证券市场价格操纵问题的研究

发布时间：2018-08-19 15:15

【摘要】：证券市场的价格操纵问题由来已久,作为新兴证券市场的中国股市,不仅存在着证券市场的固有性问题,还存在着自身的特有的不足。股票市场是学术研究的热门话题,但在价格操纵领域的研究尚不完善。因此,本文重点研究证券市场中价格操纵的问题。从理论和实践角度首先总结了中国股市的特点,并指出对价格操纵研究的必要性。操纵市场违反正常的证券交易原则,破坏交易秩序,本文针对是中国证券市场价格操纵的问题进行重点研究,概括了国内外与价格操纵相关联的理论研究先例,并结合归纳法,比较法和专家意见与实际调查法等综合研究方法,分析国内外经典案例。对价格操纵的种类和动机进行了明确分析,并指出实践中界定操纵行为的困难之处,在加强相关法律定义方面有待提高。同时指出,监管部门和政府在股市中应摆正自身的位置,起到有效的监管和保护作用。总结各种股市操纵行为,尤其是价格操纵对投资者和股市发展危害严重。从法律和行政规范视角,对规范股市价格操纵行为的相关规定作出明确解释,并将中国大陆与美国、新西兰、中国香港和中国台湾以及等发达国家或地区进行对比分析,提出我国立法方面的不足之处,并提出可行性建议。首先,应完善相关政策法规,其中包括加强会计、审计制度,弥补价格操纵制度漏洞,制定证券法实施细则,协调现行法律法规的矛盾,加快证券立法无纸化进程,完善操纵行为的法律责任及实现制度；加强信息公开,对信息披露作出明确立法和行为规范。其次,应完善监管制度加大处罚力度,其中包括建立证券市场稽查监管制度,完善我国的证券监管体制,加强证监会和广大中小投资者对操纵行为的监控,加大对外国机构投资者的监管力度；同时加大对价格操纵行为的民事处罚。最后,加强投资者教育净化市场环境,其中包括加强对正确投资方式的认识和教育,以及加强投资者法律意识,使之在正当利益受损时懂得如何利用法律武器保护自己。
[Abstract]:The problem of price manipulation in securities market has a long history. As a new stock market, Chinese stock market not only has the inherent problem of securities market, but also has its own unique shortcomings. The stock market is a hot topic in academic research, but the research in the field of price manipulation is not perfect. Therefore, this paper focuses on the issue of price manipulation in the securities market. This paper summarizes the characteristics of Chinese stock market in theory and practice, and points out the necessity of studying price manipulation. The manipulation of the market violates the normal principles of securities trading and destroys the order of trading. This paper focuses on the problem of price manipulation in China's securities market, summarizes the theoretical research precedents related to price manipulation at home and abroad, and combines the inductive method. The comparative method, expert opinion and actual investigation are used to analyze the classic cases at home and abroad. This paper makes a clear analysis of the types and motives of price manipulation and points out that the difficulties in defining manipulation in practice should be improved in strengthening the relevant legal definitions. At the same time, regulators and governments should put their own position in the stock market and play an effective regulatory and protective role. This paper summarizes all kinds of stock market manipulation, especially price manipulation, which is harmful to investors and stock market development. From the perspective of legal and administrative norms, this paper makes a clear explanation of the relevant regulations governing the manipulation of stock prices, and makes a comparative analysis of mainland China and the United States, New Zealand, Hong Kong, China, Taiwan, and other developed countries or regions. Put forward the deficiency of legislation in our country, and put forward the feasible suggestion. First of all, we should perfect the relevant policies and regulations, including strengthening the accounting and auditing system, making up the loopholes of the price manipulation system, formulating the detailed rules for the implementation of the securities law, coordinating the contradictions of the current laws and regulations, and speeding up the paperless process of the securities legislation. Improve the legal responsibility and realization system of manipulation, strengthen information disclosure, and make clear legislation and behavior norms for information disclosure. Secondly, we should perfect the supervision system and increase the punishment, including the establishment of the securities market inspection and supervision system, the perfection of the securities regulatory system in our country, and the strengthening of the supervision of manipulation by the Securities Regulatory Commission and the majority of small and medium-sized investors. Strengthen the supervision of foreign institutional investors and increase the civil penalty for price manipulation. Finally, we should strengthen investor education to purify the market environment, including strengthening the understanding and education of the correct investment way, and strengthening the investor's legal consciousness, so that they can use the legal weapon to protect themselves when their legitimate interests are damaged.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】