困境与出路:操纵证券市场行为的治理对策分析  

Dilemmas and Solutions:An Analysis of the Management Strategies of Manipulation of Securities Market

作　　者：魏庆凯 WEI Qingkai(Enterprise Compliance and Risk Control Research Center,Henan University of Economics and Law,Zhengzhou 450000,China)

机构地区：[1]河南财经政法大学企业合规与风险防控研究中心,河南郑州450000

出　　处：《管理工程师》2024年第1期14-21,共8页Management Engineer

基　　金：河南省软科学研究项目(212400410353)。

摘　　要：操纵证券市场行为通过虚构市场供求力量以扭曲股票交易价和交易量,并通过交易价差非法获利,破坏了公平有序的资本市场秩序。近年来,操纵证券市场行为出现复杂化、技术化、主体团伙化、跨市场、跨境化等特点,存在一定的治理困境,如犯罪手法不断演进凸显法律滞后;场外配资难以管理;操纵证券市场案件发现难、侦查认定难;跨市场、跨区域操纵交易致监管难度增大。为了防控操纵证券市场行为的发生,可以考虑采取科技赋能监管,加大监管力度;完善相关法律法规体系;减少犯罪黑数,提高违法犯罪成本;严格管理场外配资与出借证券账户行为;提高操纵证券市场行为的侦查能力等措施。Manipulation of the securities market distorts the stock trading price and trading volume through fictitious market supply and demand forces,and makes illegal profits through the trading price difference,which destroys the fair and orderly capital market order.In recent years,the manipulation of the securities market has become more complex,technical,involving organized groups,and extending across markets and borders.Currently,there are certain challenges in governing the manipulation of securities market:the continuous evolution of criminal methods highlights the lag of law;off-site allocation is difficult to manage;it is difficult to find and investigate cases of manipulation of securities market,and cross-market,cross-regional manipulation of trading increase regulatory difficulties.In order to prevent and control the manipulation of the securities market,the following measures can be considered:empowering supervision through technology,strengthening regulatory efforts,improving relevant laws and regulations,reducing the black number of crimes and increase the cost of crimes,strictly managing the behavior of over-the-counter allocation and lending securities accounts,enhancing the investigation capabilities of market manipulation.

关 键 词：证券市场 操纵证券市场行为 场外配资 违法成本 科技监管 

分 类 号：F830.91[经济管理—金融学]