操纵证券市场“违法所得”认定的金融机理和法律解释

Financial Mechanism and Legal Interpretation for Determination of“Illegal Gains”in Securities Market Manipulation

违法所得是影响操纵市场行政处罚和刑事司法定罪量刑的重要因素,但法律与司法解释规定的原则性和违法犯罪形态的复杂化,导致行政处罚和刑事司法实践存在争议。操纵期间是计算违法所得的时间基准,应基于操纵行为影响证券交易价格和交易量的金融机理,完整刻画操纵行为和准确划分操纵期间。基于我国证券市场实际情况和执法司法目标,继续采用实际收益法认定违法所得是较优选择,同时应赋予行为人以其他金融模型矫正计算结果的申辩权利。操纵期末持有的余券价格属于操纵违法所得,应根据操纵行为与市场价格关联性、持仓水平、行政稽查或司法介入情况、复牌后市场反应等具体要素进行司法核定。股票分红不属于刑法意义上的“异常因素”,操纵主体用以获得资金、账户等的费用属于犯罪成本,均应纳入违法所得计算。

Illegal gains are major factors affecting the administrative punishments and the criminal justice conviction and sentencing of market manipulation.However,the principled nature of legal and judicial interpretations and the complexity of illegal and criminal forms lead to disputes over administrative punishments and criminal justice practices.The manipulation period is the time benchmark for calculating illegal gains.It should describe the complete manipulation behavior and accurately divide the manipulation period based on the financial mechanism that the manipulation behavior affects the securities trading price and trading volume.Based on the reality of China’s securities market and the objectives of law enforcement and justice,continuing to use the actual income method to identify illegal gains is a better choice,and at the same time,it is suggested to give the actors in a case the right to defend by correcting the calculation results with other financial models.Manipulating the price of the remaining bonds held at the end of the period is considered illegal gains from manipulation,which shall be subject to judicial verification according to the correlation between manipulation behavior and market prices,position level,administrative inspection or judicial intervention,and market reaction after resumption of trading and other factors.Stock dividends do not belong to“abnormal factors”in the sense of criminal law,and the expenses of manipulating the subject to obtain funds and accounts belong to the cost of crime,which should be included in the calculation of illegal gains.