市场操纵的含义、认定及度量述评

Definition,Justification and Measurement of Manipulation

市场操纵严重影响市场功能的发挥。认识操纵、监督操纵、处罚操纵并最终达到根治操纵,维护市场自由、有序与有效的目的是学界和监管层共同面临的一个十分紧迫而艰巨的任务。现有文献对市场操纵的含义、认定及度量做了大量研究,然而取得共识之处很少。通过述评并兼顾各家之长形成如下观点:市场操纵是指凡是为了私利而故意扭曲市场价格的行为。对操纵的认定应包含三个要件,即人为价格、疑似操纵行为与人为价格的因果关系以及操纵意图。对操纵的度量除了要考虑操纵行为对价格的直接与间接影响外,更重要的是考虑该行为对市场的危害大小。

Manipulation badly influences the market. It is an urgent and hard task for scholars and regulatory authorities to comprehend supervise and penalize manipulation so as to eradicate manipulation and maintain free, ordered and efficient markets. It＇ s hardly to reach generally accepted opinions on definition, justification and measurement of manipulation while there are many researches done on them. This article tries to draw some improved conclusion by utilizing the results of literature analyzed. First, manipulation means all the behaviors resulting in artificial prices and carried out for private interests. Second, there are three factors should be taken into account in justification of manipulation. They are artificial prices, the causality between the suspected behaviors and artificial prices and manipulative intent. Lastly, besides both the direct and indirect influence on price, the harm manipulation does to the market should be considered in measurement of manipulation.