论操纵证券、期货市场罪的认定

发布时间：2018-04-27 13:38

本文选题：市场秩序 + 操纵行为　；参考：《上海大学》2014年硕士论文

【摘要】：自证券、期货市场产生以来，价格操纵的行为就随之产生。随着操纵行为的盛行，市场上的中小投资者利益受到严重损害，市场秩序也被严重破坏，因此监管层逐步制定法律法规对操纵行为加强监管。早期的操纵手段较为简单，随着监管力度的逐渐加大，操纵者在与监管者的博弈过程中手段更加隐蔽和复杂。尽管监管层对于操纵行为的监管和打击力度越来越大，但我国市场的证券、期货价格操纵仍然十分盛行，并且有大量疑似操纵行为没有受到处理的案例。而操纵行为的盛行最终将影响投资者对证券、期货市场的信心，最终“用脚投票”离开证券、期货市场。如何认定操纵证券、期货市场罪，并正确区分一般违法行为与犯罪行为，是打击非法操纵行为的关键。操纵证券、期货市场罪的犯罪客体为公平、自由的市场竞争秩序及投资人的合法利益，犯罪客观方面表现为操纵证券、期货市场的行为，并且要达到情节严重的程度。操纵证券、期货市场罪的犯罪主体为一般主体，自然人及单位均可构成，犯罪主观方面仅限于直接故意。关于操纵证券、期货市场罪的犯罪客体为简单客体还是复杂客体学界存在着争议，而且部分学者认为本罪的犯罪客体是证券、期货市场管理秩序，这其实是因果关系颠倒了。正是由于非法操纵行为破坏了是公平、自由的市场竞争秩序，才需要对市场进行管理，从而形成管理秩序。投资人的合法利益应当是对公平、自由市场竞争秩序的期待权，操纵非法操纵行为损害了投资人对市场自由竞争秩序的期待，因此本罪的犯罪客体也包括投资人的合法利益。操纵证券、期货市场罪的犯罪客观方面包括操纵行为的认定及“情节严重”的认定，这是认定本罪的核心方面。《刑法》第182条明确约定操纵行为包括“连续交易”、“相对委托”、“洗售”及“其他手段”。“连续交易”包括“联合买卖”及“连续买卖”，要求行为人利用资金优势、持股或者持仓优势或者利用信息优势进行连续交易，因此对于资金优势、持股优势、持仓优势需要有可以量化的判断标准，对于信息优势则需要将信息的范围进行明确，不应局限于内幕信息，只要行为人有获取或者有更易、更早、更准确、更完整了解信息的优势，所获得的信息能够对投资决策产生影响的，都属于信息的范围。“相对委托”是最古老的的操纵行为，行为人之间相互串通进行虚假交易，引诱其他投资人进行交易以抬高或打压股票、期货价格。“相对委托”这一操纵行为要求行为人申报买入或卖出该证券、期货合约的时间、价格、数量在同一交易日具有相似性。“冲洗买卖”是指行为人通过其自身的虚假交易行为来引诱其他投资人交易，股票及期货合约的所有权未发生真实转移。对于兜底条款中的“其他行为”进行定义，不管行为主体是一人或是多人，都要求实施交易行为，通过实际的交易量的变化对投资者进行引诱。根据对“其他行为”的定义，对“抢帽子”交易及安定操作进行刑法定性。尽管司法实践中被以操纵证券、期货市场罪定罪的主体基本往往有特殊地位，但操纵证券、期货市场罪的犯罪主体是一般主体。在确定本罪的犯罪主体是自然人主体还是单位主体时，应考察犯罪行为的实施是以谁的意志为转移的。由于操纵证券、期货市场罪属于情节犯，因此本罪的犯罪主观方面仅限于直接故意，间接故意及过失不构成本罪。直接故意要求行为人明知自己实施的是违法操纵行为，并且明知其行为将对自由、公平的市场秩序造成严重破坏。操纵证券、期货市场罪罪与非罪的认定应以“情节严重”作为区分标准，“情节严重”以《刑事案件立案追诉标准的规定（二）》中应予追诉的情形、比例和数额标准作为认定标准。本罪与内幕交易、泄露内幕信息罪应从犯罪客体、犯罪客观方面、犯罪主体进行区分，内幕交易、泄露内幕信息罪的犯罪客体为信息获取和披露的公平规则，犯罪客观方面表现为买卖、泄露和建议这三种行为，主体为特殊主体，仅限于内幕信息的知情人和非法获取内幕信息的其他人员。对于本罪与编造并传播证券、期货交易虚假信息罪等的区分应从犯罪客体和客观方面进行区分，编造并传播证券、期货交易虚假信息罪的犯罪客体为证券、期货的交易管理制度及投资人的合法利益，，犯罪客观方面表现为编造并传播虚假信息。
[Abstract]:Since securities and futures markets have been generated , price manipulation has been generated . As the manipulation behavior prevails , the interests of small and medium investors in the market are seriously damaged , and the market order is seriously damaged , so the supervision layer gradually develops laws and regulations to strengthen supervision on the manipulation behavior .

How to determine the crime of manipulating securities and futures market , and correctly distinguish between ordinary illegal act and criminal act is the key to crack down the illegal manipulation . The crime object of the crime of manipulating securities and futures market is fair , free market competition order and investor ' s legitimate interests . The objective aspect of crime is to manipulate securities , futures market behavior , and to achieve the serious degree . The main subject of crime of manipulation of securities and futures market is general subject , natural person and unit can constitute , and the subjective aspect of crime is limited to direct intention .

With regard to manipulation of securities , the crime object of the crime of futures market is a simple object or a complex object circle , and some scholars think that the crime object of the crime is the securities and futures market management order . It is the expectation right to fair and free market competition order . The legitimate interests of the investors should be the expectation of fair and free market competition order . Therefore , the criminal object of the crime also includes the legitimate interests of the investors .

There is no real transfer of ownership of the securities and futures contracts . The term " relative commission " includes " joint trading " and " continuous trading " .

Although the subject of crime of futures market usually has special status in judicial practice , the main subject of crime of manipulation of securities and futures market is the general subject . When it is determined that the subject of the crime is the subject of natural person or the unit subject , it is necessary to investigate the implementation of the criminal act as the transfer .

Because the crime of manipulating the securities and futures market belongs to the crime , the subjective aspect of the crime of the crime is limited to the direct intention , the indirect intention and the fault do not constitute the crime .

Crime and non - crime of securities and futures market should be regarded as the criterion of differentiation . The crime of crime and insider trading and disclosure of information of insider information should be distinguished from the object of crime , the objective aspect of crime , the crime object of information acquisition and disclosure , and the objective aspect of the crime is to distinguish between the object of crime and the objective aspect . The object of the crime is to deal with the crime object and the objective aspect . The crime object of the crime is to make and spread the securities , and the crime object of the crime of false information of futures transaction is the securities , futures trading management system and the legal interest of the investor . The objective aspect of the crime is to make and disseminate false information .

【学位授予单位】：上海大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D924.33

【参考文献】