The Comparative Research On The Crime Of Stock Market Manipulation

The stock market manipulation has been regarded as an open secret in China. Compared with its profitability, the high price of many stocks makes it lose investment value and becomes the tool of speculative gambling. There is stock market manipulation frequently though it's been a short time since the establishment of stock market. This behavior makes serious harm to the society by distorting the regular market price, misleading the direction of investment fund and resulting the great gap between the real value and price of stock. It not only violates the principle of opening,fairness and justices,but also destroy the raise funds,the function of optimizing allocation of resources and the fair competition order of the stock market,possibly resulting the damage of financial system and economic crisis. Thus,the effective supervision to the stock market and the strike the crime becomes imperative.The theoretical research of the crime of stock market manipulation in China has been in the starting and development phase. Particularly because of the short time of the criminal legislation and practical areas, it needs to be deeply studied. The manipulations of the stock market are very specialized economic activity while the crime of it has fairly complexity and specialization. All these facts increase the difficulties in studying stock market manipulation. Since stock market in the western developed countries is mature and the legal regulations of crime of stock market manipulation are perfect. The author use the legislative experience of USA,Japan and Taiwan region for reference,combined with concrete national condition of China by comparative analysis method to do the research in the crime of stock market manipulation.The dissertation consists of four chapters, as well as the introduction and the epilogue:Partâ… : The definition,nature and harmfulness of the stock market manipulation are given at the beginning of this part. Firstly,on the basis of analyzing and researching on several definitions of the behavior of stock market manipulation,the author put forward the reasonable conception about it. Then,the author points out that stock market manipulation in nature is a kind of fraud. Finally,the serious harmful of manipulative behavior in the stock market is discussed in order to express the necessity of the criminal regulations.Partâ…¡: The differences of the crime of stock market manipulation between China and other countries are discussed. The author firstly introduces the historical evolution and stipulations of this crime in China. Then the author uses the form to analyze the stipulations of the crime of stock market manipulation in USA and other regions. At last section of this part,the author makes her suggestions to the legislation by comparing the legislation pattern,criminal intent,criminal liabilities with USA and other regions.Partâ…¢: The author analyses the constitution of the crime of stock market manipulation in this part. The author focuses on the behavior form of objective aspect. Then she discusses several typical behaviors such as manipulation by actual purchases,matched orders,wash sale,dissemination of rumors or false information,stabilization,etc.Partâ…£: This part is about the judicial cognition of the crime of stock market manipulation. The author firstly discusses the differences of this crime,the legitimate speculation and the general illegal actions, and then she compares the crime of stock market manipulation and the securities insider trading crime. At last, the author points out that the inversion of onus probandi should be applied to this crime,and discusses its necessity and feasibility.