作　　者： (刘敏）;

机构地区： 海南师范大学法学院

出　　处： 《法学评论》 2017年第5期179-191,共13页

摘　　要： 内幕交易侵权责任因果关系的认定一直困扰着司法实务部门,也是理论上的难题。在证券交易的特殊性和多方利益需要平衡的要求下,因果关系的认定研究显得困难。理论界有代表性的各种学说都没有构建出一套有说服力的证明模型,论证过程不是给人以盖然性的认知就是对实质问题旁敲侧击,与内幕交易行为的本质结构擦肩而过。研究方法更新是有必要的。内幕交易侵权责任因果关系的认定可以借鉴数学上的变量分析思维,将整个内幕交易过程的利益分配及变动进行数量化描述,建立定量分析法模型,结合传统的因果证明规则解释因果关系的成立。责任范围因果关系应采"同时反向交易者模型",其"同时"限定于开始利用内幕信息下达交易指令实施交易时到内幕交易指令在系统中撮合成交结束时。侵权人的损害赔偿应当以滤除市场因素的科学公式计算出的纯粹内幕信息作用下的利益为限。 The causal relationship of insider trading tort liability has troubled juridical practice for a long time. The out- come of Everbright Securities ＂fat finger＂ insider trading case is significant in a way. Under the impacts about particularities and aim on balancing interests from securities trading, it becomes much more difficult to understand the causality. The existing theories can not give a convincing logical path,its proof procedure looks fuzzy and indifferent,which go off the essential struc- ture of the issue. To prove the causality, using the mathematical variable analysis, describing the insider trading event by num- bers. In this way, combined with the traditional ＂But For Test＂ rule to arrive at the aim of proof. The details of causality should take ＂Reverse Traders over the Same Period＂ model. The same period means the insider trading day and the scope of lia- bility should be limited to the benefits that insider had acquired.

关 键 词： 内幕交易 侵权责任 因果关系 定量分析