香港內線交易法之實證研究

Abstract

立法禁止內線交易儼然已成為國際一致的趨勢，然而，關於內線交易行為是否應予禁止、禁止內線交易的理論基礎何在、以及現有內線交易法制與執法是否有效等問題，學界仍然各有主張，未有共識。現有的研究試圖在經濟分析理論的脈絡下透過實證研究，特別是量化研究的迴歸分析，建立內線交易法制與市場效率等指標之關聯性，並試圖證明內線交易禁止的合理性或不合理性。然而，量化研究面臨資料取得與更新困難以及無法完整呈現各國完整執法樣貌與社會背景等種種問題，而尚未得出令人滿意的答案。緣此，本文認為實證研究應回歸自單一國家出發以呈現較為完整的執法樣貌，並試圖透過以香港為中心的單一國家實證研究，提供個別國家之比較法圖像，以滿足未來更進一步量化研究所需的細緻度。 本文首先就香港內線交易法制之演進與現行法概為介紹；其次整理香港自1991年至2012年間的內線交易案件判決，並區分為2003年《證券及期貨條例》修法前與修法後，分別觀察案件數量分布、調查期間長短、行為人身分與行為態樣、內線消息性質、交易所得利益、判決結果與調查費用等面向；最後就香港政府對內線交易執法之態度為觀察，並探討香港所採取的內線交易法制與民刑事並行的執法體系是否為理想的制裁手段。

Regulations on insider trading activities have become a trend among markets, and yet whether as well as why insider trading should be regulated, and the efficacy of current regulation policy are still both debated. To date, researchers have been making efforts on linking insider trading regulations with market efficiency through quantitative research, specifically regression analyses. These quantitative researches nevertheless suffer from lack of updated data and failure to reflect a whole picture of laws and enforcement activities. This article argues that empirical studies on single market are urgent and necessary, and hence centers the research on the market of Hong Kong in order to frame a more comprehensive understanding of its laws and enforcement. This article first briefly introduces the Hong Kong insider trading laws and its development, and then introduces the judicial decisions on Hong Kong insider trading cases from 1991 to 2012 by observing several aspects ranging from the number and distribution of cases, the investigation and trial period, person accused of conducting insider trading activities, inside information, profit gained, verdicts to cost of investigations both before the 2003 enactment of the Securities and Futures Ordinance and afterwards, followed by an primary analysis on the attitude of Hong Kong government holds toward insider trading and whether the current insider trading laws in Hong Kong function well.