当下,内幕交易被视为证券市场的毒瘤,人人谈而诛之。实际上无论在国外还是我国证券市场的诞生初期,内幕交易一度被认为是市场正常运作的手段,其所得是对内幕人员的犒劳,有助于充分发挥市场效率,使股票价格符合真实价值。直到上个世纪八十年代,美国的金融风暴才揭示了内幕交易的巨大杀伤力:它是大股东和机构投资者圈钱的有利工具,也是扰乱市场秩序、造成欺诈横行的罪魁祸首。因此呼吁以法治市、提高证券监管的质量,必须要向内幕交易开刀,还股东一个透明公平的证券市场。当前,中国金融界风起云涌,改革呼声高涨,热点丛生。在专家、学者、官员等多方声音中,内幕交易作为高频词汇,屡闻不鲜。从国有股减持到国有资产流失,从证券市场监管到中小股民利益保护,从券商借壳上市到银行、证券、保险三位一体、混业经营,几乎每个热点话题的背后都 At the moment, insider trading is seen as a malignant tumor in the stock market, and everybody talks about it. In fact, both inside and outside our country, the insider trading was once regarded as a means of normal operation of the market. The proceeds were rewarded with insider staff, which helped to bring the market efficiency into full play and made the stock price in true value. It was not until the 1980s that the financial turmoil in the United States revealed the enormous lethality of insider trading. It was an advantageous tool for misappropriating money by major shareholders and institutional investors. It was also the culprit in disrupting market order and causing fraud. Therefore, calling for the rule of law in the city and improving the quality of securities regulation, it is necessary to start an operation on insider trading and also to provide shareholders with a transparent and fair stock market. At present, China’s financial sector surging, reform voices, hot cluster. Among experts, scholars, officials and other voices, insider trading as a high-frequency vocabulary, often heard. From the reduction of state-owned shares to the loss of state-owned assets, from the supervision of the securities market to the protection of the interests of small and medium-sized investors, they are listed back from the securities companies backdoor listing to the trinity of banking, securities and insurance businesses, and practically mixed with almost every hot topic