操纵市场行为

操纵市场行为的几个基本问题

Some Basic Issues on Market Manipulation : Their Definition , Classification and Legal Attribute

其中，操纵市场行为更是一种典型而又频繁发生的欺诈行为。

Among them , market manipulation is one of the most typical and frequent frauds .

第一部分对操纵市场行为进行了界定。

The first part defines the act of rigging the market .

他们还是操纵市场行为的狂热支持者。

They are also enthusiastic supporters of efforts to rig the market .

操纵市场行为的法律性质不是垄断、恶意投机，而是证券欺诈。

The legal attribute of market manipulation is not monopoly or vicious speculation , but securities fraud .

第四章从操纵市场行为的特殊性以及我国证券市场的现状出发，以操纵市场民事责任的实现机制为中心，讨论实现操纵市场民事责任的保障措施&集团诉讼和次级举证责任在辩方。

Chapter Four addresses the special characteristics of market manipulation and the status quo of China securities market .

2005年中国的证券市场进行了一次大的调整，操纵市场行为出现了一些新的特点。

In 2005 China 's stock market carried out a large adjustment , Market manipulation emerged some new features .

房价上涨的受益者不仅仅是土地投机者；他们还是操纵市场行为的狂热支持者。

The beneficiaries are more than mere land speculators ; they are also enthusiastic supporters of efforts to rig the market .

因此，加强对操纵市场行为的法律规制已经成为各个国家和地区证券立法上的共同特征。

So , to enhance the regulations of manipulation has become the main task of security legislation in respective country and area .

操纵市场行为可分为交易型和非交易型两大类，合同型和行动型操纵市场行为不应成为独立的种类。

Market manipulation can be classified as traded-based or non trade-based , and action-based or contract-based manipulation should not be separately categorized .

操纵市场行为应当定义为以欺诈致使他人从事证券交易为目的，制造虚假的证券交易或者其他虚假现象的行为。

Market manipulation should be defined as a conduct intended to fraudulently induce people to trade by artificial securities transaction or other ruses .

第二部分，介绍了操纵市场行为的根源并从经济学和法学两个角度介绍了关于规制操纵市场行为的相关基础理论；

Part ⅱ, Introduced the root of Market manipulation , and from economics and law perspectives , introduced on the fundamental theories of manipulation .

摘要操纵市场行为的定义、法律性质与分类等基本问题是充分监管、有力处罚和有效预防操纵市场行为的基础性问题。

The issues of definition , legal attribute and classification of market manipulation are the basis for adequately regulating , effectively punishing and efficiently preventing market manipulation .

操纵市场行为可大体分为虚伪交易型、实际交易型、恶意散布、制造虚假信息型与其他操纵行为等四大类。

The manipulation of securities market can be classified as follows : actual purchases , pool operation , maliciously spread and fabricate false information and other conducts of manipulation .

不可否认，尽快建立和完善操纵市场行为的民事赔偿责任制度是我国证券市场发展实际的要求，更是广大中小投资者为维护其合法权益的迫切要求。

It cannot be denied that establishing and consummating the civil liability system is not only the practical demand of our stock market , but also the urgent need of public investors .

法学理论界对操纵市场行为的研究也主要集中于操纵市场行为本身，对操纵市场行为的民事责任，尤其是民事赔偿责任并未给予足够的重视。

Law theorists ' research of Market manipulation has mainly focused on single act itself , as the acts of another civil liability , especially civil compensation liability has not given sufficient attention .

因此，在培育和发展市场的同时，剖析操纵市场行为的性质，提高和完善规制操纵市场行为的证券市场监管体系成为解决问题的当务之急。

So , while fostering and developing the market , analyze the nature of handling market behavior , improving and perfecting the supervisory system of security market that rig the market becomes task of top priority which solves the problem .

关联交易对上市公司并购具有积极作用，同时，又容易导致上市公司亏损，产生操纵市场行为，扰乱证券市场秩序，损害中小投资者权益。

One is the positive effect , the other is the negative one which can produce market domination , disturb the order of stock market , through debt guarantee cause the deficit of listed companies , damage the middle and little investors ' right .

操纵市场行为，是指操纵行为人利用其资金优势或信息优势影响证券市场价格，诱导投资者参与证券交易，从而获取不正当利益或者转嫁风险的一种欺诈行为。

Manipulation of the security market behavior , mean that manipulator utilize their fund advantages or information advantages to influence the securities market price , lead investors to participate in the securities trading , thus obtain illegitimate benefits or a kind of fraud of shifting the risk .

这位前巴克莱（Barclays）首席执行官是被迫下台的。此前，该银行承认存在不当操纵市场利率行为，并为此向监管机构缴纳了2.90亿英镑罚金。

The former Barclays chief executive was forced out after the bank admitted corrupt manipulation of market interest rates and paid a £ 290m fine to regulators .

监管机构对涉嫌操纵外汇市场行为的调查，正导致传统交易模式发生重大变革，促使包括瑞银（UBS）在内的多家银行将更多外汇业务转移至电子交易平台。

Banks including UBS are moving more foreign exchange business on to their electronic trading platforms as regulatory probes into alleged forex market manipulation prompt a shake-out on traditional trading floors .

我国操纵证券市场行为及其法律规制研究

Research on the Manipulation of Securities Market and the Legal Regulation in China

本文旨在研究新型操纵证券市场行为及其法律调控问题。

This paper aims to study the late-model manipulation behaviors of the securities market and its legal regulation .

同时，操纵证券市场行为是专业性很强的经济活动，操纵证券市场犯罪也具有相当的复杂性和很强的专业性。

The manipulations of the stock market are very specialized economic activity while the crime of it has fairly complexity and specialization .

但是我国目前对操纵证券市场行为责任的追究基本上限于行政责任和刑事责任，对于民事责任几乎是空白。

However , China investigate the responsibility for market manipulation is essentially limited to administrative liability and criminal liability , civil liability is almost blank .

操纵证券市场行为作为证券侵权行为的一种重要类型，对证券市场的健康发展造成了极大的危害。

Stock market manipulation acts as a kind of important types of securities tort , for the healthy development of the securities market have caused great harm .

从国外经验看，制止操纵证券市场行为的一个有效的办法就是对其实行重罚，行政、刑事和民事制裁手段并用。

From the foreign experiences , one of the effective ways to prevent market manipulation is to punish severely and to apply administrative , criminal and civil sanctions together .

市场力模式则是根据电力市场中发电商可操纵市场的行为来确定输电网最优扩容规划与投资方案。

Market power method is determining the transmission grid optimal expansion planning and investment project according to the action that the power producer can manipulate the market in electricity power market .

操纵证券市场行为具有很严重的社会危害性，它扭曲了正常的市场价格，误导了投资资金的流向，使证券价值与价格严重背离。

This behavior makes serious harm to the society by distorting the regular market price , misleading the direction of investment fund and resulting the great gap between the real value and price of stock .

在比较法视角下，对这些国家或地区操纵证券市场行为民事责任的归责原则、因果关系、主体客体、行为方式、诉讼制度等多个方面进行深入的、全面的讨论研究。

In the view of comparative law , in these countries or area of market manipulation civil liability , causation , subject and object , way of behavior , litigation and other aspects of in-depth , comprehensive discussion and research .