本文从效率市场观点,以中国证券市场属于弱式效率市场理论为基础,从上市公司其内幕信息所蕴含的财产价值角度对内幕交易规范展开论述。研究证券市场中公开原则所维持的公平性,与内幕信息财产权保障间的衡平问题。目前为中国企业积极改制的阶段,高淳陶瓷案为第一件政府官员涉入内幕交易的案件,本文藉由该案对内幕交易规范中公开信息否则禁止交易的原则,从内幕信息财产权的视角进行研究。 Based on the theory of efficiency market and the weak efficiency market theory in China’s securities market, this article discusses the rules of insider trading from the perspective of the value of the property of listed companies in the inside information. Study the fairness of the principle of openness in the securities market and the balance between the protection of inside information and property rights. At present, for the active restructuring of Chinese enterprises, the case of Gaochun Ceramics is the first case in which government officials involved in insider trading. This article, based on the principle of open information in the insider trading nor otherwise barred from trading, is conducted from the perspective of inside information and property rights the study.