The Research On The Related Problems Of Stock Market Manipulation

Stock market manipulation is the phenomenon that happening frequently inChinese securities market. A series of legislations concerning stock marketmanipulation were promulgated by Chinese legislators. At the same time, the Chinesecourts had made verdicts related to several classic stock market manipulation, such asthe cases of Zhongkechuangye, Yi’ankeji, Dongfangdianzi and Wang Jianzhong.However, due to various reasons, most of the stock market manipulation still couldevade from relevant investigation and legal punishment and only small portion of thiskind of crimes were punished by CSRC or courts. The reasons mentioned above aremainly as follows:1. Non-existence of a clear and accurate definition of stock marketmanipulation;2. Non-existence of effective standards for identifying mens rea;3.Because identifying stock market manipulation according to because of thecontroversy of the miscellaneous provisions of stock market manipulation in thetheory of criminal law, lead to the difficulty in provisions identifying stock marketmanipulation in judicial practice.In response to the three issues mentioned above, author will divide the main textinto four parts. Part1will focus on defining stock market manipulation viacomparisons of various definitions of ‘manipulation’ in different countries or regionswhich own developed stock markets and the comparisons above will be discussedwith Chinese situation. Part2will concentrate on the discussion of social harmfulnessof stock market manipulation under the accurate definition mentioned above. Part3will analyze the constitutive components of the crime of stock market manipulationpursuant to article182of PRC Criminal Law. Part4will point out the maindifficulties in identifying the crime of stock market manipulation and will furtherdiscuss the identifying standard of mens rea of such crime and judicial application ofrelated miscellaneous provisions. Author will quote and refer to large amount offoreign legislations, judicial practices and academic opinions in order to promotecriminal regulation of stock market manipulation, because stock market was not bornin China after all. This article will probe stock market manipulation exclusively and will not involve futures market manipulation stipulated in article182of PRCCriminal Law.