Regulation Of The Security Market

The major function of security market is providing investment capital, in order to achieve the purpose of optimizing the allocation of resources. But this kind of capital free flow usually suffers some artificial interference factors, for example, security market's manipulating behavior is the most typical behavior , which destructs security market freedom and should be forbidden in security exchange. The manipulation of security market behavior influences capital free flow by deviating the security prices from value, not only violating the benefits of investors directly, but also breaking security market order and making the security market's function of optimizing the allocation of resources unable to realize. And because security industry developped rather late in our country, for a long time there've been few theory studies on manipulation of the securtiy market behavior and law regulation of it, it has become increasingly rampant in actual practice.For a long time there've been controversies on definition of manipulation of the securtiy market behavior, therefore, after the analysis at home and abroad concering definition of manipulation behavior, claims that our country should define manipulation of the securtiy market behavior by combining unity type and emumeration type together, and maintains the certainty of the behavior subject, behavior method and behavior purpose in defining manipulation of the securtiy market behavior; for the sake of better protectiing investors benefits, we should assert the principle of fault presumption, the behavior of manipulation takes fautless responsibility of offering proofs. And futher explicits the manipulation of security market behavior as a kind of illegal fraud and its due performance type.Study especially on law regulation of manipulation of security market behavior, and particularily in how to carry on law regulation or how to perfect the existing regulaiton system. With contrast reseach of experiences abroad or region concerning regulation of manipulation of security market behavior, meanwhile,analyzes the present condition and shortage of regulation on manipulation of security market behavior combining with actual practice, conclued that there've been not only discoordination of lawmaking regulations and too much of principles in lawmaking in our security market, but also ineffective government control and disorder of self-discipline control, as for the responsibility problem, there is no investigation of civil liability. Aim at these present condition and shortage, proposes government bulid up the systems which including prevention mechanism, regulation of manipulation of security market behavior, government control, self-discipline control, law inqusition system of manipulation of security market behavior and investigation system of manipulation behavior, to perfecting the regulation control of the security market in our coutry.