Research On Legal Problems Of Manipulating The Securities Market

Since the establishment of China’s securities market has been on the securities legislation in the dark ahead of time due to the development of China’s securities market is not long, it will expose a lot of running into problems, is a typical behavior of stock market manipulation. Stock market manipulation behavior undermines the normal operation of the securities market, against the interests of small investors, so the price of securities can not effectively reflect its true intrinsic value. China is currently involved in stock market manipulation academic works such as insider trading, misrepresentation, etc. are not many, unable to meet the urgent need for legislation, and academia on market manipulation and fraud is often based on the legislature as a starting point, and therefore can not reveal the essence manipulation of nature. Moreover, the study of the concept of market manipulation, and other issues of the type is also somewhat vague, and therefore such acts in the study process will encounter many blind, unable to better adapt to the development needs of the new era of securities markets, therefore, I chose this as a starting point to explore aspects of China’s securities market manipulation and corresponding legal issues. First of all, I start from the concept of market manipulation, clearly the essence of manipulation, sorting constituent elements of manipulation, manipulation of different types of detailed analysis. Secondly, the author analyzes the causes of market manipulation, the theoretical foundation, learn about the regulatory legislation of foreign manipulation, while with the current status of the domestic market manipulation for regulatory action, for in our country how to effectively prevent and combat market manipulation made their point of view Finally, China’s current status of legislation, the establishment of market manipulation civil liability regime put forward the idea and necessity argument.The paper is divided into four parts, mainly:The first part is the legal definition of stock market manipulation behavior. This chapter from the concept of stock market manipulation behavior starting to manipulate the behavior of a scientific exposition and definitions are based on the four main doctrines abroad. The author compares the doctrine of the four combined U.S., Japan, Germany, and on the legal definition of manipulation is analyzed, and finally gives a definition:any unit or individual, in violation of the law, by means of the impact of market price, lure to enable investors to participate in securities trading, to seek illegal profits or transfer the investment risk behavior. Then describes the characteristics and composition of the elements of manipulation, I believe in the manipulation of the study should be noted that the main constituent elements of institutional investors, in the subjective aspect should learn from America’s "presumption" in terms of the need for further research objective causality how to distinguish between rational and irrational behavior of investors.The second part of the type of stock market manipulation behavior were cited and legal analysis, due to the manipulation of the technical nature of the legal profession for the regulation of such behavior from the operator needs of different types of manipulations to start research. The author of the divided capital of type manipulation manipulation and manipulation of information type, the starting point of the former is that by funding to carry out the layout and operation of the market, while the latter emphasizes the behavior of people using false information to affect investor psychology to achieve price-fixing behavior.The third part is the behavior of stock market manipulation legal regulation, the author summarizes cited an analysis of national laws on the prohibition of market manipulation, and then compare the current provisions of the relevant laws, identify the problems and explained. Finally, I learned from the current situation and problems of regulatory levels are described.The fourth part is to improve the manipulation of the securities regulatory thinking, the author from the establishment of anti-manipulation system, improve information disclosure, strengthen preventive measures to strengthen social supervision, strengthen self-discipline supervision angle put forward the idea.The last is related to the concept of establishing civil liability system, and is also the author of the summary of our current legal regulation manipulation case based on the proposed strategic thinking. The author analyzes the necessity to build the anti-manipulation civil liability system, proposed construction of anti-manipulation system of civil liability should establish mechanisms related civil action, the burden of proof to establish the angle of inversion system to be implemented.