| Securities market is the important mechanism of optimizing the allocation of the social resources, and is also the mechanism of providing a strong thrust for the development of enterprises through concentrating the idle funds in the society. It is self-evident that the securities market plays an important role in the economic and social development a country, and is the product of a certain stage in the development of a nation's financial market. Like any other mechanisms, no matter how beneficial it is for human development, it will exposes many problems naturally or with the development of the times. For example, the acts of market manipulation, which emerges with the advent of the stock market, has caused serious negative impact on the stock market as well as the economic and social development. The emergence of the stock market is the crystallization of human wisdom. As for its disadvantages, we should tackle them properly through playing a higher level of wisdom. Only in this way can we guarantee the sound development of securities markets and thus make it provide better services for human society.As for the acts of market manipulation, many countries have successively established a criminal, administrative and civil liability system, which toughly cracks down the acts of market manipulation. China began to develop the securities market since 1990, and up to the present it only has a history of less than 20 years. Therefore, the development of the systems of the securities market is relatively far from perfect. The development of China's legal system, for a long time, emphasizes the criminal and administrative system while ignores the civil liability system. However, the criminal and administrative liability systems have limitations in the acts of market manipulation. Thus, the study of civil liability for striking the acts of market manipulation has more important significance.This thesis first analyzes how to demarcate the concept of market manipulation from the perspective of theoretical studies and national legislation practices. Then it conducts a detailed analysis of the acts of market manipulation from the perspective of its characteristics of behavior, types as well as the perspective of comparison with other acts of fraud in the stock market, so as to let the readers have a clearer understanding of the acts of market manipulation. Then , this thesis analyzes the limitations of Containment on the acts of market manipulation by criminal and administrative liability systems, and expounds the importance of establishing civil liability system for cracking down the acts of market manipulation.Then, this thesis summarizes the views of the nature of the acts of market manipulation in the academic community, and believes that the act of market manipulation is a kind of tort liability in the nature of civil liability and gives a detailed analysis of its reasonableness. Based on the above analysis, the author expounds the elements, the principle of attribution, the scope of compensation and exemptions of the civil liability of market manipulation one by one and put forward his own point of view.In the last part of this thesis, the author discusses the litigation mechanism of the civil liability for acts of market manipulation. It first gives a detailed analysis of the representative litigation mechanism of foreign countries, such as the group litigation of the United States and Germany, and the parties selected litigation system of Japan. Then, it gives an overall explanation of the legislative status, legislative characteristics, operation, and defects of China's representative on litigation systems, and finally provides some suggestions for improving our representative litigation system. |
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