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随着国际金融危机影响的逐步深入和国内产业结构调整的需要,我国产业格局面临着深度调整,客观上促使上市公司并购重组活动日趋活跃。然而在我国上市公司并购重组的进程中,内幕交易行为甚至股价操纵行为却常常如影相伴,不仅侵害了广大中小投资者的合法权益,而且给上市公司的重组造成很大困扰,严重妨碍了资本市场的公平与效益。有效控制和减少上市公司重组中的内幕交易行为,对于完善资本市场功能和保护广大投资者权益,具有十分重要的意义。
With the gradual deepening of the international financial crisis and the need of the adjustment of the domestic industrial structure, the industrial structure of our country is facing a profound adjustment. Objectively, the M & A and restructuring activities of listed companies are increasingly active. However, in the process of mergers and acquisitions of listed companies in our country, the insider trading behavior and the stock price manipulating behavior often accompany with each other, which not only infringes the lawful rights and interests of the majority of small and medium-sized investors, but also disturbs the reorganization of listed companies and seriously impedes the capital Market fair and efficiency. Effective control and reduction of insider trading in the restructuring of listed companies is of great significance to improving the function of capital markets and protecting the rights and interests of investors.