试论证券市场操纵行为的法律规制

伴随改革开放的深化,证券市场作为媒介融资的必备环节在我国逐步发展起来。其从无到有,逐渐完善的过程亦伴随着我国证券立法的渐趋完善合理。然,市场操纵行为仍是我证券市场的一大危害。这是一种扭曲价格机制,严重损害中小投资者合法权益,破坏证券市场公正性的违法行为。在建立了行政责任制度和刑事责任制度之后,还应建立完善民事赔偿责任制度以有效的遏止操纵市场行为,保护投资者的合法权益。

Legal Regulation of Market Manipulation Behaviors

With the further of reform and opening,securities market,as a means of medium investment,has devel- oped gradually in China.At the some time,corresponding legislation of securities has been established and rationalized. However,market manipulation is still doing harm to our securities market.This is a sort of illegal behavior which distorts price mechanism,damages rights of medium and small investors and destroys justice of the securities market.Besides ad- ministrative responsibility and criminal responsibility,the responsibility of civil compensation should also be established to hold back the behavior of market manipulation,so as to protect rights of investors.