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起源于美国的短线交易收益归入权制度是证券内幕交易法律规制制度的一个重要组成部分,其立法目的在于通过对上市公司内部人的短线交易收益予以归入和处罚这一威慑手段,建立内幕交易的事先防范和吓阻机制。近年来,随着我国证券市场进入全流通时代,上市公司内部人短线交易行为日趋增多,且花样翻新,严重扰乱了证券市场的正常秩序和损害了投资者的合法权益,同时也给有关立法机关和监管机构提出了如何加强对短线交易行为的监管的新课题。为此,本文在对我国规制证券短线交易的最新司法和监管案例进行实证研究的基础上,提出了完善我国短线交易法律规制制度的若干建议与对策。
It is an important part of the legal regulation system of insider trading in securities originated from the United States. The purpose of the legislation is to set up the insider through the deterrent method of including and penalizing the short-term transaction gains of the insiders in the listed companies Preventive and deterrent mechanisms for trading. In recent years, as China’s securities market has entered the era of full circulation, the short-term transactions of listed companies are increasing day by day, and the tricks are being renovated, seriously disturbing the normal order of the securities market and damaging the legitimate rights and interests of investors. At the same time, And regulators put forward a new topic on how to strengthen the regulation of short-term trading behavior. Therefore, based on the empirical study of the latest judicial and regulatory cases regulating short-term securities transactions in our country, this paper puts forward some suggestions and countermeasures to improve the legal regulation system of short-term transactions in our country.