操纵证券交易价格行为及其治理对策

操纵证券交易价格的行为是资本市场的客观现象,不必禁止此类行为,只需将其限制在资本市场能承受的限度之内。治理证券价格操纵行为必须借助刑法;彰显其及时性、严厉性、确定性;完善前置刑法制度;基于信托责任、民事责任与行政责任等层面,构筑治理证券价格操纵行为的预防体系。

On the Countermeasures against Manipulating the Dealing in Securities

Manipulating the dealing in securities is an objective phenomenon.Therefore,it is unnecessary to ban such act,but control it within the limit.In order to control the market manipulation,it is necessary to make use of the criminal law,moreover,emphasize its characteristics,such as the timeliness,severity and determinacy.At the same time,it is important to improve the pre-criminal law system and establish the prevention system of the control the market manipulation based on the non-criminal responsibility as well,including the trust duty,the civil liability and the administrative responsibility.