The Case Study On Information-based Market Manipulation

In the past two years,the number of illegal cases of information-based market manipulation in our country has gradually risen,presenting a compound manipulation trend in which the majority shareholders of listed companies and private equity investment mechanisms have conspired to take advantage of the superiority of information in combination with other manipulation methods to push up the stock prices.Information-based market manipulation has seriously endangered the benign development of the stock market.The legal regulation and supervisory system of the stock market in our country are not perfect enough.The definition of the information-based market manipulation,the behavior performance and the standard of recognition are not clearly defined,and the rapid development of information media exacerbates the illegal influence of using information means to manipulate stock prices,which leads to the illegal behavior of the information-based market manipulation can not be checked.Therefore,to study in depth the phenomenon of information-based market manipulation is of great significance to the orderly and normative development of the stock market.This paper reviews the domestic and foreign research literature on information-based market manipulation,and analyzes the research status of the definition,reason,characteristics,methods,market performance and legal regulation of information-based market manipulation.In view of the lack of clear definition of information-based market manipulation in our country,this paper makes innovations in putting forward the definition and criteria of information-based market manipulation,and statistics the frequency of occurrence on information-based market manipulation in our country,analyzes the behavior and harm of information-based manipulation,sorts out the legal regulation defects of information-based market manipulation.Taking the case of Shanghai Yongbang Investment Co.,Ltd.and Diecai Asset Management(Shanghai)Co.,Ltd.as an example,based on the analysis of the financial statements of the case companies,the author summarizes the motivation and process of the information-based market manipulation of Shanghai Yongbang and Diecai Asset Co.,Ltd.,combined with the punishment of the CSRC Decision,in-depth analysis manipulation behavior,manipulation methods and manipulation results of Shanghai Yongbang,Diecai asset Co.,Ltd.information-based market manipulation.The research shows that information-basedmarket manipulation is a new type of stock market manipulation behavior that is influenced by information asymmetry,uses information as a means,manipulates securities prices as a result,and obtains illegal income as its ultimate goal.The information-based market manipulation has clear violation facts,and the manipulation means are compound and covert.It shows the behavioral features of manipulating the stock price by legal terms under the management of market value,collaborating on controlling information to issue in combination with continuous transactions,and catering to market hot topics manufacturing information.We should standardize management of information-based market manipulation from the aspects of improving legal regulations,strengthening market supervision and punishment,standardizing the information supervision mechanism of listed companies,and enhancing investor rational investment.