操纵证券市场案的司法认定——以鲜某操纵证券市场案为例

Judicial Determination of Manipulating the Security Markets——Legal Analysis of Xian’s Manipulation of the Securities Market Case

鲜某操纵证券市场案包含4种操纵股票市场的行为,涉及民事责任、行政责任和刑事责任的交叉问题。在证券市场上进行虚假信息披露的行为会受到行政法乃至刑法的禁止和处罚,受到虚假信息披露影响的投资者还能通过民事诉讼途径获得救济。操纵证券市场罪的行为具有违反行政法与刑法的双重违法性。民事赔偿优先原则在本案中的运用,最大程度上实现了对中小投资者权益的保护。“安全港”规则体现了对信息披露人的特殊保护,免除了其在一般情况下的预测信息与实际不符情况下的民事赔偿责任,有利于鼓励上市公司勇于披露自身的未来发展预测与计划。

Xian’s manipulation of the securities market case involves 4 types of manipulation,interweaving civil liability,administrative liability,and criminal liability.The act of disclosing false information in the securities market is prohibited and punished by administrative law,and even by criminal law.Investors who are disguided by false information can obtain relief by civil litigation.The manipulation of the securities market violates both administrative law and criminal law.In Xian’s case,the application of the priority principle of civil compensation protects the rights and interests of small and medium-sized investors to its upmost.Besides,the“safe harbor”provisions provide special protection for information providers,and exempt their civil liability for compensation in the case of incorrect prediction,which encourages listed companies to actively disclose their development forecast and future plan.