摘要
操纵证券市场的行为主体多为强势的个人投资者,行为人在主观状态上具有操纵的故意,操纵行为对交易价格和交易量的影响需考虑交易日因素。但当前法律对操纵证券市场行为的认定标准缺乏精准性,有必要结合具体的行为类型进一步优化认定标准。具体而言,在洗售交易操纵行为的认定中,可以从技术、资金和人际关系角度来认定"自己实际控制的账户";在虚假申报操纵行为的认定中,需通过对交易价格、交易量和交易日的综合考虑,来判断行为人是否具有操纵的故意;在尾市交易操纵行为的认定中,应对"即将收市时"的时间段进行限缩;在抢帽子操纵行为的认定中,应将责任主体扩张至"具有相当影响力"的人。
The subjects who manipulate the securities market are mostly powerful individual investors, with the intent of manipulation in the subjective consciousness. The influence imposed by manipulation conducts on trading prices and trading volume should take factors on the trading day into consideration. However, currently there is no detailed law on criteria to identify manipulation conducts of securities market, so it is necessary to further optimize the identifying criteria combing the specific kinds of conducts. Specifically speaking, when identifying the manipulation conducts of wash sale transactions, ＂self-controlling account substantially＂ can be identified from the perspec- tives of technology, capital and relationship. When identifying the manipulation conducts of false declaration, it should take trading price, trading volume and trading day into overall consideration so as to determine whether the subjects have the intent of manipulation. When identifying the manipulation conducts of the closing transaction, the time period that ＂the market is going to be closed＂ should be narrowed. When identifying the manipulation conducts of scalp, the scope of subjects that undertake responsibilities should be expanded to persons with ＂considerable influence＂.
出处
《政法论丛》
CSSCI
北大核心
2016年第5期101-108,共8页
Journal of Political Science and Law
基金
2014年中国政法大学青年教师学术创新团队资助项目<中国民法典的根基与周边>(2014CXTD05)的阶段性成果
"中国政法大学优秀中青年教师培养支持计划资助项目"资助
关键词
操纵证券市场
投资者保护
认定标准
资本市场
manipulation of securities market
protection of investors
identifying criteria
capital market.
