证券市场信息型操纵认定难点及监管对策研究

Information-based Manipulation: Difficulties in Identification and Regulatory Responses

近年来,伴随着证券市场发展和金融产品创新,市场操纵行为亦在不断发展演变,信息型操纵案件数量增多、主体泛化、手段创新,呈现与其他操纵手段复合化的趋势。在剖析信息型操纵欺诈本质、揭示其社会危害的基础上,明确主观故意的要素地位及证明方法、类型化分析客观行为模式、完善影响交易价量标准有助于研究解决此类操纵的认定难点,并提出进一步完善信息型操纵监管规则和法律制度的针对性建议。

Market manipulation evolves with the development of security market and financial innovation. In recent years, the number of information-based manipulation grows, the profile of participants diversifies, and the cases often integrate with other types of manipulation cases. To adapt to the new trend, it helps to analyze the fraud nature of information-based manipulation, expose social harms, clarify the importance of manipulation intent as a criterion as well as the method of proving it, and analyze behavior modes through classification and improve market impact criterion. The paper further makes suggestions on how to enhance regulation towards information-based maninulation.