作者：刘宪权
作者介绍：华东政法大学教授，博士生导师
出版日期：2015年12月9日
内容提要 违法所得是影响内幕交易定罪量刑的重大要素，但法律与司法解释规定的 原则性、判例的实践争议性及资本市场刑法理论解释能力的有限性，共同决定了内幕交易 违法所得司法判断规则亟须完善。内幕信息公开后，市场价格客观出现了与信息内涵相应 方向的价格波动，应推定信息与价格具有相当因果关系，以内幕交易者实际实施的相关平 仓价格水平作为计算违法所得的基准价格; 内幕信息与平仓价格水平无关，交易所得是受 外部市场介入因素影响的，应当排除内幕交易违法所得的认定或者扣除相应数额; 未完成 平仓或者意图规避损失的内幕交易，其违法所得属于法律拟制的犯罪结果，应根据内幕信 息与市场价格关联性、持仓水平、规避损失等具体要素进行司法核定。内幕信息传递的违 法所得，应当根据信息价值是否通过他人金融商品交易行为转化为信息传递者的个人经济 利益予以核定。
关键词 内幕交易犯罪 违法所得 信息价值 实际成交差额 选择性披露
Abstract: Illegal obtainment is one of the most significant legal ingredient of the conviction and sentencing of insider trading，but the principle stipulated by laws and judicial interpretations，practical disputes of cases and limited ability of criminal theories in capital market jointly determine the judicial judgment rules of illegal obtainment of insider trading must be urgently optimized． The price movement accord with the direction of insider information after its publication should be considered as having causal relationship with the insider information． The settlement price of insider trading could be determined as the base price to calculate illegal obtainment． If the defendant could provide preponderant evidence to confirm the defenses that insider information is irrelevant to the settlement price or the trading profits are influenced by outsider market impact factors，the illegal obtainment of insider trading should be completely or partially eliminated． The illegal obtainment of insider trading which has not been settled or targets on avoiding losses belongs to criminal consequence of law stipulation，and it should be evaluated according to the specific elements including the relevance of insider information and market price，position situation and the amounts of loss avoidance． The assessment of illegal obtainment of insider information delivering should focus on the direct and indirect personal economic benefits from the tippee’s trading on the material non-public information．