暨南学报(哲学社会科学版)

作者：张超,甘培忠

单位：北京大学法学院博士生。甘培忠,北京大学法学院教授,博士生导师,中国商业法研究会会长。

关键词：市场操纵,证券欺诈,监管挑战,价值分析框架

证券市场操纵是我国主要的证券违法行为,但有关市场操纵的整体分析框架和局部基础问题的理论研究进展缓慢,既有的理论突破也因为过于着重细微与个案,难以形成对监管具有指导作用的普适性认定标准。证券市场操纵的分析需要与证券欺诈区别开来,借助域外比较研究寻求与我国市场现实相匹配的制度设置。全球金融一体化进程和金融科技的发展给证券市场操纵者提供了新的市场操纵手段和套利空间,市场操纵的认定标准需要应势而变,更加深入关注市场操纵的违法性实质。现有的市场操纵分析框架强调对行政处罚案例中涉及的认定标准的优化与完善,采用了规则分析框架,但规则分析框架不能有效地就新型市场操纵行为、业务规则做出恰当的理论回应,需要在规则分析框架的基础上构建价值分析框架,二者共同作用,优化市场操纵行为的分析范式。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"article":{"keywordList_cn":["价值分析框架","监管挑战","市场操纵","证券欺诈"],"juan":"41","zhaiyao_cn":"证券市场操纵是我国主要的证券违法行为,但有关市场操纵的整体分析框架和局部基础问题的理论研究进展缓慢,既有的理论突破也因为过于着重细微与个案,难以形成对监管具有指导作用的普适性认定标准。证券市场操纵的分析需要与证券欺诈区别开来,借助域外比较研究寻求与我国市场现实相匹配的制度设置。全球金融一体化进程和金融科技的发展给证券市场操纵者提供了新的市场操纵手段和套利空间,市场操纵的认定标准需要应势而变,更加深入关注市场操纵的违法性实质。现有的市场操纵分析框架强调对行政处罚案例中涉及的认定标准的优化与完善,采用了规则分析框架,但规则分析框架不能有效地就新型市场操纵行为、业务规则做出恰当的理论回应,需要在规则分析框架的基础上构建价值分析框架,二者共同作用,优化市场操纵行为的分析范式。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6309","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6309","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2019/V41/I9/59","qi":"9","id":6309,"nian":2019,"bianHao":"2019-9-59","zuoZheEn_L":"ZHANG Chao,GAN Peizhong","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2019","shouCiFaBuRiQi":"2019-11-06","qiShiYe":"59","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2019/V41/I9","lanMu_cn":"法学前沿问题","pdfSize":"791","zuoZhe_CN":"张超,甘培忠","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6309","title_cn":"市场操纵的规范解构和分析框架维度构建","jieShuYe":"70","keywordList_en":[" regulatory challenges"," securities fraud"," value analysis framework","market manipulation"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6309","zhaiyao_en":"The manipulation of securities market is the main illegal act of securities in China, but the theoretical analysis of the overall analysis framework and local basic problems of market manipulation is slow. The existing theoretical breakthroughs are too focused on subtle and individual cases, which make it difficult to form universal identification standards that can guide the roleof supervision. The analysis of securities market manipulation needs to be distinguished from securities fraud. With the help of extraterritorial comparative research, it seeks to match the institutional settings of China. The global financial integration process and the development of financial technology have provided new market manipulation and arbitrage space for securities market operators. The market-management certification standards should also be changed according to the trend, and more in-depth attention should be paid to the illegal nature of market manipulation. The existing market manipulation analysis framework emphasizes the optimization and improvement of the identification standards involved in the administrative punishment cases, and adopts the rule analysis framework. However, the rule analysis framework cannot effectively and timely make the theory after the emergence of new market manipulation behaviors and business rules. In response, a value analysis framework needs to be built on the basis of the rule analysis framework, and its works together to optimize the analytical paradigm of market manipulation behavior.","bibtexUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=BibTeX&id=6309","abstractUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2019/V41/I9/59","zuoZheCn_L":"张超,甘培忠","juanUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2019","lanMu_en":"","qiUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2019/V41/I9","zuoZhe_EN":"ZHANG Chao,GAN Peizhong","risUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=Ris&id=6309","title_en":"Normative Deconstruction and Analysis Framework Construction of Market Manipulation","hasPdf":"true"},"authorNotes_cn":["张超,北京大学法学院博士生。甘培忠,北京大学法学院教授,博士生导师,中国商业法研究会会长。"]};if(window.metaData && (!window.metaData.authorNotesCommon_cn && !window.metaData.authorNotesCorresp_cn && window.metaData.authorNotes_cn)){window.metaData.authorNotesCommon_cn = window.metaData.authorNotes_cn;}if(window.metaData && (!window.metaData.authorNotesCommon_en && !window.metaData.authorNotesCorresp_en && window.metaData.authorNotes_en)){window.metaData.authorNotesCommon_en = window.metaData.authorNotes_en;}var _nlmdtdXml = $("#article_nlmdtdXml").val();var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');window.metaData.magDir = magDir;new mag_vue({ el: '#metaVue', //dataUrl: mag_currentQikanUrl() + '/EN/article/getRichHtmlJson.do?articleId='+$("#articleId").val(), data:window.metaData, loading:true, doTextFun:function(text){ return doDataJsonText(text); 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来源：2019年第9期

《暨南学报(哲学社会科学版)》期刊编辑部

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