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1、关于操纵证券市场行为认定和处罚中若干问题比较SomeproblemsintheidentificationandpunishmentofsecuritiesmarketmanipulationarecomparedByguxiaorongArticle182ofthenewcriminallawinChina,TaiwanandHongKongsecuritieslawstipulateofmanipulationofthesecuritiesmarket,alsocanbecalledthecri
2、meofmanipulationofthesecuritiesmarketorstockmanipulation).Inthesecuritiesmarket,thepricethatisnaturallyformedbythesupplyanddemandrelationshipisthenormal,authoritativeprice・Andoperatingthemarketbehaviorisartificiallydistortthenormalpriceofthesecuritiesm
3、arket,anddogreatharmtotheorderofthesecuritiesmarket,therefore,thelawmustbebanned.Theso-calledmanipulationmarketreferstotheactofartificiallychangingorfixingthestockmarkettoinduceotherstoparticipateinsecuritiestrading,therebymakingaprofitforoneself・Marke
4、tmanipulation,infact,isakindofdeception,throughartificiallyaffectsecuritiesmarketpricetocheatinvestorstobenefitfromorpassonrisk・Intermsofthenatureofmarketmanipulation,themainlandisinfactconsistentwithHongKongandTaiwan.However,intheconcreteformofmarketm
5、anipulation,themainlandandHongKongandTaiwanregionsaredifferent,andthefollowingmajorissuesarecompared.One,aboutillegalshortsellingsecuritiesIllegalshortsellingisanimportantmeansofmanipulatingthesecuritiesmarket・Somelawsputitintheactofmanipulatingsecurit
6、iesmarkets;Someofthemarelistedseparately.Here,westudyitasaspecialissue・Ashortsellingisanitemthatthesellerdoesnotholdwhenitissold.Itcoversawiderangeofproducts,rangingfromthesalesofsamplestotheannualsubscriptionofnewspapersandmagazines,whicharenotyetprod
7、ucedinadvance・Inthiscase,thesellerbelievesthattheywillsupplythegoodstothebuyerondeliveryday.Whensecuritiesaretraded,theymustbedeliveredintheshortterm・Stockisthegeneralpracticeofshort-selling,shortsellersfirstborrowedsecuritiestoathirdparty,insettlement
8、oftrade,andtheninlaterdaysofbuyingthesecuritiestothelender・Iftheseller'spricefallsafterthesale,theshortsellercanmakeaprofitbecausehecanbuythesecuritiesatalowerpriceandreturnittothelender・Ontheotherhand,ifthepriceofsecuritiesrisesafterth
