Research On Legal Regulation Of Manipulative Behavior In Securities Market

Manipulation of the securities market means that the manipulator violates the market trading rules and manipulates the trading price and trading volume of securities by taking advantage of its advantages in the market or market influence in order to obtain illegal benefits or reduce its losses and trading risks,thus creating a false impression of the market.At this time,investors in other securities markets will suffer losses because they do not know enough about the truth of the transaction,are at a disadvantage in the market,and make wrong trading decisions.Manipulation of the securities market will not only destroy the order of the securities market,but also cause investors in the securities market to lose their confidence in the securities market if they cannot enjoy the right to fair trading in the securities trading market.At this time,listed companies will be hindered from raising funds from the securities market through the issuance of shares,which will affect the development of enterprises.What's more,the development of China's national economy will be hindered.In the 1990 s,China's securities market began to recover.The securities market has been gradually liberalized and developed rapidly,but the manipulation of the securities market has also intensified.Manipulators of the securities market believe that controlling the trading price and volume of securities affects the normal order of the securities market,and at the same time makes other securities investors lose confidence in securities investment.If this goes on,securities traders will choose to leave the market if they cannot conduct securities trading in a safe environment,which is not conducive to the long-term prosperity of the securities market.Therefore,in order to safeguard the fair trading rights that ordinary securities traders should enjoy and maintain the trading order in the securities market,it is necessary to strengthen the supervision of the securities market and crack down on the manipulation of the securities market.The writing of this article is mainly divided into five parts.The first part introduces an overview of securities market manipulation,including the evolution of the securities market,the characteristics and types of securities market manipulation.In the second part,effective market hypothesis theory,behavioral finance theory,information asymmetry theory and noise deal are used to explain the manipulation of the securities market.The third part introduces the case of Longwei Media's acquisition of Wanjia Culture,and analyzes Longwei Media's deliberate misleading of the public,deliberate major omissions,deliberate false records and other securities market manipulations during the acquisition process.The fourth part introduces the securities market supervision system in western developed countries,including the government-led supervision system in the United States,the self-regulatory supervision system in Britain and the intermediate supervision system in Hong Kong,China.The fourth part and the fifth part are the key parts of the paper.The fourth part analyzes the prominent problems of legal regulation of securities market manipulation,and the fifth part puts forward relevant suggestions accordingly.