An Empirical Study That Manipulates The Identification Of Securities Markets

Market manipulation is a serious illegal activity in securities trading activities.All countries have passed legislation to prohibit it,and China has stipulated it in article 77 of the securities law.But after years of practice,found that on legislation for the manipulation of the securities market in China that there are drawbacks on the standard system,this paper selected the CSRC in 2007 to 2017,66 pieces of administrative penalty as a sample case of market manipulation,and around these cases respectively to manipulate the market main body status,subjective intent and behavior types are analyzed,and found that the principal part of the manipulation on the identity of most of the natural person,and have a common characteristic is influential,but at the same time it still has problems,namely the main body of responsibility scope is not complete,when we amend the propose legislation to expand the scope of the main body of responsibility,in order to achieve the purpose of penalty,play a deterrent effect.For manipulation of the main body of subjective intent that the study found that although at present in practice for the manipulation of main body the subjective intent of identifying exist difficulties and way of thinking is not clear,but for the cognizance of subjective intent is still the necessary conditions to determine whether a person of market manipulation,not just because the situation was complex of the subjective intent of the necessary conditions,therefore suggested that the CSRC is the current practice in practice is a relatively typical and determination of subjective intentional manipulation subject train of thought.Samples for market manipulation types,mainly through case analysis of the CSRC on how different kinds of behavior in the punishment of,also found on the legislation in our country at present the contradiction and conflict behavior classification,and only in the securities law provisions of the three types of clear out the fourth is the "other means",so there is a greater freedom in practice qualitative space,is not conducive to the identified on the basis of the unity of market manipulation,thispaper suggested that increased market manipulation in the legislation of the legal types,so that in the future practice on the basis of more clear.