论上市公司内部人交易的违信责任 - 以美国公司法判例为参照 -
Research on Fiduciary Liability of Insider Trading - Taking the US Corporate Case Law as a Reference -
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참고문헌
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초록
中国上市公司董事、高管等内部人利用职权从事内幕交易获取私利的现象普遍存在，内部人交易不仅损害投资者的利益，而且损害上市公司的利益. 从公司法的角度探讨公司内部人的内幕交易是否违反对公司的忠实义务有助于完善中国的内幕交易责任体系. 在美国法上，以特拉华州为代表的公司法判例肯定内部人的内幕交易行为违反对公司的忠实义务，内部人须对公司承担吐出非法所得的违信责任. 这种违信责任发挥着预防与阻遏内部人从事内幕交易的补充功能. 在法理上，内部人的内幕交易妨碍其最佳义务之履行，给公司造成诸多潜在的不利，属于利益冲突行为，应该将其纳入忠实义务的规制范畴，以降低公司的代理成本. 在法政策上，中国内幕交易民事责任制度存在诸多缺陷，承认与实施内部人交易之违信责任有利于威慑内幕交易行为，并间接补偿内幕交易给上市公司造成的损害. 在比较法的基础上，本文建议仿造中国的短线交易制度，在证券法上规定内部人交易之公司归入权.
Abstract
The phenomenon that insiders of listed companies such as directors and senior executives use their privileges to engage in insider trading to gain private interests is widespread in China. Insider trading not only damages the interests of investors but also harms the interests of listed companies. Studying whether insider trading violates duties of loyalty to the listed company could help improve China's insider trading responsibility system. In the U.S. Corporate Case law, the legal precedents of the Delaware affirm that insider trading constitutes a violation of the duty of loyalty to the corporation. The insider must bear the responsibility for breach of fiduciary duty by disgorging illegal gains. This kind of fiduciary liability plays a supplementary role in preventing and deterring insider trading. This paper finds that insider trading hinders the fulfillment of insiders’ best obligations and creates many potential disadvantages for the company. Insider trading is a special conflict of interest and should be interpreted as one kind of violation of loyalty in order to reduce the company's agency costs. In terms of legal policy, China's insider trading civil liability system has many defects. Recognizing and implementing the fiduciary liability is conducive to deterring insider trading behaviors, and could indirectly compensate for the damages caused by insider trading to listed companies. On the basis of the comparative law, this paper proposes to imitate China's short swing trading rule and stipulates in the Securities Law that insiders who use their privileges to engage in insider trading violate the duties of loyalty and should disgorge all illegal gains to the listed companies.
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