本文以我国资本市场首次发生的新型案件——光大证券“乌龙指”案涉及的杨某诉中国证监会的行政诉讼判决为观察对象,通过阐释内幕交易的本质、具体制度设计、立法目的达成等问题,再现了目的解释方法在内幕交易行政处罚、司法判决中的展开过程,论证了目的解释有利于缓解资本市场新型案件与相对稳定的制度设计之间的紧张关系,并建议在内幕交易等新型案件的司法应对中引入目的解释方法。 This article takes the first case of capital market in our country - Everbright Securities “Oolong refers ” case involved Yang Yang v. China Securities Regulatory Commission administrative litigation judgment as the object of observation, by explaining the nature of insider trading, the specific system design, legislation Purpose and other issues, reproduce the purpose of the interpretation of the method of administrative punishment in the insider trading, judicial decisions in the process of expansion, demonstrate the purpose of explaining the new case of capital markets to help ease the tension between the relatively stable system design and suggested that the insider Transaction and other new cases of judicial response to introduce the purpose of interpretation.