| Market manipulation means mat a certain interested party intend to seek illegal profits or reduce loss by means of taking the advantages of the funds, information or shares, or abusing the rights of public power, breaching the normal relationship between supply and demand in the securities market so as to deliberately drive up, drive down, stabilize or fix the prices, in order to influence or allure other shareholders to trade their shares. It is a kind of typical cheating behavior in the securities market, which is punished severely by the governments in the world constantly. The main manifestation of market manipulation contains short sales, illegal selling short, mutual entrust, unite manipulation, continuous trading, spreading rumors etc.. The reasons of the market manipulation are complicated, which conclude economic and social factor, artificial factor and government supervision factor. At the same time, because of the dummy and complexity of stock, the trading form without paper ,and the high- technological artifice, it is difficult to identify such an action, which leads to many law breakings at large. Li order to strengthen the ability of identifying and the consciousness against the illegal action, to promote efficiency of supervision, to facilitate the judicial operation, the author makes a thorough discussion on market manipulation and its precaution mechanism, by consulting the advanced legal system abroad of anti-manipulation in the securities market and combining the self-characteristics of China, as well ascomparing and analyzing them.The shortcomings of the anti-manipulation legal system in China's securities market include the following ones: first, the relevantregulations are quite simple and it is hard to put them into practice. Second, there are no regulations of civil compensatioa Third, the defects exist in the field of supervision. With respect to these drawbacks, the author puts forward some constructive suggestions that the precaution mechanism should be set up as well as other related legal system.The full text is divided into five parts:The first part makes brief introductions of the concept, classification, nature, kind, history and its state in China of the market manipulation.The second part makes a jurisprudence analysis on its anti-manipulation in the securities market from the aspect of the damage of the market manipulation.The third part is a textual point. It expounds the duty corpus, subjective aspect, objective aspect etc., which compose such an action.In the fourth part, a comparison is made which is about the mechanism of supervision and the elaborate legislation concerning the foreign countries, and a standing point is made that the supervision system in securities market is going nearer to the modem mode.In the fifth part, the author brings about his original viewpoints on how to perfect the precaution mechanism by analyzing the reasons of the deluge of the market manipulation and appraising the regulations in China. |
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