《证券法》第47条从权利义务角度被称为短线交易归入权制度,从责任承担角度被称为短线交易的归入责任。此类责任的承担较为特殊,它并非以实际损失发生为构成要件,亦缺乏有效的因果设定。然而,在现实中却能有效的促进防范内幕交易维护投资者利益效能的发挥。因此,在学界对其争议一直存在。特别是随着证券市场环境发生巨大变化,《证券法》第47条立法初始立法基础亦发生动摇。 Article 47 of the Securities Law is referred to as the short-term transaction ownership right system from the perspective of rights and obligations, and is referred to as the responsibility of short-term transactions from the point of view of responsibility commitment. The assumption of such responsibility is rather special. It does not take the actual loss as its constituent element nor does it have an effective causal setting. However, in reality, it can effectively promote the prevention of insider trading and safeguard the interests and interests of investors. Therefore, the controversy has always existed in academia. Especially with the tremendous changes in the securities market environment, the initial legislative basis of Article 47 of the Securities Law has also shaken.