摘要
就操纵证券市场可被责难的原因,我国目前存在四种主要学说,即“欺诈投资者说”“破坏市场机制说”“滥用优势地位说”以及“剥夺公平交易机会说”。虽然其具有一定的合理性,但无法解释金融市场基准操纵的违法性与上市公司回购股份等行为的合法性。此外,这些理论还存在适用范围过宽或过窄的问题,如无法准确地区分短期套利与短线操纵行为。应从交易行为是否损害证券价格的真实性和证券流动的充分性,即是否减损证券市场效率的角度,来判断该交易行为是否构成操纵证券市场。“市场效率减损说”具有理论的统一性,便于遵守和执法,且不存在适用范围过宽或过窄问题。除了对典型操纵证券市场行为和可被责难的金融市场基准操纵具有解释力,该说还能为“浑水式”做空交易及短期套利的合法性提供理论支持,并对于连续交易、频繁或大量下单并撤单、“兜底式增持”及判断上市公司信息控制等行为的合法与否提供依据。
The key component of securities market manipulation is the objective behavior must be blameworthy.As for the reasons of blameworthiness, the four major theories, namely defrauding investor, disrupting market mechanism, abusing privilege position and depriving fair trading opportunity are persuasive to some extent, but they can not explain the illegality of financial benchmark manipulation and the legality of shares repurchases by listed corporations.Besides, these theories are over-included or under-included, e.g.they can not tell the differences between short-term arbitrage trading and short-swing manipulation.Whether some trading is manipulation action or not shall be judged by whether it makes price inaccurate and liquidity attenuated or not, namely makes the securities market inefficient or not, which is named the theory of reduced market efficiency(TRME).The TRME is inner unified, easy to be followed and enforced, and will not cause the problem of over-and-under inclusion.The theory can explain the blameworthiness of classic manipulation behavior and financial benchmark manipulation, besides it also can support the legality of muddy water style short selling and short-term arbitrage trading and provide theoretical basis for judging whether continuous trading, high frequent or large placing and withdrawing orders, profits guaranteed buying and information controlled behavior by listed corporations are illegal or not.
出处
《财经法学》
CSSCI
2022年第3期110-127,共18页
Law and Economy
基金
上海市哲学社会科学规划课题“我国证券市场信息型操纵民事责任研究”(2018BFX005)的阶段性成果
上海财经大学法学院“互联网与大数据法治问题研究”项目的资助。
关键词
操纵证券市场
理论基础
价格失真
流动性降低
市场效率减损说
securities market manipulation
theoretical basis
inaccurate price
attenuated liquidity
theory of reduced market efficiency
作者简介
樊健,上海财经大学法学院副教授。
