现行《证券法》第75条用以界定内幕信息“重大性”的“影响市场价格”标准在理论上有缺陷,应遵循与强制信息披露制度一致的“影响投资者决策”标准进行“重大性”的一般判断。“确定性”属于“重大性”的下位概念,是个案判断的内容,区分客观确定性与主观确定性在“信息传递”情境下具有重要的司法实用意义;“内幕信息敏感期”就尤其适用于“信息传递”情境下非内部决策者以外的行为主体。 The “Standard of Influencing Market Price” of Article 75 of the current Securities Law to define the inside information “Materiality ” is theoretically flawed and should be in conformity with the mandatory information disclosure system “Impact on Investors Decision ”Criteria for “ Materiality ”general judgment. “Certainty ” belongs to “Substantiality ” under the concept of case judgment, the distinction between objective certainty and subjective certainty in “information transmission ” situation has important judicial practical significance; Information Sensitive Period is particularly applicable to actors other than non-internal decision-makers in the context of information transfer.