市场操纵本质的新认知及监管制度创新

New Understanding of the Essence of Market Manipulation and Innovation of Supervision System

对市场操纵本质的认知具有引导监管权行使方向和范围的功能。资本市场的融通变革使市场操纵的价格波动风险呈现出系统性演变,召唤事前防范性的风险监管制度。对此,市场操纵本质认知应从关注操纵结果的价格操纵和价量控制以及操纵行为的诈欺,转向关注操纵的实施条件。滥用市场优势地位的本质认知能够重构市场操纵监管内涵,有利于在投资者保护和事后惩治的微观行为监管的基础上融入风险监管理念,设置差异性的资本市场合格投资者制度、投资者分类监管制度、跨市场大额交易登记制度等事前防御性监管制度,守住不发生系统性风险的底线。

Market manipulation are essential for the function of controlling the direction and scope of regulatory power.The accommodation reform of capital market makes a systematic evolution through price fluctuation risk of market manipulation,calling for the precautionary risk supervision system in advance.To explore the essence of market manipulation,we should shift from price manipulation,price and volume manipulation which focus on the result of manipulation,and fraud and market fraud which focus on the behavior of manipulation,to the implementation conditions of manipulation,The essential understanding of market advantage abuse can reconstruct the connotation of market manipulation supervision,On the basis of existing behavior supervision,which limits the regulatory power at the micro-level of the investor protection and punishment afterwards,integrates the risk supervision concept,set up defensive regulatory systems such as qualified investors system in different capital markets,classified supervision system for investors and registration system for large cross-market transactions,which defends the bottom line of systemic financial risks.