significance of the research.The second part starts from the flaw of fraud theory and analyzes the theory of fair trade.It concludes that fair trade theory is more scientific and reasonable to explain the legal relationship between insider trading and investor damage.The third part is the brief introduction of the case and the focus analysis.It introduces the basic case of the Xu Xiang case and the judgment result.It also summarizes the important controversy on whether Xu Xiang's case is an insider trading act.The fourth part is to analyze the case with the focus of the dispute.It mainly includes two aspects:First,the identification of insider trading behavior;second,the determination of civil liability for insider trading.According to related regulations,Xu Xiang's behavior is consistent with the constituent elements of insider trading,but it is difficult to determine that there is a causal relationship with damage.The fifth part mainly proposes the perfection of China's civil liability system for insider trading from the perspective of fair trade theory.It is recommended that the insider trader be defined by summing up and enumerating,and that the investor who conducts reverse transactions at the same time as the damage claimant shall,with the addition of punitive damages,refer to the disclosure of inside information for a reasonable period of time,and during the period of time,the more reasonable price of the securities is used as a benchmark to calculate the difference between the price of the securities bought or sold by the victim in reverse trading.Finally,the causal relationship is determined in a presumed manner and the evidence of the insider is increased.