CAJ | 학술논문

新型社交媒体日益成为传播信息的新场所，拟从网络红人所发布的上市公司未公开信息对证券市场的影响入手，分析在新形势下上市公司信息披露面临的新难题，探讨对其进行规制的合理性与合法性基础，综合分析现阶段内幕交易立法规制所采取的“信义进路”和“市场进路”及其引发的不同规制后果，进而引出我国当前对“内幕交易”行为进行规制所面临的困境。结合经济法价值选择的角度，深入论证变革现阶段我国内幕交易立法规制体系的必要性，建议我国构建“信义进路”的内幕交易立法规制体系，以实现对网络红人“快嘴”行为的法律规制。
신형사교매체일익성위전파신식적신장소，의종망락홍인소발포적상시공사미공개신식대증권시장적영향입수，분석재신형세하상시공사신식피로면림적신난제，탐토대기진행규제적합이성여합법성기출，종합분석현계단내막교역입법규제소채취적“신의진로”화“시장진로”급기인발적불동규제후과，진이인출아국당전대“내막교역”행위진행규제소면림적곤경。결합경제법개치선택적각도，심입론증변혁현계단아국내막교역입법규제체계적필요성，건의아국구건“신의진로”적내막교역입법규제체계，이실현대망락홍인“쾌취”행위적법률규제。
As the new social media becomes the new place to disseminate information, more and more Internet Celebrities disclose the nonpublic information through the media. So, from the effects of such things to the securities market, the author tries to analyze the new challenges of information disclosure faced by the listed companies nowadays in the new situation, discuss the basis of rationality and legitimacy to regulate the above problems. Through the analysis of two different types of legislative approaches (fiduciary approach and market approach) to regulate insider trading, the authors list the dilemma in regulating insider trading in China. Based on these, in terms of the value choice of The Economic Law, the authors further demonstrate the necessity of the reform of China's insider trading legislation system, in order to regulate the behavior of internet celebrity"parrots".