跨股票和股指期货市场操纵的行为认定

发布时间：2018-03-22 15:34

本文选题：跨市场　切入点：股票市场　出处：《武汉大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国股票及股指期货市场的建立和发展,股票与股指期货市场的联动性不断加强。跨市场产品的不断涌现和跨市场交易的发展,使得跨市场操纵行为呈现出新的特征。跨股票和股指期货市场操纵行为的智能型、隐蔽性不断提升,操纵者的反监管能力与规避法律风险的意识也将大幅提升,这些都为监管跨市场操纵行为带来了更大难度。目前,我国在监管跨市场操纵行为的相关规则和经验方面尤为缺乏。随着我国金融市场的快速发展,在规制跨市场操纵行为方面,法律与规则的模糊地带将不断增加。这不仅是对现有市场监管体系及行政执法的考验,亦是对刑事调查与司法认定提出的挑战。因此,我们亟需借鉴相关发达国家的立法与监管经验,构建适应开放型资本市场体系的跨市场监管制度。本文在参考国内外文献的基础上,结合我国法律规定和实务案例,尝试对跨股票和股指期货市场操纵的认定和监管问题抛砖引玉,本文主要分为以下几个部分:本文第一部分结合股票及股指期货市场的产生发展,针对证券市场的关联性和信息不对称性的特性,阐述跨市场操纵行为的缘起;在国内外学界的研究的基础上,尝试对跨市场操纵行为进行定义,并在此基础上对跨市场操纵行为进行识别。本部分通过比较跨市场操纵行为与投机性交易行为的区别,厘清跨市场操纵的特性,阐述将跨市场操纵行为类型化的必要性。本文第二部分阐述了跨市场操纵行为认定的前提,界定跨市场操纵中的"跨市场"。本部分通过分析介绍关联市场、价格联动机制和信息传导机制,针对性的分析跨市场的形成机制。在此基础上,本部分将着重介绍两种典型的跨市场操纵模式。本文第三部分分别从跨市场主体和客观行为两个方面,并通过结合境外跨市场操纵的相关案例,尝试对如何认定跨市场操纵和界分跨市场操纵行为提出自己的见解。着重分析比较跨市场操纵行为相较于单一市场操纵行为方式上的同一性与特殊性。本文第四部分将立足于跨市场操纵行为的监管,积极借鉴境外对跨市场操纵行为的监管模式和有关经验,同时结合我国的跨市场监管现状,最后从顶层制度设计、完善信息管理制度和优化监控手段三个方面着手,提出对我国跨市场监管制度的设计与完善的建议。本文第五部分结语梳理全文观点,建议《证券法》加快对跨市场操纵行为的规制,完善法律体系,以充分保护合法投资者的利益,促进证券市场交易的公平有序开展,保证证券市场资源的合理配置,维护市场经济的稳定。
[Abstract]:With the establishment and development of stock market and stock index futures market in China, the linkage between stock market and stock index futures market has been strengthened. The intelligence and concealment of the manipulating behavior in the cross-stock and stock index futures markets are constantly improving, and the operators' anti-supervision ability and awareness of evading legal risks will also be greatly enhanced. All these have brought more difficulties to the regulation of cross-market manipulation. At present, our country is lack of relevant rules and experience in regulating cross-market manipulation. With the rapid development of our financial market, In regulating cross-market manipulation, the fuzzy areas of laws and rules will be increasing. This is not only a test of the existing market supervision system and administrative law enforcement, but also a challenge to criminal investigation and judicial determination. It is urgent for us to draw lessons from the legislative and regulatory experience of the relevant developed countries to build a cross-market regulatory system adapted to the open capital market system. This paper, on the basis of referring to domestic and foreign literature, combines the legal provisions and practical cases of our country. This paper is divided into the following parts: the first part of this paper combines the emergence and development of stock and stock index futures market. According to the characteristics of the relevance and information asymmetry of the securities market, the origin of cross-market manipulation is expounded, and the definition of cross-market manipulation is attempted on the basis of the academic research at home and abroad. On the basis of this, we identify the cross-market manipulation. This part clarifies the characteristics of cross-market manipulation by comparing the differences between cross-market manipulation and speculative trading behavior. The second part of this paper expounds the premise of identifying cross-market manipulation, and defines the "cross-market" in cross-market manipulation. Price linkage mechanism and information transmission mechanism, targeted analysis of cross-market formation mechanism. On this basis, This part will focus on introducing two typical cross-market manipulation modes. The third part of this paper respectively from the cross-market subject and objective behavior, and through the combination of cross-market manipulation of the relevant cases, This paper tries to put forward my own opinion on how to identify cross-market manipulation and cross-market manipulation. It focuses on the analysis and comparison of the identity and particularity of cross-market manipulation compared with single market manipulation. The fourth part of this paper is to analyze and compare the identity and particularity of cross-market manipulation compared with single market manipulation. Will be based in part on regulation of cross-market manipulation, Learn from the overseas supervision mode and relevant experience of cross-market manipulation, at the same time, combine the current situation of cross-market supervision in our country, and finally start from three aspects of top-level system design, perfect information management system and optimize monitoring means. The fifth part of this article combs the full text viewpoint, proposes the securities law to speed up the regulation to the cross-market manipulation behavior, consummates the legal system, and puts forward the suggestion to our country cross-market supervision system design and consummation. In order to fully protect the interests of legitimate investors, promote the fair and orderly development of securities market transactions, ensure the rational allocation of securities market resources, and maintain the stability of the market economy.
【学位授予单位】：武汉大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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