發(fā)布時(shí)間：2018-03-22 15:34

  本文選題：跨市場(chǎng)　切入點(diǎn)：股票市場(chǎng)　出處：《武漢大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著我國(guó)股票及股指期貨市場(chǎng)的建立和發(fā)展,股票與股指期貨市場(chǎng)的聯(lián)動(dòng)性不斷加強(qiáng)�？缡袌�(chǎng)產(chǎn)品的不斷涌現(xiàn)和跨市場(chǎng)交易的發(fā)展,使得跨市場(chǎng)操縱行為呈現(xiàn)出新的特征�？绻善焙凸芍钙谪浭袌�(chǎng)操縱行為的智能型、隱蔽性不斷提升,操縱者的反監(jiān)管能力與規(guī)避法律風(fēng)險(xiǎn)的意識(shí)也將大幅提升,這些都為監(jiān)管跨市場(chǎng)操縱行為帶來(lái)了更大難度。目前,我國(guó)在監(jiān)管跨市場(chǎng)操縱行為的相關(guān)規(guī)則和經(jīng)驗(yàn)方面尤為缺乏。隨著我國(guó)金融市場(chǎng)的快速發(fā)展,在規(guī)制跨市場(chǎng)操縱行為方面,法律與規(guī)則的模糊地帶將不斷增加。這不僅是對(duì)現(xiàn)有市場(chǎng)監(jiān)管體系及行政執(zhí)法的考驗(yàn),亦是對(duì)刑事調(diào)查與司法認(rèn)定提出的挑戰(zhàn)。因此,我們亟需借鑒相關(guān)發(fā)達(dá)國(guó)家的立法與監(jiān)管經(jīng)驗(yàn),構(gòu)建適應(yīng)開(kāi)放型資本市場(chǎng)體系的跨市場(chǎng)監(jiān)管制度。本文在參考國(guó)內(nèi)外文獻(xiàn)的基礎(chǔ)上,結(jié)合我國(guó)法律規(guī)定和實(shí)務(wù)案例,嘗試對(duì)跨股票和股指期貨市場(chǎng)操縱的認(rèn)定和監(jiān)管問(wèn)題拋磚引玉,本文主要分為以下幾個(gè)部分:本文第一部分結(jié)合股票及股指期貨市場(chǎng)的產(chǎn)生發(fā)展,針對(duì)證券市場(chǎng)的關(guān)聯(lián)性和信息不對(duì)稱(chēng)性的特性,闡述跨市場(chǎng)操縱行為的緣起;在國(guó)內(nèi)外學(xué)界的研究的基礎(chǔ)上,嘗試對(duì)跨市場(chǎng)操縱行為進(jìn)行定義,并在此基礎(chǔ)上對(duì)跨市場(chǎng)操縱行為進(jìn)行識(shí)別。本部分通過(guò)比較跨市場(chǎng)操縱行為與投機(jī)性交易行為的區(qū)別,厘清跨市場(chǎng)操縱的特性,闡述將跨市場(chǎng)操縱行為類(lèi)型化的必要性。本文第二部分闡述了跨市場(chǎng)操縱行為認(rèn)定的前提,界定跨市場(chǎng)操縱中的"跨市場(chǎng)"。本部分通過(guò)分析介紹關(guān)聯(lián)市場(chǎng)、價(jià)格聯(lián)動(dòng)機(jī)制和信息傳導(dǎo)機(jī)制,針對(duì)性的分析跨市場(chǎng)的形成機(jī)制。在此基礎(chǔ)上,本部分將著重介紹兩種典型的跨市場(chǎng)操縱模式。本文第三部分分別從跨市場(chǎng)主體和客觀行為兩個(gè)方面,并通過(guò)結(jié)合境外跨市場(chǎng)操縱的相關(guān)案例,嘗試對(duì)如何認(rèn)定跨市場(chǎng)操縱和界分跨市場(chǎng)操縱行為提出自己的見(jiàn)解。著重分析比較跨市場(chǎng)操縱行為相較于單一市場(chǎng)操縱行為方式上的同一性與特殊性。本文第四部分將立足于跨市場(chǎng)操縱行為的監(jiān)管,積極借鑒境外對(duì)跨市場(chǎng)操縱行為的監(jiān)管模式和有關(guān)經(jīng)驗(yàn),同時(shí)結(jié)合我國(guó)的跨市場(chǎng)監(jiān)管現(xiàn)狀,最后從頂層制度設(shè)計(jì)、完善信息管理制度和優(yōu)化監(jiān)控手段三個(gè)方面著手,提出對(duì)我國(guó)跨市場(chǎng)監(jiān)管制度的設(shè)計(jì)與完善的建議。本文第五部分結(jié)語(yǔ)梳理全文觀點(diǎn),建議《證券法》加快對(duì)跨市場(chǎng)操縱行為的規(guī)制,完善法律體系,以充分保護(hù)合法投資者的利益,促進(jìn)證券市場(chǎng)交易的公平有序開(kāi)展,保證證券市場(chǎng)資源的合理配置,維護(hù)市場(chǎng)經(jīng)濟(jì)的穩(wěn)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.
【學(xué)位授予單位】：武漢大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：D922.287

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