证券交易信息的属性与产权归属

根据公共物品理论,证券交易信息是介于公共物品与私人物品之间的俱乐部物品,具有消费的非竞争性和受益的非排他性。因此,将所有信息均质的认定为公共物品,主张将交易信息纳入公共领域的观点是不能成立的。明确交易信息的产权归属是保障信息安全,有效应对信息侵权的前提和基础。赋予证券交易所享有交易信息的产权,不仅符合效率的原则,也是我国证券法的应有之义。

The Characters and Property Rights of Securities Trading Information

According to the public goods theory,stock quotes fall into the category of club goods which are between public goods and private goods.Stock quotes are characterized by non-rivalness and excludability.The proposition that all information is public goods and securities trading information falls into the public domain is untenable.Defining the property rights of securities trading information is a prerequisite to ensure information security and to guard against information tort.Securities stock exchanges being entitled to stock quotes not only is efficient but also should be made an integral part of China's Securities Law.