Research On The Manipulation Of Securities Market And The Legal Regulation In China

Chinese securities market are an important part of the socialist market economy, it has already gotten a considerable scale after nearly two decades development. It has playing an active role at raising funds, optimizing the allocation of resources, adjust the economic structure, promoting the development of the market economy. Regulate the operation of its direct bearing on the healthy development of market economy .Securities prices should be quickly respond to the information on the market at an effective securities market. Stock market manipulation exist, the manipulated information was reflected by price .The public investors purchase the securities with false Price, It Will inevitably lead to investment losses, property losses. With the deepening of manipulation action, May have triggered a series of social problems and probably triggered economic crisis in a specific period. Therefore, the law should be more attention on the act.This article is divided into five parts.In this thesis, the first part is mainly carried out on a comprehensive analysis of stock market manipulation. Generalization of the meaning of market manipulation, show the nature of market manipulation. It get the Benefits from other investors with cheating, was a act of tort. On the other hand, it is also unfair competition and unfair competition performance. And further analysis of its characteristics in all respects. At last, compare the relationship between the manipulation and the speculation, the manipulation and the fraud.The second part is divided into two small parts. At first, Introduce the harm may cause by stock market manipulation behavior. Its fictitious securities market supply-demand relationship. Price regulation of market mechanisms was abuse to induce Capital inflows into stock market which was manipulated. It waste public resource and destroy the market mechanism of free competition. In a way of monopoly in the market do whatever they want. Eventually endanger the bank's credit system, and may lead to economic crisis. The final problem was all of the country destroyed. While analysis the reason for the existence of market manipulation in our securities market after that. I conclude four reasons for Chinese securities market. Firstly, is the temptation of huge profits in our country securities market. Since the Shanghai Stock Exchange to start operating to 2007, the Shanghai Composite Index up 600 times. How amazing it is? Secondly, is the greed of human nature. Thirdly, represents the existence of vulnerability in China's legal system. So market manipulator can benefit from it. Lastly, is negligence of Securities regulatory authorities. So that people can take advantage of manipulation and do not worry be punished by law.The third part describes how to judge the manipulation of market. First of all, introduce how to identify the subject component about manipulation of market. Secondly, introduce how to identify the subjective component about manipulation of market. Finally, focus on the behavior of market manipulation base on The Law of Securities Regulation. It includes the wash sales, matched orders, manipulation by actual purchases, dissemination of rumors or false information, recommend after transaction, false offer, special time transaction, corner, option pool. The object is to make it clear for the freshman of stork market.The forth part Introduction what kind of responsibility should be take of market manipulator. There are three type of responsibility in law code. They are civil responsibility, criminal responsibility and Administrative responsibility. In this section, I focus on the defects of civil legal liability and want to proof that the absence of civil protection for securities investors in China's legal system. We have to protect our Right by The Tort Law. The demands were the person is Malicious, the action is harm, the result is bad, the action and the result have direct relationship.The fifth part, Makes the following recommendations to improve the anti-manipulation system. Firstly, legislate for the stabilization fund. It can be used to eliminate the character of stock market huge profits. Secondly, strengthen penalties for securities manipulator. It can control people's greed and avoid the people to do illegal things. Thirdly, it is necessary to make some new provision to regulate market, though the behaviors of market manipulation only appear in other country. Fourthly, establish Maker System for our stock market, it will be helping public investor identify market manipulator. Lastly, create some provision to protect securities investor in civil procedure code. Then they can protect themselves by it.This thesis is writing base on the Clause of market manipulation of Chinese'The Law of Securities Regulation'. With the study of market manipulation and show its harm, liability, expression. I want to offer some good advice for our securities market construction.