CAJ | 학술논문

证券内幕信息是内幕交易的核心，确立内幕信息的认定标准是界定内幕交易行为的关键。内幕信息认定标准包括非公开性、确切性和重大性三大要件。我国立法确定的认定标准，表面上似乎无可挑剔，但实际上存在重大缺陷：非公开性标准过于笼统，确切性标准未能建立，重大性标准比较模糊。内幕信息认定标准的重构思路是非公开性和确切性从质的角度甄别内幕信息的内容，重大性则从量的角度取舍内幕信息的范围：非公开性的标准采取形式结合实质的立法模式，要求享有市场消化时间；确切性标准需要强调信息来源的重要性和信息内容的针对性；重大性标准采用在现实背景下相对而言更具实用性的理性投资者标准。
증권내막신식시내막교역적핵심，학립내막신식적인정표준시계정내막교역행위적관건。내막신식인정표준포괄비공개성、학절성화중대성삼대요건。아국입법학정적인정표준，표면상사호무가도척，단실제상존재중대결함：비공개성표준과우롱통，학절성표준미능건립，중대성표준비교모호。내막신식인정표준적중구사로시비공개성화학절성종질적각도견별내막신식적내용，중대성칙종량적각도취사내막신식적범위：비공개성적표준채취형식결합실질적입법모식，요구향유시장소화시간；학절성표준수요강조신식래원적중요성화신식내용적침대성；중대성표준채용재현실배경하상대이언경구실용성적이성투자자표준。
Inside information is the core of insider trading. Therefore, establishing the standards of securities inside information is the key to defining the act of insider trading. The standards of confirming inside information should include three major elements： non-publicity, preciseness and materiality. Such standards in our country appear to be impeccable but defective actually： non-publicity is too general; preciseness is still unestablished; materiality is comparatively vague. The reconstructive standards possess the same elements but need to be reified： non-publicity and preciseness from the perspective of a qualitative screening as well as materiality from the perspective of the scope. Non-publicity should adopt the form combined with substance asking for period of market impound; preciseness should emphasize the importance of information source and content; materiality should choose the more practical criteria of ＂rational investors＂ at present.