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信息网络技术革命推动了证券市场的繁荣和发展,同时也为证券欺诈者从事违法犯罪行为打开方便之门。网络内幕交易属于网络证券欺诈,严重违背公开、公平、公正的原则,损害了投资者的合法权益,危害证券市场的健康发展,各国均对其予以严格规制。在网络环境下,由于网络的匿名性、超链接性和分散性,内幕交易出现一些新情况和新问题,如,发行人在网站上发布消息是否等于公开披露?在网上获得信息是否可以视为公开披露?能否期望理性投资人通过网上冲浪以搜索相关投资信息?有效市场理论中的证券价格是否主要通过网络获得的信息来反映?网络服务商及其
The revolution in the information network technology has promoted the prosperity and development of the securities market and also opened the door to criminal fraudsters for committing crimes. Network insider trading is cyber securities fraud, which seriously violates the principle of openness, fairness and justice, undermines the legitimate rights and interests of investors and jeopardizes the healthy development of the securities market. All countries strictly regulate it. Under the network environment, due to the anonymity, hyperlinkability and decentralization of the network, some new situations and new problems arise in the insider trading, such as whether the issuer publishes the news on the website is equal to the public disclosure. Can the information obtained online be regarded as Public disclosure? Can expect rational investors through the Internet to search for relevant investment information? Whether the effective market theory in the price of the securities mainly through the network to obtain the information to reflect? Network service providers and their