Research On The Legal Problems Of The Manipulation Of The Securities Market

China's securities market since the 1984 issue of the first issue of the stock,after the establishment of the first stock exchange in Shanghai,the period after 17 years of rapid development.The stock market of our country is becoming more and more mature,and the trade scale is increasingly large.At the same time,with the continuous development of market economic reform,it can be predicted that China's securities market will continue to develop rapidly,and in the market economy in China has a growing impact.The securities market is a free competitive market.In such a large degree of freedom in the market,there is a natural monopoly,and in the securities market,the most common monopoly behavior is undoubtedly the market manipulation.The essence of control behavior is to use the advantages of resources,information and other aspects of the monopoly market,so as to obtain the behavior of unfair interests.In our country,the manipulation can be traced back to the beginning of the birth of the stock market,and along with the development of the securities market.From the amount of money to start a small,often to spread false information as a means to the development of the minor,abundant capital,technology,professional and skilled manipulation,and the listed companies and media collusion.Therefore,the operating performance of listed companies on the company's stock price is difficult to produce effective impact,and can only become the subject of speculation.The so-called analysis of the stock market also gradually transformed into the "banker" control means analysis.China's securities market to a large extent,the formation of a speculative market,and the behavior of the market participants also brought a strong gambling color,which is contrary to the securities market to optimize the allocation of market resources.Therefore,exploring the way to solve the manipulation of securities market is an inevitable way to ensure the healthy and mature development of China's securities market.Based on the definition of manipulation of securities market,this paper discusses the characteristics and harm of the market manipulation.It concludes that the manipulation of the securities market mainly takes the form of false information,false trade and real transaction.At present,our country mainly from the "criminal law" and "Securities Law" two aspects of the regulation.There are some deficiencies in these two aspects.First of all,"criminal law" and "Securities Law" there is no coordination,and secondly,there is a lack of punishment mechanism,the manipulation of the securities market behavior is not clear.Administrative legislation,there are scattered legislation,the lack of systematic,difficult to implement and other aspects of the punishment is difficult to implement.At the same time,it is pointed out that the rights of victims are difficult to maintain because of the imperfect laws and regulations.Based on the above shortcomings,this paper tries to put forward some suggestions for improvement.In order to effectively deter and punish the crime of manipulating the securities market,the penalty and qualification penalty can be improved in the criminal law.At the same time,adjust the relevant provisions of the securities law,and combined with the external supervision,information disclosure system and other measures to jointly build the anti-securities operating system.After that,based on strengthening supervision,the group litigation to resolve stock market manipulation behavior of the victim.