| On November 26, 1990, the first stock exchange of inland after country built up—Shanghai Stock Exchange founded formally indicated new Chinese stock market coming into being. On December 19, 1990, the index open with 96.05 and close with 99.98 which is the highest point on that day and trading volume is 494,000 Yuan. Although such volume isn't equal to a private investor, a new time of Chinese financial market formally pulled open here from. In 2006, with Chinese macro-economy continuing for takes a turn for the better and the ultimate complement of no tradable shares reform, the most basic system problem perplexing Chinese stock market developing in the long range is resolved completely. Chinese stock market has ended the bear market continuing for 5 years, and an unprecedented scale bull market comes as a surprise immediately next. On August 23, 2007 after 17 years, Shanghai composite stock index broke 5000, and trade volume has increased by 500000 times compared with the 17 years ago. The total market value of the Shenzhen and Shanghai Stock Markets rises to 22,460.3 billion but at same time Chinese GDP is 210,870 hundred million Yuan in 2006.This proves, that Chinese stock market already becomes the indispensable part in Chinese economy running. In recent year, with the stock circulating reform finished we have welcomed the marketplace environment coming to stock "All Circulation" .Stock's control behavior has raised head to some extent, control gimmick playing new trick, the short-term trend becoming obvious, disrupting the market order gravely. Government's inspection duty and relevance countermeasure research also become more and more important.Manipulation of the securities market is one kind of grave fraud behaviors. It takes gaining benefit or cutting down loss as purpose, It makes use of advantage such as its fund, information or abuses self s position to milks the market, affects stock market price, make the false appearance of stock market, guide investors to make investment securities decision under the situation of not knowing about the truth of the matter. It destroyed the marketplace fairness, deprived most investor's rights and interests, distorted market mechanism, and enhanced marketplace risk. Therefore, government of every country consistently devotes to put supervision and control of this kind of behavior. It already becomes important duty of securities supervision department of all the countries in the world.Viewing our country's supervision on Anti-manipulation ,it has already founded a laws and statutes system on Anti-manipulation which gives key place to《Securities Law》and《Criminal Law》combined each other and assisted by a series of rules and regulations of Securities Regulatory Commission , Exchange and the Security Association System. On supervise system, it has formed law enforcement system with the Securities Regulatory Commission, Stock Exchange and the Sent Agency "Three-in-One". It has also got certain achievement on supervision. But, because of defect of market structure, insufficient authority of supervision organization and insufficient perfect regulatory system, there exist invalid place of the lag of check and the not severely punishing in supervision on stock manipulationThrough analyzing legal rules of the main country of world about stock market supervision, we can find out that our country has shortcoming in legislation; we can draw lessons from the other country to perfect relevant regulation. When the condition is mature, we can establish the case law regulation concerning market manipulation; on reformation of supervision system, we can draw experience of the USA Fed and the British government to strengthen special inspection organization, to give the right working out regulation unceasingly and to strengthen its implementation right making anti-manipulation supervision enter into orbit with legalization and normalization. On the concrete application, the prevention mechanism of European Union is worthy for us to study more.This text carries on exposition on the existence of market manipulation behavior and the damage that it brings about to capital market and the investor, studying the experience of the stock market legislation and enforcement the law in every country, researching the current situation of stock market supervision and enforcement of the law in our country, rethinking the vacancy place of supervision, analyzing causes, submitting a little suggestion which reinforce and ensure that regulatory system can run effectively. I hope the paper has some effect in perfecting the supervision and management on stock market, in protecting investor's benefit and in building up a justice, fair and open stock market. |
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