CAJ | 학술논문

因果关系是当前内幕交易侵权司法实践面临的突出难题，但相关理论均建立在对内幕交易错误定性的基础上，因而无法提供有效破解方案。内幕交易本质上是内幕人利用通过不公平机会获得的内幕信息，对其他不知情投资者实施的不公平交易行为，而非欺诈。这些不知情投资者均是出于对证券市场公平性和诚信性的信赖而参与其中的，如果其知道反向交易者中存在内幕人，必然不会作出导致自己利益受损的交易决策。因此，自内幕交易开始至信息公开期间内与内幕人从事反向交易的投资者均面临遭受内幕交易侵害的现实危险，故应推定其受损交易皆与内幕交易存在因果关系。同时，应将内幕人的赔偿总额限定在违法所得范围内，以达致补偿实际受害者损失与避免课以违法者过度责任的双重目标的平衡。
인과관계시당전내막교역침권사법실천면림적돌출난제，단상관이론균건립재대내막교역착오정성적기출상，인이무법제공유효파해방안。내막교역본질상시내막인이용통과불공평궤회획득적내막신식，대기타불지정투자자실시적불공평교역행위，이비기사。저사불지정투자자균시출우대증권시장공평성화성신성적신뢰이삼여기중적，여과기지도반향교역자중존재내막인，필연불회작출도치자기이익수손적교역결책。인차，자내막교역개시지신식공개기간내여내막인종사반향교역적투자자균면림조수내막교역침해적현실위험，고응추정기수손교역개여내막교역존재인과관계。동시，응장내막인적배상총액한정재위법소득범위내，이체치보상실제수해자손실여피면과이위법자과도책임적쌍중목표적평형。
Causation is an outstanding problem currently faced by the judicial practice in the infringe- ment of insider trading; however, related theory is commonly based on the falseness of insider trading, which makes it hard to provide effective solution. Rather than fraud, insider trading is essentially unfair trading behavior with uninformed investor by insider using inside information acquired from unfair oppor tunities. These uninformed investors participate in the securities market based on the belief of the fairness and integrity of the market~ had they knew the existence of insider as their counterparty for trading, they certainly would not make trading decision which would lead to damage of their own interest. Therefore, during the period between the start of insider trading and the information disclosure, investors always face the risk of being the counterparty of insider trading~ therefore, it can be presumed that their loss is caused by insider trading. Meanwhile, the total amount of indemnity to the victim should be limited with in the scope of illegal income of offender, in order to balance between the compensation for the actual loss to the victim and the excessive liability of the offender.