摘要
新《证券法》实施会进一步加强证券市场的规范运行。文章构建了一个附带执法机制的模型来分析内幕交易监管有效性的提升进程,并结合科创板市场讨论了新《证券法》在内幕交易监管中的作用机制。研究发现:有限监管资源约束会降低法律威慑力,让监管机构在一定时期内无奈地选择低难度案件,但证监会内幕交易典型案件的推出,将有助于提升法律威慑力,提高监管有效性。新《证券法》的实施,通过惩罚力度的加强和代表人诉讼制度的执行,将进一步提升可感知法律威慑力,从而提高内幕交易监管的有效性。虽然新《证券法》更为严格,但科创板自身的特征因素,有可能使内幕交易期望收益在短期内反向增加,证券市场的零容忍监管势在必行。
The implementation of the new securities law will strengthen the standardized operation of the securities market. This paper develops a model with law enforcement mechanism to analyze the improving process of the effectiveness of insider trading supervision, and the mechanism in the supervision on insider trading in the Sci-tech innovation board of China. The results show that limited regulatory resource constraints may reduce the law deterrence, which forces regulators to choose low difficulty cases within a certain period of time. However, the implementation of typical cases of insider trading by China Securities Regulatory Commmission will enhance the law deterrence and improve the supervision effectiveness. Through the strengthening of penalties and the implementation of the representative litigation system, the implementation of the new securities law will enhance the percieved law deterrence, and then promote the effectiveness of insider trading supervision. Although the new securities law is stringent, characteristics on the Sci-tech innovation board may cause the expected return of insider trading to increase in a short term, and zero-tolerance supervision on the securities market is imperative.
作者
姜华东
黄波
Huadong Jiang;Bo Huang(School of Finance,Shanghai Lixin University of Accounting and Finance,Shanghai 201209,China;Pan Shulun Honors College,Shanghai Lixin University of Accounting and Finance,Shanghai 201209,China)
出处
《会计与经济研究》
CSSCI
北大核心
2021年第2期84-102,共19页
Accounting and Economics Research
基金
教育部人文社会科学青年基金项目(16YJC790038)
国家社会科学基金一般项目(17BGL056)。
关键词
内幕交易
法律威慑力
执法机制
新《证券法》
insider trading
law deterrence
law enforcement mechanism
new securities law
