市场操纵犯罪的实质解构:法律与经济分析  

Deconstruction of the Essence of Criminal Market Manipulation:A Legal and Economic Analysis

作　　者：刘宪权[1] 谢杰[1] 

机构地区：[1]华东政法大学,上海200042

出　　处：《现代法学》2014年第6期78-90,共13页Modern Law Science

基　　金：上海市高校一流学科(法学)建设计划

摘　　要：健全市场操纵犯罪认定标准是当前资本市场监管中的重要任务,其理论前提与实践基础在于对市场操纵犯罪实质的准确把握。现有的市场操纵犯罪实质解释在法律与经济分析层面存在明显缺陷。资本市场中市场操纵犯罪的实质是对证券、期货合约以及其他金融衍生工具或者投资者资本配置决策进行非正当控制并从中谋取金融交易利益。市场操纵犯罪是金融商品操纵与市场资本操纵的独立进行或者联合展开。市场操纵犯罪实质的法经济学解释表明,操纵者通过价量操纵或决策操纵中的任何一种路径对资本市场形成操纵,或者通过叠加地使用价量操纵与决策操纵强化与提升对资本市场的非正当控制力度。It is one of the most important missions in recent years for the Chinese capital market regulation that the rules of the determination of market manipulation must be optimized. And the theory and practice foun- dation of this is the accurate interpretation of the essence of criminal market manipulation. However the current theoretic interpretations of market manipulation all had obvious flaws. The essence of the crime of market ma- nipulation is the improper control of securities, futures contracts and other financial instruments or the decisions of capital allocation by financial market investors from which the profits are exploited. The crime of market ma- nipulation is the independent action of financial commodity manipulation or market capital manipulation, or the combination of both. The legal and economic analysis proved that, actors can choose one manipulative type be- tween price and volume manipulation and decision manipulation for the purpose of manipulating the capital mar- ket, as well as operate both of these manipulative forms to enhance the manipulative power towards financial market. The manipulators directly influence market price or trade volume of relevant financial commodity by transmitting misleading signals such as information, trading or market power, or indirectly exert the influence to capital market by controlling market participants in relevant financial commodity trading market, meanwhile they carry out their own corresponding financial trades or investments and make profits from the price differ- ences between market price and real supply and demand relation or intrinsic value of the relevant financial com- modity.

关 键 词：市场操纵犯罪 实质 金融商品操纵 市场资本操纵 法律与经济分析 

分 类 号：DF611[政治法律—刑法学]