The Empirical Analysis Of Time That The Insider Information Forms

The cognizance of insider trading behavior is always a difficult problem to administrative law enforcement and judicial referee, the reason is that there are many types of inside information, especially, the formation of insider information is a dynamic process. Insider trading behavior must occur in the insider information sensitive period, the formation of the sensitive period also needs to be identified according to the law. In 2012 the supreme people’s court and the supreme people’s procuratorate made the judicial interpretation about the time when the insider information is took shape and made public. The insider information is established, when major events occur, or plan or policy or decision is formed. The judicial interpretation seems to provide a unified rules for determining the time of formation of insider information, but the sixty-seventh regulation of "securities law" lists the 11 "events", its occurs for different reasons, there are many subjects involved in the formation, such as merger, acquisition and reorganization; It also may be formed by an unilateral subject, such as company executives are changed. In both situations, the abilities that participants control the "big event" are different, its uncertainty also is different, so should not use the same standard to judge the time of establishment of the inside information. From the perspective of legislation, the behavior that determines the establishment of information mainly includes two categories: multi behavior and unilateral behavior, it in line with the practice.Through arranging the cases, insider information mainly includes: merger, acquisition and reorganization, major investment management information, refinancing, equity change information, major financial information. It can be found the insider information can be divided into two categories, according to different reasons: multi behavior and unilateral action. Merger, acquisition and reorganization, major investment management information, the shareholding modification are multi behavior, we can reference the civil behavior theory to unify the process of significant fact into civil establishment process. we can analyze the behavior that affects major facts to determine the stage of formation of the information, and then determine the time of establishment of the information. Refinancing information and significant financial information are determined by the unilateral behavior, they can be identified by analyzing the behavior that affects major facts. However, securities investment is full of risk, the ability to predict information is very important for investors, it pays attention to the possibility of the incident, so the time of formation of the insider information should be when it is "very likely". If it is the multi behavior, when the parties form a preliminary agreement, the inside information is formed; If it is Unilateral behavior, when the unilateral subject itself formulates preliminary plans, schemes, insider information is formed.