封涨停操纵的认定难点及规制路径

The Close-limit-up Market Manipulation: Identifying Difficulty and Regulating Path

作为一种独立的操纵市场模式,封涨停相对于虚假申报、盘中拉台等其他短线操纵而言,其违法性边界较为模糊,但其交易模式不当影响了证券交易量和交易价格,具有违法性和当罚性。关于行为人的操纵意图,可从申报买入数量与市场卖单的差值、超额申报次数、反向卖出时点和比例等维度加以考察;关于操纵的客观行为,可借助申报买入占比、收盘时封单占比、成交占比、股价偏离幅度等指标进行界定。基于封涨停的特点,其同一时段对同一股票的操纵具有独立性,应单独计算每次操纵行为的违法所得,但量罚上可适当予以减轻或降低。在规制路径方面,一是明确执法标准,研究制定封涨停的认定指引;二是强化账户管理,压实证券公司的客户识别义务;三是完善市场结构,培育长线投资理念。

As an unique market manipulation pattern, the illegal boundary of close-limit-up manipulation is relatively vague in contrast to other short-term manipulations such as false declaration and intraday pulling.However, its trading model improperly affects the trading volume and price of securities, which is illegal and punishable.The intention of manipulators could be investigated from the difference value between declared purchase and selling order, the times of excess-declaration, the reverse selling time-point and selling proportion, etc.The objective behavior of manipulation could be defined with the help of indicators like the proportion of declared buying order, Market On Close ratio and trading volume ratio, and the deviation of stock price.Based on characteristics of the manipulation, illegal gains to the same stock manipulation in separate period should be calculated by itself, but the total penalty amount may be appropriately reduced.As to regulating path, it may be appropriate to make clear the enforcement standards and guidelines, strengthen the responsibility of brokers on security account management, and cultivate investors’ long-term investment philosophy.