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对内幕交易违法所得算定的数额直接影响到行为当事人的法律责任,中国证监会和人民法院在此方面已经积累了相当数量的案例。实践中的争议主要集中在三个方面,一是内幕交易人实际买卖股票的时点对选择违法所得计算方法的影响,二是构成内幕交易的买卖行为发生后未进行反向交易时如何确定计算拟制收益时的参考价格,三是如何认定内幕信息公开与股价变动的关联性及剔除非关联因素对违法所得认定的影响。本文以2010年以来公开的内幕交易行政处罚决定和刑事判决书为样本,归类我国执法和司法实践中采取的内幕交易违法所得计算方法,特别针对上述三个争议问题做出讨论。从比较法上进行观察,美国、我国香港及台湾地区不仅对实际所得法、账面收益法等违法所得计算方法进行了较为深入的分析论证,并在立法和司法实践中逐步推行“剔除非关联因素”的理念,其探索经验值得我们借鉴。论文最后结合我国实践现状和域外发展趋势,就国内的法律执行提出具体的完善建议。
The amount of the illegal proceeds of insider dealing directly affects the legal liabilities of the parties involved in the act. The CSRC and the people’s court have already accumulated a considerable number of cases in this respect. The disputes in practice mainly focus on three aspects. One is the influence of the insider traders’ actual buying and selling of shares on the calculation method of illegal proceeds, and the second is how to determine the calculation when the reverse transaction does not take place after the trading behavior that constitutes the insider trading Reference price when the proceeds are to be drawn up. Thirdly, how to determine the relationship between the disclosure of the inside information and the price changes and the effect of removing the non-related factors on the determination of the illegal gains. This article takes the open administrative penalty decision and criminal judgment book of insider trading disclosed since 2010 as a sample to classify the illegal income calculation method of insider trading adopted in China’s law enforcement and judicial practice, especially for the three controversial issues mentioned above. From the perspective of comparative law, the United States, Hong Kong and Taiwan of our country not only conducted a more in-depth analysis and demonstration on the calculation methods of actual gains and book-returns, but also implemented “ Factor ”concept, its exploration experience is worth our reference. In the end, the thesis puts forward concrete suggestions for improving the domestic law enforcement according to the actual situation in our country and the trend of extraterritorial development.