内幕交易侵权责任的因果关系

证券内幕交易侵权责任因果关系的研究,需要借助因果关系理论的发展并重新审视内幕交易的行为本质。投资者因内幕交易而致权益被侵害是完全被动的,"比较优势论"有助于实现对内幕交易行为及其侵权责任的整体认知。内幕交易侵害其交易对手——"善意同时反向交易者"之"以信息对称为核心的公平交易法益",而非投资者的"知情法益"。内幕交易行为提升了投资者亏损发生的客观可能性,二者之间具有事实上的因果关联。依托以原因力、有责性、公平性等若干要素为中心的理论与价值判断体系,并贯彻侵权法之填补及预防损害的补偿性功能,经论证可知内幕交易侵权行为引致的损失限定为对手"交易损失的一半",但应以相当于内幕交易人非法获利(包括所获收益或避免的损失)的投资者损失额为限。

Causation of Torts Liability in Insider Trading Cases

In carrying out research on the causation of insider trading tort liability, efforts should be made to rely on the new development of the causation theory to re-examine the essence of insider trading. The way by which an investor''s right is damaged by insider trading is completely passive. The Theory of Comparative Advantage builds a better holistic analysis of insider trading and its tort liability than the Fraud on the Market Theory does. The interests of fair trading based on information symmetry protected by law of simultaneously reverse traders with goodwill, rather than the investor''s right to know, should be defined as the right infringed upon by inside traders. Insider trading behavior increases the objective possibility of the investor''s loss, is the cause in fact. By relying on the theoretical and value judgment system with original driving force, liability and fairness as its central elements and on the compensatory function of tort law, the author argues that the insider trader should undertake the responsibility for a half of the investor''s loss, but the amount of compensation should not exceed that of the illegal interests gained by the insider trader.