The Legal Issue Study Of Spreading Financial Information On Micro-blog

Since the arrival of the media era,the spread of information is becoming more and more efficient,and the speed and breadth of information dissemination is beyond the reach of the traditional media era,the speed and breadth of information dissemination is beyond the reach of traditional media era.This kind of change could have been a good news for investors in the securities market.High-efficiency information dissemination can change the situation of information asymmetry in the securities market to a large extent,making the operation of listed companies more transparent,and make investors' judgments more accurate.However,in recent years,the self-media platform represented by Sina Weibo did some damage to the security market.Some famous user on Weibo who has millions fans did not cherish their right of speaking.They made some irresponsible remarks on Weibo,which had a significant impact on the securities market and could have increased market transparency.The self-media became a hidden danger in making the market more opaque.At the same time,since the supervision of securities on the self-media is immature,the existing securities laws lack the relevant regulations on the use of this new method to influence the behavior of the securities market.There isno standards for the regulatory authorities to implement.In order to provide opinions for regulatory authorities to regulate such behavior,this article first introduces the advent of the Weibo era and the new changes brought to the dissemination of securities-related information.Then,after a certain analysis of the current status of Chinese financial information supervision,this article lists two Weibo famous user's remarks occurred in recent years that caused abnormal fluctuations in the stock price of the company involved,and caused widespread media disputes.The famous user are Pan shiyi and Shi yuzhu.We are going to analyze how these two behaviors should be characterized under the current legal vision of China,and why the securities regulatory authorities did not make corresponding countermeasures after the incident.Most of the disputes discussed about the above-mentioned big Vs were whether they disclose inside information or manipulate the securities market.However,from these incidents,it is difficult for the parties to see that there is a motive to manipulate the market,and they do not have backhanded transactions.So this article wants to focus on whether their behavior constitutes disclosure of insider information.Behind each piece of legislation is a certain degree of legislative logic.China's legislation on the disclosure of insider information can also be seen in some academically recognized theoretical foundations.These theories are mainly derived from the case of the United States Supreme Court.The theories and some standards to be discussed in this paper mainly aim at the identification of insider information personnel and the identification of insider information,and comprehensively analyze how these standards apply to the main body and the content of the spread of financial information on Weibo.That is,whether these big Vs can be the subject of disclosure of insider information,and what kind of information they publish can be considered as insider information.Chinese reference to these theories must fully consider the differences between Chinese current securities market and the U.S.market.The U.S.has started its securities market early and the corresponding legislative system has also been relatively perfect.In China,there are many individual investors in the securities market,and the herd effect is obvious.Investors are vulnerable to all kindsof information.These issues should be fully taken into account when drawing lessons from extraterritorial rules.After clarifying the reasons why it is difficult to penalize similar behaviors at present,this paper gives its own suggestions on technology and improving related laws and regulations.It hopes to provide some advice in regulating the spread of financial information on Weibo to disrupt the behavior of the securities market.