操纵市场行为民事责任制度的研究

发布时间：2018-01-21 12:39

本文关键词： 操纵市场行为民事法律责任市场欺诈　出处：《云南大学》2015年硕士论文　论文类型：学位论文

【摘要】：我国《证券法》对操纵证券市场行为的民事责任已经在立法方面得到确认,但对于追究操纵证券市场行为的民事责任,却仍困难重重,受到财产损失的广大投资者并未得到应有的法律救济,广大投资者的经济利益仍然游走于公平与正义的边缘。民事法律责任制度对民事权利拥有人具有保护意义。民事法律责任制度应当经过深入的研究和反复的论证,解决司法实务中亟须处理的问题。若权利人应有的权利未得到司法保障,那么法律关系就会处于不稳定状态,这不利于维护证券交易秩序的稳定。故操纵市场行为的民事法律责任制度应具有补偿、救济受害者,维护交易者之间平衡利益关系的功能,使投资者对整个证券市场的有序与繁荣发展恢复投资信心。操纵市场行为人一般是证券市场上比较具有知名度的证券从业者或投资咨询机构,他们拥有较高的市场关注度,因此操纵市场的行为也就在客观上利用了相对的群众基础。行为人利用投资者无法分辨证券市场真实信息的劣势,以多种形式的操纵市场行为,侵害众多投资者的财产利益。操纵市场行为,严重违背了我国法律制度中的“诚实信用原则”,对证券市场相关从业人员和机构的诚信与声誉造成极为严重的负面影响,并损害了证券市场的诚信秩序,导致证券市场不正常的发展情势,损害了投资者的投资信心。本文首先通过证监会查处的三起操纵证券市场案为例分析说明了我国操纵市场行为民事责任制度的现状,以便读者对我国操纵市场行为民事责任制度有基本的了解。其次对操纵市场行为的定义、性质、危害及类型进行了基本阐述,使读者能够大致对操纵市场行为民事法律责任有基本的理论性认识。再次,概括了操纵市场行为民事法律责任的构成要件,并对其进行评析,提出操纵市场行为民事法律责任构成要件应当以全新视觉去规定,并对以全新视角认定的构成要件的合理性进行了分析。然后通过对发达国家及地区对操纵市场行为民事法律责任之相关法律规定的研究,总结了我国应当在规制操纵市场行为民事责任制度方面应当借鉴的优势。本文的结尾,以完善操纵市场行为民事法律责任制度的方式为目的,提出了取消行政前置程序、因果关系确定方法及实行举证责任倒置制度、确定操纵市场行为纠纷诉讼赔偿额的建议。
[Abstract]:The civil liability for manipulating the securities market has been confirmed in the aspect of legislation, but it is still difficult to investigate the civil liability for the manipulation of the securities market. The majority of investors who have suffered property losses have not received the legal remedies they deserve. The economic interests of investors are still on the edge of fairness and justice. The civil liability system has the significance to protect the civil rights owner. The civil legal liability system should be studied deeply and proved repeatedly. . Solve the urgent problems in judicial practice. If the rights of the obligee are not protected by the judiciary, then the legal relationship will be in an unstable state. This is not conducive to maintaining the stability of the order of securities trading. Therefore, the civil liability system of market manipulation should have the function of compensation, relief to the victims, and maintenance of the balance of interests among traders. Investors will restore confidence in the orderly and prosperous development of the entire securities market. Market manipulators are generally well-known securities practitioners or investment consulting agencies, they have a high degree of market attention. Therefore, the behavior of manipulating the market makes use of the relative mass base objectively. The actor takes advantage of the weakness of the investors who can not distinguish the real information of the securities market, and manipulates the market behavior in many forms. Infringing on the property interests of many investors and manipulating the market seriously violates the "principle of good faith" in our country's legal system. It has a very serious negative impact on the integrity and reputation of the relevant employees and institutions in the securities market, and it also damages the integrity order of the securities market and leads to the abnormal development of the securities market. Has damaged investor's investment confidence. Firstly, this paper analyzes the current situation of civil liability system of market manipulation in China through three cases of manipulation of securities market investigated and dealt with by the Securities Regulatory Commission. In order for readers to have a basic understanding of the civil liability system of market manipulation in China. Secondly, the definition, nature, harm and types of market manipulation are expounded. So that readers can have a basic theoretical understanding of civil legal liability for market manipulation. Thirdly, it summarizes the constitutive elements of civil legal liability for market manipulation, and evaluates it. The constitution of civil liability for market manipulation should be stipulated from a new perspective. It also analyzes the rationality of the constitutive elements from a new perspective, and then through the developed countries and regions to manipulate the market behavior of civil legal liability related to the study of the legal provisions. This paper summarizes the advantages that our country should use for reference in regulating the civil liability system of market manipulation. At the end of this paper, the purpose is to perfect the civil liability system of market manipulation. This paper puts forward the suggestion of canceling the administrative pre-procedure, determining the causality and implementing the system of reversing the burden of proof to determine the litigation compensation for the dispute of manipulating market behavior.
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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