短线交易归入权制度之反思

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1、己的见解。笔者认为归入权是一种请求权，期限是诉讼时效。第五部分则是论述权利行使程序上的不足。权利的行使方式与前置程序的不足给股东起诉设置了障碍，激励机制的缺乏造成股东缺乏提起派生诉讼的内在动力。第六部分的内容是短线交易与内幕交易并存的问题。一方面，短线交易归入权与投资者赔偿请求权可能竞合，从保护投资者的角度，投资者的赔偿请求权应当优先于归入权；另一方面，当出现公司归入权与公司的赔偿请求权竞合的情况时，采用“重叠模式”有利于最大限度保护公司利益。最后一部分是完善我国短线交易归入权制度的建议。在反思归入制度存在的一系列问题的基础上，笔者尝试着提出一些建议,希望对制度的完善有所帮

2、助。关键词：短线交易归入权制度；反思；制度完善2AbstractSincethestockmarkethasemerged,itisalwaysaccompaniedbyinsidertrading.Oneofthemainpurposesofsecuritieslegislationistocurbit.Asapreventionofinsidertrading,theshort-swingtradingdisgorgementcomesintobeing.ItoriginatedintheUnitedStates,absorbedbyChina“SecuritiesAc

3、t”,theprovisionsofthisactappearstobesimpleandeasytooperate.Buttherearestillmanyproblems.Thesystemisgivenhighexpectationtopreventinsidertrading,buttheactualoperatingeffectisnotideal.Consideringthoseproblemswillbeabletofindoutthedeficienciesandimproveit.Thispaperattemptstoprobetheshort-swing

4、tradingdisgorgementfromthefollowingaspects:Thefirstpartfocusesonthesubjectsofthesystem.Itmainlydiscussestwoissues.Thefirst oneistherangeofsubjectsistoonarrow.Andthesecondistherearenorecognizedstandardsfor short-swingtradinginsider.Toidentifytheidentificationsofthedirectors,supervisorsandse

5、nior managementshouldconsiderboththeirtitlesandexecutiveduties.Besides,theircloserelatives needtoberegulatedbecausesuchsubjectsmayusetheircloserelativestoavoidlegalpunishment. Astheidentificationofthemajorshareholder,todealwiththeproblemthatshareholdinginthe nameofotherpersons,the“actualho

6、lding”standardshouldbeusedtocalculateallstockshares heldbytheshareholders.Becausethemajorshareholdersoftenusethenameoftheirspouses, minorchildrenandothercloserelativestoholdsharesinjudicialpractices.Thesecondpartfocusesonthesubjects’transactions.Firstly,toclarifytheconnotationof "sale".It’

7、snotonlyconfinedtothetraditionalcentralizedauctiontrading,butalsoincludes "unorthodoxtransaction".Secondly,toensurethefairnessofthesystem,thosetransactionswhich areimpossibletouseinsiderinformationshouldbeexemptedinthe“unorthodoxtransaction”.To discussthecondi