The Study On Improvement Of Criminal Legislation To The Fraudulent Issuance Of Stocks And Bonds

The criminal regulation on the crime of fraudulent issuance of stocks and bonds is the urgent problem to be solved.At present,in China's criminal law circles,the theoretical research on the criminal regulation of fraudulent issuance of stocks and bonds is insufficient,the scientific research achievements are not enough,and the research is not deep enough.China's criminal legislation on fraudulent issuance of stocks and bonds has lagged behind the issuance system of securities.Since October1997,when our current Criminal Law has been implemented,the issuance system of securities has changed from “channel approval” to “sponsored approval”.With the requirements of “Promoting the Reform of the Stock Issuance Registration System”,China's issuance system of securities is about to enter the era of registration system,while the provisions of Criminal Law on the crime of fraudulent issuance of stocks and bonds have never been amended.The regulation on the crime of fraudulent issuance of stocks and bonds is not strong.Under the background of great changes in China's market and issuance system of securities,it is particularly important to study the legislative perfection on the crime of fraudulent issuance of stocks and bonds.The crime of fraudulent issuance of stocks and bonds discussed in this paper refers to the crime of fraudulent issuance of stocks and bonds stipulated in Article 160 of the Criminal Law in China.The fraudulent issuance methods discussed in thispaper include public offering and non-public offering,and the stocks and bonds discussed in this paper include stocks and the bonds of companies and corporations.In studying the criminal regulation on the crime of fraudulent issuance of stocks and bonds,it adopts the methods of normative analysis,explanatory analysis and empirical analysis to discuss the criminal regulation on the crime of fraudulent issuance of stocks and bonds from the current domestic and foreign legislation on the crime of fraudulent issuance of stocks and bonds,the constitution of this crime,the theory and value target of the criminal law,and the reconstruction of the criminal regulation on this crime,so as to perfect the criminal regulation on this crime.The thesis is divided into four parts:The first part is about the legislative model on the crime of fraudulent issuance of stocks and bonds.From summarizing the legislative models on the crime of fraudulent issuance of stocks and bonds in the securities market of developed countries such as the United States,Britain,Germany and other Western developed countries,it analyzes the legislative model on the crime of fraudulent issuance of stocks and bonds in China,affirms that the status of the Securities Law,which is a subsidiary criminal law of the crime of fraudulent issuance of stocks and bonds,and points out the deficiencies of the legal regulations on the crime of fraudulent issuance of stocks and bonds in the Securities Law and the Criminal Law in China.This chapter puts forward the objective requirements for the legislative perfection on the crime of fraudulent issuance of stocks and bonds.The second part analyzes the controversial issues of the crime constitution on the crime of fraudulent issuance of stocks and bonds.From analyzing the protection of legal interests,analysis of fraudulent(issuance)behavior,expression of crime,and responsibility of criminal subject on the crime of fraudulent issuance of stocks and bonds,it analyzes the controversial issues in the current criminal law theory and criminal justice practice in China,so as to define the object of legal interest protected by the crime of fraudulent issuance of stocks and bonds set in the criminal law,discuss the means and content of fraudulent(issuance)behaviors,clearly maintain the crime expression of the crime of fraudulent issuance of stocks and bonds,and pointout that the responsibility regulation of the criminal subject on the crime of fraudulent issuance of stocks and bonds is not strong.This chapter provides practical support for the legislative perfection of the crime of fraudulent issuance of stocks and bonds.The third part is the theoretical basis and value target of the crime of fraudulent issuance of stocks and bonds.The criminal law theory on the crime of fraudulent issuance of stocks and bonds is based on internal theory and external theory.The external theory is the social trust between the issuer and the investor,the internal theory is the positive and negative side of the criminal law's supportability and modesty on the criminal regulation of the crime of fraudulent issuance of stocks and bonds,and the behavior of fraudulent issuance of stocks and bonds is an objective existence in the securities issuing market.The core value target of the crime of fraudulent issuance of stocks and bonds comes from the information disclosure system based on social trust,while other value targets are securities market order and investor protection.This chapter provides theoretical support for the reconstruction of criminal regulation on the crime of fraudulent issuance of stocks and bonds.The fourth part is the reconstruction of criminal regulation on the crime of fraudulent issuance of stocks and bonds.In order to reconstruct the criminal regulation of the crime of fraudulent issuance of stocks and bonds,the first problem to be solved is the limitation problem in the criminal regulation.The Criminal Law is the last intervention of the legal sanction of fraudulent issuing behavior of stocks and bonds,which is the minimum requirement of the freedom of the securities issuing market,and the criminal regulation on the crime of fraudulent issuance of stocks and bonds is the brief protection of the interests of investors in the securities market.In order to reconstruct the criminal regulation on the crime of fraudulent issuance of stocks and bonds,it analyzes and studies the expression of the crime from the legislative model,and then the legal provisions of the crime of fraudulent issuance of stocks and bonds after construction are obtained.