上海市经济管理干部学院学报
上海市經濟管理榦部學院學報
상해시경제관리간부학원학보
JOURNAL OF SHANGHAI ECONOMIC MANAGEMENT COLLEGE
2012年
2期
8-12
,共5页
内幕交易%因果关系%民事赔偿
內幕交易%因果關繫%民事賠償
내막교역%인과관계%민사배상
insider trading%causal relationship%civil compensation
投资者在证券内幕交易民事赔偿诉讼中应当证明其所受损失与内幕交易行为存在因果关系，对此学术界的主流观点认为可以适用因果关系推定，若内幕交易人无法证明不存在因果关系，刖推定因果关系存在。然而，当前的司法判例并未采纳该观点。为减少和消除内幕交易行为，应当加大对内幕交易行为的行政和刑事处罚的力度。
投資者在證券內幕交易民事賠償訴訟中應噹證明其所受損失與內幕交易行為存在因果關繫，對此學術界的主流觀點認為可以適用因果關繫推定，若內幕交易人無法證明不存在因果關繫，刖推定因果關繫存在。然而，噹前的司法判例併未採納該觀點。為減少和消除內幕交易行為，應噹加大對內幕交易行為的行政和刑事處罰的力度。
투자자재증권내막교역민사배상소송중응당증명기소수손실여내막교역행위존재인과관계，대차학술계적주류관점인위가이괄용인과관계추정，약내막교역인무법증명불존재인과관계，월추정인과관계존재。연이，당전적사법판례병미채납해관점。위감소화소제내막교역행위，응당가대대내막교역행위적행정화형사처벌적력도。
In the civil suit for compensation of insider trading, the investors should prove that there is a causal relationship between their losses and insider trading. To this, the mainstream view of academics believes that it can be applied to the presumption of causation. If insider trader is unable to prove there is no causal relationship, it is presumed causal relationship exists. However, To reduce and eliminate insider trading, the government ties and criminal punishment. the current jurisprudence has not adopted that view. should increase the intensity of administrative penalties and criminal punishment.
