The Research Of The Supervision Of New Securities Market Manipulation

After the securities market established, there are massive manipulative action of the market. At the start stage of the securities market, the phenomenon of equity division was prevail, the shareholders'interests were at different level because the tradable stock and the non-tradable stock had the different right, price and interest. The reform of the equity division makes the strong stockholders eager to arbitrage, get more interests and control the price of share by their advantages of information, capital, and holding power. After the reform of equity division in our country, the manipulative action of the market appearing with new characteristics, such as, the manipulative time becomes shorter; the manipulative body becomes the listed company's stockholder; the manipulative form becomes more covert and connects with the false statement, inside transaction closer; false information disseminated by network; the strong stockholders cooperate with the institutional investor closer and so on. The new manipulative action brings the challenges for the present supervision. At present in our country it is difficult and costly to recognize this kind of manipulative action; Stock Supervisory Association and the related department has the coordinated problem in the supervision work. The measure is generally supervise the rising manipulative action not falling one. The criminal punishment is not serious that can not be the deterrent force.Due to lack of the clear civil compensation liability system, the victim's benefit can not be protected and so on. We can learn from Britain, the US and etc about the mature market's supervisory measures, including strict legislations, the effective securities supervisory system.And the consummate legal liability system. On the basis of the overseas experience, we must consummate the supervisory system in the legislation, stress the supervisory work, expand supervisory scope, and fully display the autonomous supervision and the social supervision simultaneously.