摘要
操纵证券市场被各个国家和地区的法律广泛禁止,但定义仍不明确、充满争议。对操纵证券市场法律条文“兜底条款”及法律规定的具体操纵情形的解释,应当借助法教义学下的类型思维。其中,关键是准确把握操纵证券市场的本质。操纵证券市场的本质是滥用市场优势,扭曲自由公平的证券价格形成机制。滥用市场优势是操纵证券市场的行为特征,市场优势包括资本优势和信息优势,滥用市场优势则包括欺诈行为和违反禁止性规定等非欺诈性的滥用行为。扭曲自由公平的证券价格形成机制,是操纵证券市场的危害特征,两者缺一不可。具体操纵行为的认定,应接受上述两个本质要素的检验。
The manipulation of the securities market is widely prohibited by laws in various countries and regions,but its definition remains unclear and controversial.The interpretation of the legal provisions of the“bottom clause”of the manipulation of the securities market and the specific manipulation situations should be based on typological thinking under legal jurisprudence.Among them,the key is to accurately grasp the essence of manipulating the securities market.The essence of manipulating the securities market is the abuse of market advantages and the distortion of the free and fair formation mechanism of securities prices.The abuse of market advantages is the behavioral characteristic of manipulating the securities market,including capital advantages and information advantages.The abuse of market advantages includes fraudulent acts and non-fraudulent abuses of prohibited provisions.Distorting the free and fair formation mechanism of securities prices is the harm characteristic of manipulating the securities market.Both are indispensable.The specific manipulation behavior should be subject to the above two essential elements tests.
作者
贝金欣
Bei Jinxin(Fourth Procuratorial Division of the Supreme People's Procuratorate)
出处
《国家检察官学院学报》
CSSCI
北大核心
2024年第1期131-145,共15页
Journal of National Prosecutors College
关键词
类型思维
操纵证券市场
操纵的本质
滥用市场优势
Typological Thinking
Manipulation of the Securities Market
Essence of Manipulation
Abuse of Market Advantages
作者简介
贝金欣,最高人民检察院第四检察厅二级高级检察官。
