| Market freely offers investment capital is one of securities business' functions. Factitious interference will destroy market's freeness. Securities market manipulation is a kind of securities fraud in our nation. Market manipulation makes securities price lapse from its value, influences capital freely floating, infracts the benefit of investors, and demolish the order of securities market. Some researches pointed out, one of the reasons why the US securities market collapsed in 1930s was just market manipulation. Chinese securities market's development is not mature enough at present; the problem of securities market manipulation is serious yet. The manipulators intruded the market, middling and miniature investors' benefits were badly aggrieved; the national supervision was not very enough as well.In this dissertation, after adequately elucidating the conception of market manipulation, the comparison of anther correlative conceptions and the manipulation's constitutive essential, author first gave an exhaustive juristic analysis for three main types of the manipulation, and then, aiming at how to effectually regulate market manipulation in our country put forward own opinion, finally, through the nowadays fact of Chinese regulation of market manipulation, probed into the evolution of civil liability system in market manipulation, the necessity of constituting civil liability system in market manipulation, and how to constitute it.This dissertation follows Four Chapters.ChapterⅠ, made a juristic circumscription for securities market manipulation. This chapter was separated three parts to dissertate the interrelated signification of securities market manipulation.The first part, by summing-up the conceptions of securities market manipulation, induced four kinds of representative theories, and respectively named monopolization theory, comet-her theory, fraud theory, and behavior theory; comet-her theory was considered the most scientific.In the second part, market manipulation was compared with common fraud, legitimate speculation and vicious stock jobbing.The third part expatiated the constitutive essential of securities market manipulation; first, the behavior of securities manipulation could behave words, for example spread rumors, could be action as well; second, anybody, as long as carries out to influence the price of securities exchange by factitious way, all can be the main body of the manipulation; last, the behavior mentality includes final aim and direct aim.Chapter Ⅱ, gave a juristic analysis for the main types securities market manipulation. This chapter was disparted three parts. Part one, introduced what was securities transaction manipulation, it could be parted, fictitious transaction which included wash sale and matched orders, and actual transaction which included corners, manipulation by actual purchases and stabilization. Part two, introduced what was fiction misleading information. Part three, tersely mentioned another unwonted kinds of manipulations.Chapter Ⅲ, was on regulation of securities market manipulation. This chapter included four parts.Part one introduced the law basic of regulation of market manipulation, specifically justice and public credit theory and advance resource collocation efficiency theory. Part two was mainly about lawmaking cases on regulation of securities market manipulation in the US, Japan, Britain, Taiwan, P.R.China, etc.Part three was about some considering in reverse and judgments for our nation's regulation of market manipulation; being an important component of this chapter, it could be parted two: Firstly, the main problems of our national regulation of market manipulation. In author's opinion, there had been several rules and laws for market manipulation, but, because the time of lawmaking were distinct, these laws were not harmonious enough; even there was some contravention among them. As the lack of civil liability system and its matched system, our national regulation of market manipulation needed consummating more. Sec... |
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