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随着我国资本市场的迅速发展,自20世纪90年代开始打击内幕交易以来,不同法律规范对内幕信息定义中的首要因素——重大性的规定越来越混乱,尤其体现在具体如何选择理性投资者标准和价格敏感性标准、对证券价格“可能影响”和“实际影响”及其列举的方式与项目方面。通过比较法视野下抽象式、列举式和综合式三种立法方式的分析,结合我国现有法律框架和具体国情,建议兼采价格敏感性标准和理性投资者标准;明确主观敏感性标准;完善内幕信息列举事项,包括科学分类和改进已有的内幕信息事项,从立法上加以明确与改善。
With the rapid development of China’s capital market, different legal rules have become more and more confused in the regulation of the primary factor in the definition of inside information since the beginning of the crackdown on insider trading in the 1990s, especially in the specific choice of rational investment Standard and Price Sensitivity Criteria on the Price of Securities, “Possible Impacts” and “Actual Impacts”, as well as the ways and projects it enumerates. Through the analysis of three kinds of abstraction, enumeration and comprehensive legislation in the perspective of comparative law, combined with the existing legal framework and specific national conditions in our country, it is suggested to adopt both the price sensitivity standard and the rational investor standard; clarify the subjective sensitivity standards; improve Insider information listed matters, including scientific classification and improvement of existing insider information matters, from the legislation to be clear and improved.