On Legal Regulation Of China's Stock Market Manipulation

Manipulation of the security market behavior, mean that manipulator utilize their fund advantages or information advantages to influence the securities market price, lead investors to participate in the securities trading, thus obtain illegitimate benefits or a kind of fraud of shifting the risk. The price that it has twisted the security market artificially forms the mechanism, has upset the securities trading order, have endangered the normal running of the security market seriously. Destroy the normal order of the security market, even make the security market produce "the bubble economy ", cause the financial turmoil and world economic crisis, so has been always forbidden by organs of portfolio supervision of various countries.The security market of our country is not with the production development and producing development naturally of the joint-stock company during the course of developing to be certain in market economy, but after forbidding in the past 30 years, by what the government lifted a ban and planted into directly, the setting-up and shareholding system transformation of the security market go on at the same time , begin operation under the condition that the shareholding system is extremely substandard, so the self- management of security market and self- control ability of risk are all quite deficient . After of our country security market set up, because is it keep up with in time to supervise, is it rig the market incident come out one after another poor in a large amount to have, unable guarantee of investor's interests .The question existing mainly and causes compared with the existence unripe market behavior and market management system not perfect in the security market at present. So, while fostering and developing the market, analyze the nature of handling market behavior, improving and perfecting the supervisory system of security market that rig the market becomes task of top priority which solves the problem.I handle the manipulation in the market from the concept in the first part, and make the analysis in detail about the reason, the nature of the manipulation. Introduce with ordinary investment difference of behavior, and has made and described the manipulation course that the market handled the behavior in practice briefly, so that readers drive the behavior to have a roughly understanding to the market.In the second part, the author introduces the common shape of the manipulation behavior, forms and asserting in detail.In the third part, author studies relevant rules in U.S.A., Britain, Germany, Japan, our country Securities Law of Taiwan, handle to analyze the introduction in detail correctly. Make our country use for reference securities regulation relative legislative experience of developed country offer possible.The fourth part, this text has introduced Securities Law of our country about manipulating also the legal structure of current situation. Use Yian Science and China Technology Co. stock price manipulating case for example, recommend of our country Securities Law and relevant laws and regulations, criminal law, administrative statute and relevant judicial explanation, and have analyzed the problem existing in the relevant legal structure of behavior to the market in our country.Finally, considering about the current situation of the market of our country, this text handles the legal structure about manipulation behavior, put forward the imagination that our country handles the legal structure of the manipulation. Including perfect the security market and handle the relevant legislation of behavior and establish the system of perfecting and handling the regulation instead , structure the civil liability system which handle market behavior. The author thinks that more enough attention should be pay to the above when revise the securities law.