Research On The Manipulation Recognition Of Securities Market Under The New Situation

In recent years, Chinese economy continues to maintain a rapid growth, the securities market develops in the reform and innovation of it, and more and more people take part in the stock market. With the financial crisis sweeping the globe and continues to worsen, a lot of countries set off a worldwide economic stimulus action, the economy is more uncertainty than before, especially in china. Many new financial derivatives has been introduced, when the securities market in China is in the transformation of the share reform important time window, combined with rapid scientific and technological progress, our securities market has a historic opportunity to develop, but also faces enormous risks and challenges.In the new situation of our economy development, the securities market manipulation shows some new features, such as showing a broad subject, the operation of short-term, which severely disrupted the securities market order, affecting the healthy development of the securities market in China and damage the legitimate rights and interests of medium and small investors, causing enormous economic losses. However, the current legal regulations about manipulation of the stock market have lots of problems, such as incomplete definition of manipulation, not comprehensive summary, not identification regulations in manipulation, contradictory legislation, especially almost no provisions on the identification of the securities market manipulation under the new situation which is very bad for the monitoring of stock market manipulation. The study in securities market manipulation of most of the domestic scholars involved broader issues, or just for the three types of traditional stock market manipulation, while the study on the identification of market manipulation under current new situation is rare. Therefore, the author analyzes the legal regulation of the market manipulation in the United States, United Kingdom, Japan and Taiwan district, and discusses the identification regulations of the securities market in China manipulation under new situation, in order to can contribute to the improvement and implementation of the identification regulations of stock market manipulation.In addition to this introduction and epilogue, the text is divided into four parts, the main contents are as follows: The first part is a brief introduce of three market manipulation cases under the new situation, respectively, Zhang Jianxiong manipulation by making false declarations, Xin Lan De market manipulation in Wuhan and the case of Zhong He Tai Bai market manipulation.The second part is the general theory of the securities market manipulation in China. Firstly, this part describes the basic concepts of market manipulation in detail. After compare the representative definition of the market manipulation in the United States, United Kingdom and Japan, the author discusses the definition of market manipulation in our country. Then, the author discusses the content of market manipulation under the new situation, defines what the market manipulation under the new situation, which diverse the market manipulation under new situation into manipulation by a false declaration, confuse transaction, the first transaction, a specific price, specific period of trading in the boundaries of split share structure reform, and describes the new features of the market manipulation.The third part has analyzed the current situation and problems of the identification regulations in the securities market manipulation in China. First, the text overview the market manipulation provisions on the "Securities Act", and analyze the provisions from the main elements, subjective and objective elements; Secondly, the text analyze the " identification regulations of the stock market manipulation (Trial)", which is the most detailed and comprehensive provisions on the market manipulation currently, but the provisions are still in the pilot phase; Finally, combining the new economy situation in China, the text has analyzed the current problems of the identification regulations in the securities market manipulation.The fourth part has made a comparative study for the regulation of the identification in the market manipulation in other countries and regions and introduces the legislative provisions in prohibiting manipulation. Such as the United States, United Kingdom, Japan and Taiwan district,Based on this to get the basic experience to the legislative of the identification regulations in the market manipulation.The fifth part has put forward envision to improve the regulation system of the identification in the market manipulation under the new situation in China, respectively, from the main elements, subjective and objective elements etc. to strengthen the identification regulations in the market manipulation under the new situation.