【摘要】：證券市場(chǎng)的價(jià)格操縱問題由來已久,作為新興證券市場(chǎng)的中國(guó)股市,不僅存在著證券市場(chǎng)的固有性問題,還存在著自身的特有的不足。股票市場(chǎng)是學(xué)術(shù)研究的熱門話題,但在價(jià)格操縱領(lǐng)域的研究尚不完善。因此,本文重點(diǎn)研究證券市場(chǎng)中價(jià)格操縱的問題。 從理論和實(shí)踐角度首先總結(jié)了中國(guó)股市的特點(diǎn),并指出對(duì)價(jià)格操縱研究的必要性。操縱市場(chǎng)違反正常的證券交易原則,破壞交易秩序,本文針對(duì)是中國(guó)證券市場(chǎng)價(jià)格操縱的問題進(jìn)行重點(diǎn)研究,概括了國(guó)內(nèi)外與價(jià)格操縱相關(guān)聯(lián)的理論研究先例,并結(jié)合歸納法,比較法和專家意見與實(shí)際調(diào)查法等綜合研究方法,分析國(guó)內(nèi)外經(jīng)典案例。對(duì)價(jià)格操縱的種類和動(dòng)機(jī)進(jìn)行了明確分析,并指出實(shí)踐中界定操縱行為的困難之處,在加強(qiáng)相關(guān)法律定義方面有待提高。同時(shí)指出,監(jiān)管部門和政府在股市中應(yīng)擺正自身的位置,起到有效的監(jiān)管和保護(hù)作用�？偨Y(jié)各種股市操縱行為,尤其是價(jià)格操縱對(duì)投資者和股市發(fā)展危害嚴(yán)重。 從法律和行政規(guī)范視角,對(duì)規(guī)范股市價(jià)格操縱行為的相關(guān)規(guī)定作出明確解釋,并將中國(guó)大陸與美國(guó)、新西蘭、中國(guó)香港和中國(guó)臺(tái)灣以及等發(fā)達(dá)國(guó)家或地區(qū)進(jìn)行對(duì)比分析,提出我國(guó)立法方面的不足之處,并提出可行性建議。首先,應(yīng)完善相關(guān)政策法規(guī),其中包括加強(qiáng)會(huì)計(jì)、審計(jì)制度,彌補(bǔ)價(jià)格操縱制度漏洞,制定證券法實(shí)施細(xì)則,協(xié)調(diào)現(xiàn)行法律法規(guī)的矛盾,加快證券立法無紙化進(jìn)程,完善操縱行為的法律責(zé)任及實(shí)現(xiàn)制度；加強(qiáng)信息公開,對(duì)信息披露作出明確立法和行為規(guī)范。其次,應(yīng)完善監(jiān)管制度加大處罰力度,其中包括建立證券市場(chǎng)稽查監(jiān)管制度,完善我國(guó)的證券監(jiān)管體制,加強(qiáng)證監(jiān)會(huì)和廣大中小投資者對(duì)操縱行為的監(jiān)控,加大對(duì)外國(guó)機(jī)構(gòu)投資者的監(jiān)管力度；同時(shí)加大對(duì)價(jià)格操縱行為的民事處罰。最后,加強(qiáng)投資者教育凈化市場(chǎng)環(huán)境,其中包括加強(qiáng)對(duì)正確投資方式的認(rèn)識(shí)和教育,以及加強(qiáng)投資者法律意識(shí),使之在正當(dāng)利益受損時(shí)懂得如何利用法律武器保護(hù)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.
【學(xué)位授予單位】：大連海事大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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本文編號(hào)：2192042