操纵证券市场行为

我国操纵证券市场行为及其法律规制研究

Research on the Manipulation of Securities Market and the Legal Regulation in China

本文旨在研究新型操纵证券市场行为及其法律调控问题。

This paper aims to study the late-model manipulation behaviors of the securities market and its legal regulation .

同时，操纵证券市场行为是专业性很强的经济活动，操纵证券市场犯罪也具有相当的复杂性和很强的专业性。

The manipulations of the stock market are very specialized economic activity while the crime of it has fairly complexity and specialization .

但是我国目前对操纵证券市场行为责任的追究基本上限于行政责任和刑事责任，对于民事责任几乎是空白。

However , China investigate the responsibility for market manipulation is essentially limited to administrative liability and criminal liability , civil liability is almost blank .

操纵证券市场行为作为证券侵权行为的一种重要类型，对证券市场的健康发展造成了极大的危害。

Stock market manipulation acts as a kind of important types of securities tort , for the healthy development of the securities market have caused great harm .

从国外经验看，制止操纵证券市场行为的一个有效的办法就是对其实行重罚，行政、刑事和民事制裁手段并用。

From the foreign experiences , one of the effective ways to prevent market manipulation is to punish severely and to apply administrative , criminal and civil sanctions together .

操纵证券市场行为具有很严重的社会危害性，它扭曲了正常的市场价格，误导了投资资金的流向，使证券价值与价格严重背离。

This behavior makes serious harm to the society by distorting the regular market price , misleading the direction of investment fund and resulting the great gap between the real value and price of stock .

在比较法视角下，对这些国家或地区操纵证券市场行为民事责任的归责原则、因果关系、主体客体、行为方式、诉讼制度等多个方面进行深入的、全面的讨论研究。

In the view of comparative law , in these countries or area of market manipulation civil liability , causation , subject and object , way of behavior , litigation and other aspects of in-depth , comprehensive discussion and research .

本文的引言部分主要分析了我国法学界关于操纵证券市场行为民事责任问题研究的现状，提出本文主要探讨的问题及建立操纵市场民事责任制度的迫切性和重要性。

Introduction Part , the author briefly outlines the status quo of China legal area on the civil liability for market manipulation , puts forward the problem of this thesis and the urgency and significance of building civil liability for market manipulation in China .

操纵证券市场的行为具有相当大的危害性，这种行为严重冲击了证券的监管制度。

The detriment of securities market manipulation is remarkable as it seriously impacts the securities regulatory system .

从而对于一些非正常的交易订单产生一定的限制行为，由此保护交易者利益，防止内幕交易和操纵证券市场的行为。

Thus for some abnormal trading order produce certain limit behavior , in order to protect trader interests , to prevent insider trading and manipulation of the securities market behavior .

在我国，操纵证券市场的行为已经被认为是一个公开的秘密，大多数股票与其盈利能力相比，价格奇高，以致丧失了投资价值，只能成为投机赌博的工具。

The stock market manipulation has been regarded as an open secret in China . Compared with its profitability , the high price of many stocks makes it lose investment value and becomes the tool of speculative gambling .

禁止欺诈、内幕交易和操纵证券交易市场的行为。

Cheating , insider trading , and manipulation of stock markets are prohibited .

随着资本市场的发展，操纵证券、期货市场行为的形态也不断发生变化。

With the development of capital markets , manipulation of securities , the shape of the futures market behavior is changing .

华尔街日报星期二报道称，一位墨西哥法官宣布了逮捕两位泰科国际公司的执行官，原因是他们有操纵当地证券市场的行为。

A Mexican judge issued arrest warrants for two Tyco executives , charging them with fraud in handling the conglomerate 's local security unit operations , the Wall Street Journal reported on Tuesday .

第五条证券发行、交易活动，必须遵守法律、行政法规；禁止欺诈、内幕交易和操纵证券交易市场的行为。

Article 5 . When issuing and dealing in securities , all concerned must abide by laws and administrative rules and regulations . Cheating , insider trading , and manipulation of stock markets are prohibited .

基于这三个因素，必须对于操纵证券、期货市场的行为进行严格而必要的法律控制。

Based on these three factors must be strictly necessary legal control for the manipulation of securities and futures market behavior .