Research On Civil Liability Of Market Manipulation

The stock market transaction mechanism had decided its market essence is investment also is speculative, its most main reason is the serious information which in the stock market exists is asymmetrical. As the existence of the non-efficiency of the securities market, Market manipulation will not be eliminated. In 2005 China's stock market carried out a large adjustment, Market manipulation emerged some new features. Our securities legislation has been amended related systems to enhance the protection of investors,the system of the Chinese market manipulation's civil liabilities is too weak when compared with that of the administrative or criminal penalties. Law theorists'research of Market manipulation has mainly focused on single act itself, as the acts of another civil liability, especially civil compensation liability has not given sufficient attention.Adopting the analyses including comparative law, positive law, positive jurisprudence, social jurisprudence, economics jurisprudence and the related theories of statistic, institution economics, economics and law, this paper introduces and evaluates the foreign and the domestic relative legislations of manipulation. The concept of manipulation is clearly defined and divided into three types according to the object behavior. This paper deals with the civil liabilities of manipulation from the ways of material law and procedural law.Six parts are contained in this paper as following:Partâ… , Introduced the value of this paper and relevance.Partâ…¡, Introduced the root of Market manipulation, and from economics and law perspectives, introduced on the fundamental theories of manipulation.Partâ…¢, Based on national legislation defined the concept of a single act of a and the characteristics of China's securities market legal evidence, summed up China's stock market manipulation related characteristics;Partâ…£, Focuses on the material law characteristics of the civil liabilities of manipulation.Partâ…¤, Analyzes the procedural law schemes: class action.Partâ…¥, Conclusions.