交易型操纵行为影响证券价格的微观机制研究--以连续交易、虚假申报、对倒操纵典型案例为切入点

Research on the Micro-mechanism of Transactional Manipulation Effecting Securities Price--Taking Serial Trades,False Declaration and Inverse Manipulation as the Starting Point

中国证监会行政处罚的典型案例显示,交易型操纵行为包括建仓持仓、通过不正当交易行为影响证券价格、反向交易获利或谋取其他利益等三个步骤。在连续交易操纵中,行为人大量以高于市场卖一价的价格申报并高比例成交,影响证券交易价格。虚假申报操纵是通过不以成交为目的频繁或大额申报、撤单,制造买盘汹涌的假象,误导市场投资者跟风交易,从而影响证券交易价格。对倒操纵是利用资金优势或持股优势,通过自买自卖放大证券交易量并拉抬证券价格。因此,交易型操纵实质上是通过不正当交易行为,在特定期间内制造虚假证券供求关系,从而扭曲证券市场价格。

Typical cases of administrative penalties imposed by the CSRC show that trading-based manipulation includes three steps:building and holding positions,influencing the price of securities through improper trading practices,and making profits or other gains from reverse trading. In the case of serial trading manipulation,the perpetrators report a large number of transactions at prices above the market price and a high percentage of transactions,which affects the price at which securities are traded. False declaration manipulation is to create the illusion of a buying surge by not making frequent or large declarations or withdrawals for the purpose of trading,misleading market investors to follow the trend,thereby affecting the price of securities trading. Converse manipulation is the use of financial advantage or shareholding to amplify the volume of securities traded and drive up their prices by buying and selling them. Thus,trading-based manipulation is essentially the creation of false supply and demand for securities for a specific period of time through improper trading practices,thereby distorting the market price of securities.