作　　者： ; ; (吴荣福）;

机构地区： 华南农业大学经济管理学院

出　　处： 《金融论坛》 2006年第6期58-63,共6页

摘　　要： 本文着眼于澳大利亚在治理金融衍生品市场内幕交易中积累的丰富经验,针对一个崭新的前瞻性课题,即金融衍生品市场的内幕交易问题展开研究。作者认为,由于内幕交易与信息非对称性之间存在的内在冲突,实际上反内幕交易法规很难有效地阻止金融衍生品的内幕交易行为,过于复杂的反内幕交易法规会对市场产生一些负面影响,而放松内幕交易监管这一新思维将对市场的良性发展更为有益,应该让市场来决定内幕交易行为的“存亡”。但目前最为现实、温和的选择仍然是修改现行反内幕交易法,以维护市场的公平性和有效性。最后,笔者对如何缓解中国目前内幕交易猖獗的现状提出建议。 This paper draws on the rich experience of Australia in tackling insider trading in the derivative market, a new forwardlooking subject under scrutiny. It is believed that insider trading is intrinsically contradictory to informational asymmetry. As a matter of fact, laws on anti-insider trading can not effectively stop insider trading of derivatives. Over- complicated laws on anti-insider trading will affect the market adversely. Instead easing control over insider trading——a new idea——will favor the development of the market. So it is imperative to let the market decide ＂life and death＂ of insider trading. However, the most practical and moderate alternative is to revise the law on anti-insider trading in force so as to keep the market fair and effective. Finally, suggestions are offered to check the rampant insider trading in present China.

关 键 词： 澳大利亚 金融衍生品市场 内幕交易 反内幕交易法 信息不对称性

领　　域： [经济管理]