从监管到司法:信息型操纵市场的认定  

From supervision to justice: identification ofinformation-based market manipulation

作　　者：张嘉鑫 ZHANG Jiaxin(Law School,Jilin University,Changchun 130015,Jilin,China)

机构地区：[1]吉林大学法学院,吉林长春130015

出　　处：《沈阳工业大学学报（社会科学版）》2023年第5期466-474,共9页Journal of Shenyang University of Technology(Social Sciences)

基　　金：国家社会科学基金青年项目(20CFX048)。

摘　　要：2019年修订《证券法》增加了对信息型操纵的规制,但仍存在一定不足,核心问题之一是对信息型操纵市场的认定不完善。分析操纵市场这一行为类型的发展以及信息型操纵市场的机制原理和产生原因可知,信息型操纵市场是以信息运用为基础的操纵市场行为。为进一步探索信息型操纵市场的认定要件,以17个典型案例为样本,分析得出信息型操纵市场行为的认定标准为“一释放、二信息、四模式”。结合全国首例信息型操纵市场民事赔偿案展开论证,根据相关民事法律理论,认为信息型操纵市场的司法认定要件包括:行为人实施了相关操纵行为,投资者遭受损失,行为人具有主观故意,行为与损失之间存在因果关系。The Securities Law revised in 2019 increased the regulation of information-based manipulation,but there are still some deficiencies.One of the core problems is the imperfect identification of information-based market manipulation.By analyzing the development of the behavior type of market manipulation and the mechanism principle and causes of information-based market manipulation,it can be known that information-based market manipulation is a market manipulation behavior based on the application of information.In order to further explore the identification elements of information-based market manipulation,17 typical cases are selected as samples,and the identification standard of information-based market manipulation is analyzed and conducted of“one release,two kinds of information,and four modes of actions”.Argument is expanded combined with the first civil compensation case of information-based market manipulation in China,and according to the relevant civil legal theory,it is considered that the judicial identification elements of information-based market manipulation include:the perpetrator has implemented relevant manipulation behavior,the investor suffers losses,the perpetrator has subjective intention,and there is a causal relationship between the behavior and the loss.

关 键 词：证券法 证券监管 证券民事诉讼 操纵市场 信息型操纵市场 行为经济学 

分 类 号：D922[政治法律—法学]