证券异常交易行为监管问题研究  

Research on the Regulation Issues of Abnormal Securities Transactions

作　　者：刘沛佩[1] Liu Peipei(School of Economic Law,East China University of Political Science and Law,Shanghai 201620,China)

机构地区：[1]华东政法大学经济法学院,上海201620

出　　处：《金融发展研究》2021年第7期84-89,共6页Journal Of Financial Development Research

基　　金：国家社科基金项目“注册制下证券发行信息披露有效监管研究”(16BFX133);上海市金融学会青年课题“证券异常交易行为监管问题研究”。

摘　　要：一段时期以来,证券监管机构加强了对证券异常交易的监管力度,市场对此议论纷纷。通常情况下,证券交易价格突然表现出的异常波动,如果缺乏基本面和政策变化因素的影响,则往往是由特定参与主体的异常交易行为导致的。由证券交易所对证券交易进行实时监控,发现异常交易行为,履行一线监管职责,是较为通行的做法。通过对证券异常交易行为特征和产生原因的梳理,可以看出无论是从公平角度、秩序角度还是从稳定角度而言,对证券异常交易行为实施监管,可以有效防范交易主体实施具有欺诈性质的操纵及其他不公平交易行为,防止可能出现的明显不符合市场供需情况的异常价格波动,进而发挥交易所集中市场的价格发现功能。For a period of time,securities regulatory authorities have strengthened its supervision of abnormal se-curities transactions,which aroused widespread concern in the market.The sudden abnormal fluctuations of the stock exchange price are often caused by the behavior of specific participants if the fundamentals and policies remain un-changed.It is a common practice for the stock exchange to monitor securities transactions in real time and perform front line regulatory duties.By analyzing the characteristics and causes of abnormal securities transactions,it's not hard to see that the supervision of abnormal securities transactions can effectively prevent participants from performing fraudu-lent manipulations,whether from the perspective of fairness,order or stability.Meanwhile,the supervision can also prevent the possible abnormal fluctuations of the stock exchange price,and then play the price discovery function of the stock exchange market.

关 键 词：证券 异常交易 行为特征 监管正当性 价值导向 

分 类 号：F830.91[经济管理—金融学]