股市“恶意做空”行为的法律性质与规制

发布时间：2018-01-28 02:27

本文关键词： 恶意做空市场操纵认定标准法律规制　出处：《暨南学报(哲学社会科学版)》2017年04期 　论文类型：期刊论文

【摘要】：“恶意做空”并非严格意义上的法律术语,其在本质上属于市场操纵行为。对可能构成市场操纵的做空行为是否进行规制,各国立法不一,主要取决于一国证券市场的发达程度、健康状态等等,但对扰乱证券市场秩序的“恶意做空”行为皆持否定态度。我国证券市场发展较晚,因欠发达而更具脆弱性,对扰乱证券市场秩序的“恶意做空”行为更应严格查处。在“恶意做空”操纵行为的认定方面,确定操纵目的时应借鉴美国适用推定主义,并且市场操纵的认定不以结果的出现为必要,只要该行为足以扰乱证券市场秩序即可。为有效预防和规制“恶意做空”等扰乱证券市场秩序的行为,应建立跨市场监管机构,并不断增强证券市场的公开性和透明度。
[Abstract]:"malicious shorting" is not a legal term in the strict sense, it is essentially a market manipulation. Whether to regulate the shorting that may constitute market manipulation varies from country to country. It mainly depends on the degree of development and health of a country's securities market, but it has a negative attitude to the "malicious short-selling" behavior that disturbs the order of the securities market, and the development of our securities market is relatively late. Because of the underdevelopment, it is more vulnerable to "malicious short selling", which disturbs the order of securities market, and it should be strictly investigated and dealt with, and the identification of "malicious short selling" manipulation. When determining the purpose of manipulation, we should draw lessons from the United States to apply presumptionism, and the identification of market manipulation is not necessary for the appearance of the result. As long as the behavior is enough to disturb the order of the securities market. In order to effectively prevent and regulate "malicious short selling" and other acts of disrupting the order of the securities market, we should establish a cross-market regulatory agency. And continuously enhance the openness and transparency of the securities market.
【作者单位】：对外经济贸易大学法学院;
【分类号】：D9
【正文快照】： 2015年中国股市可谓多事之秋,在“改革牛”、“国家牛”的舆论导向下,沪深指数持续走高,但6月中旬之后则呈现连续暴跌的现象。以沪市为例,上证指数在6月15日冲上5100多点的高位后,突然急转直下,之后连续多日暴跌,单日最高跌幅达300多点。对此,政府有关部门指责有人背后“恶意

【相似文献】