市场操纵司法界定、惩治比较及其启示

市场操纵与证券市场形影不离，并在很大程度上影响证券市场健康规范发展，因此，几乎所有国家和地区都先后通过立法对市场操纵行为进行了具体的界定，并制定了惩治市场操纵的法律规定。本文对中国和海外成熟证券市场有关市场操纵的司法界定、惩治法律措施进行了比较分析，并认为惩治市场操纵仅靠法律、法规是不够的，还应在此基础上采取一系列与之相适应的措施。

Judicial Definition,Enforcement and Enlightenment

Market manipulation has been a worldwide concern of stock markets. Given its great impact on the healthy development of the market, countries and regions global wide have provided a judicial definition of market manipulation and countermeasures have been worked out. This paper is a comparison of China and mature markets in terms of judicial definition of market manipulation and countermeasures. The author believes that to curb market abuse requires more than legal and administrative rules. Other concerted measures should be put in place.