Study On The Identification Standard Of Manipulation Of Securities Market In China

Manipulation of the securities market behavior is a common problem in financial markets,restricts the healthy development of financial markets,restricts the healthy development of the economy in our country.This article starts with the case study of administrative penalty of manipulating the securities market,through empirical analysis,it analyzes the characteristics of administrative penalty cases of manipulating the securities market in China,such as case distribution,type of manipulation,high proportion of manipulation by natural persons,the behavior presumes that the actor has manipulated deliberately,the decision of fluctuation or deviation affects the trading price or trading volume,the "profit and loss do not offset" and the loss is also punished,etc.,and conducts a standard analysis on the combination of eight manipulation means and cases.Through the analysis,put forward some problems of the manipulation of the securities market in our country law,such as no clear complete definition of market manipulation,also does not have to classify all kinds of manipulation of the securities market,for each type of manipulation of the securities market in detail standard that related legal provisions are not clear,various control means there is competition,etc.Through analysis,this article points out some problems existing in the legal regulations on manipulating the securities market in China,such as no clear and complete definition of market manipulation,no classification and detailed standard identification of various behaviors of manipulating the securities market,unclear relevant legal regulations,concurring of various means of manipulation,and civil compensation is difficult to achieve etc.In addition,with the development of the securities market and the application of new technologies in the securities market,some new manipulation means have emerged,such as short-term trading,cross-border trading and quantitative trading.These new manipulation means have put forward new requirements and challenges to the legal provisions,identification standards and supervision of the manipulation of the securities market.At the same time,it points out the development direction for supervision by referring to the relevant provisions and experience of laws of Britain,America and other countries.Finally,from the perspective of legislation,enforcement and supervision,this article puts forward some suggestions on the manipulation of securities market,the increase of judicial power of securities regulatory agencies,and the strengthening of technical supervision and evidence collection.