Stock Market Manipulation Liability

This study is for the purpose of studying how to consummate the system of our civil liability in securities market manipulation under the background of intemationalization, and to protect the investors' benefit.The development of the Securities Law in various countries tells us that the market manipulation does enormous harm to the securities market. The market manipulation, insider trading and false statement constitute three illegal activities, against which the securities legal system mostly sanctions. Recognizing, punishment, supervising as well as the system construction to suppress the market manipulation, which make foundational function for protecting the investors' benefit; maintaining the efficiency, the fair and the transparency of the market; and reducing the risk of the market. Countries and areas continuously devote to supervise and guard against the market manipulation. But along with the development of the securities market in various countries, the method and the motive of the market manipulation develop unceasingly. Especially in recent years, the market manipulation presents many new tendencies.China's securities market is an emerging and switching market, from the beginning of its establishment, there is flooded with the market manipulation because oflacldng the complete criteria of market conduct and the essential social good faith. Recently period of time, the market manipulation has even become the serious problem which in the market could not be avoided. At the same time, the supervising institution and the judicial system also continuously to penalize the market manipulation, this plays an important part in promoting the development of our securities market healthily. But to supervise, punish and prevent the market manipulation is not a simple thing to get it done once and for all. Simultaneously, some deep-rooted problems with the system and the concept cause people to understand the nature and the harm of the market manipulation not very clear and insufficiently, and this has made influence on the supervising practice to carry on effectively in the certain degree. Therefore, it is extremely beneficial and essential for us to highly effective supervise, powerful punish, effective prevent the market manipulation from drawing lessons from the practice of legislation and supervising the market manipulation in other countries and areas, and summarizing our own experiences.Has in view of this, this study takes the legal liability of market manipulation as fiamework, to do research on comparing with various systems of the market manipulation in various countries' securities market from a comparatively macroscopic angle. On the one hand, to ask advice from the colleagues in the academic circle, discusses some difficult questions together; On the other hand, to inspire the investors to make contributions to the further development of our securities market.Spealdng of the research method, this study takes the elementary theory of market manipulation as a bacldng, takes the comparative method as the fundamental research method, auxiliary by analytic method of actual examples, economical, historical and so on. And this study unifies actual examples and standard together, uses the philosophy, the economical and the sociological elementary theory, also takes the related legislation, the judicature and the theory of the Securities Law in USA, UK, Japan and Germany as the main research object; gives dual attention to the legislation, the judicial theory with the legal liability of the Securities Law in European Union, Hong Kong and Taiwan. The author wants to propose the constructive idea in the foundation of earnestly studies, and expects this can make contribution to build the securities legal system of our country.