操纵证券市场罪归属根基的重塑——以控制信息操纵的评价困境切入

Reconstructing the Basis of Imputationing the Crime of Securities Market Manipulation:From the Dilemmatic Evaluation of Manipulative Control over Information

突破存在论意义上交易型操纵与信息型操纵的传统二分,操纵证券市场罪根据归属原理的差异被重新划分为基于组织管辖的诈欺操纵与基于体制管辖的优势滥用。行为能否扭曲证券价量形成机制的判断,超越现象维度,聚焦于操纵性的不法归属在本质上是因支配虚假价量信号生成,欺骗投资者对市场的合理预期,还是未履行维护证券定价过程自由竞争性的积极义务,不当限制其他变量参与定价过程,加剧市场信息的不对称性。不能将正犯之不法单独归属于利用非虚假信息“炒热点、带节奏”的一般主体。只有具备动态信息优势从而承担积极义务的主体制造不对称信息,才能与占据资金、持股持仓等叙明优势者对体制建构义务的违反具有同质性,成立优势滥用型操纵证券市场罪的正犯。

The dichotomy between trade-based manipulation and information-based manipulation shall be subverted.As a result,the crime of manipulating securities market is to be reclassified,according to the different principles of imputation,into fraud-manipulation based on organizational jurisdiction and advantage-abuse based on institutional jurisdiction.The judgment on the issue whether behaviors could distort the mechanism in which both trading price and trading volume are formed,should go beyond the factual dimension,focusing on the question whether the objective attribution of manipulability is due to the creation of false signals with regard to trading price and volume which deceive investors’ reasonable expectation of the market,or the failure to carry out positive obligations aimed at maintaining the free competition in the securities pricing process,namely restricting improperly the participation of other variables in the pricing process or exacerbating the asymmetry of market information.It is not justifiable to attribute the abnormal fluctuations in the securities market to a single person without special identities who uses non-false information to induce transactions.Only if the asymmetric information is created by subjects with dynamic information advantage who assume positive obligations,can the miscellaneous provision be applied because their behaviors,in terms of the advantage abuse,are comparable with the violation of positive obligations by those who have financial advantage,stockholding advantage or static information advantage.