摘要
《刑法修正案(十一)》将新型证券操纵行为纳入刑法规制范围,对刑法规范的体系化阐释带来挑战。证券市场管理秩序并非证券操纵侵害法益的本体,秩序法益也难以发挥犯罪构成界限定位的作用,且证券发行注册制等资本市场改革对秩序法益产生消解效应,需要重新定位证券操纵犯罪的法益侵害。证券操纵行为的危害主要在于破坏了证券市场正常的价格形成机制以及影响了市场的流动性,损害了证券市场效率。将证券市场效率作为刑法规范保护的法益,符合证券操纵行为的危害特征,对新型操纵行为也具有涵摄性。在证券市场效率之法益侵害视野下,相关司法解释中有关证券操纵犯罪定量标准存在形式化判断的问题,可考虑借助大数据等金融科技将“引起市场波动程度”作为操纵证券市场犯罪的实质判断标准,这样更能契合证券操纵犯罪法益侵害的界定。
The Chinese Criminal Law Amendment XI brings new types of securities manipulation into the scope of criminal law regulation,which further expands the behavior mode of securities manipulation,but also challenges the systematic interpretation of criminal law norms.The management order of the securities market is not the noumenon of securities manipulation against legal interests,and the legal interests of order are also difficult to play the role of defining the boundaries of crimes.Moreover,capital market reforms such as the securities issuance registration system have a deconstructive effect on the legal interests of order,so it is necessary to reposition the legal interests of securities manipulation crimes.The main harm of securities manipulation is that it destroys the normal price formation mechanism of the securities market,affects the liquidity of the market,and damages the efficiency of the securities market.Taking the efficiency of the securities market as the legal interest protected by the criminal law norms is in line with the harm mechanism of securities manipulation,and also has implications for new manipulation.There is a problem of formal judgment in the quantitative standards of securities manipulation crimes in relevant judicial interpretations.We can consider taking"the degree of causing market volatility"as the substantive judgment standard of securities manipulation crimes on the basis of big data and other financial technologies.
出处
《政治与法律》
CSSCI
北大核心
2023年第7期63-73,共11页
Political Science and Law
基金
国家社会科学基金项目“资本市场变革下证券犯罪刑法制裁体系研究”(项目编号:22BFX045)的阶段性成果
关键词
证券操纵
法益侵害
证券市场效率
定量标准
Securities Manipulation
Infringement of Legal Interests
Efficiency of Securities Market
Quantitative Standards
作者简介
商浩文,北京师范大学法学院暨刑事法律科学研究院副教授、博士生导师。
