From The Administrative Sanctions Of Manipulating The Securities Market To Study The Perfection Of Civil Liability System

The manipulation of securities market is making use of the advantage ofthe capital and information to affect the price of securities market and induce theinvestors to take part in the securities trade, then gains the lawless benefit or shift risk. The manipulation intrinsically a sort of fraudulent torts,It seriously prejudicing the interests of investors,rendering unjust securities market,lowering the efficiency of resource disposal , influenceing capital freely floating . The thesis is aim to consummate civil liability of the manipulation of securities in our country.The thesis introduces the basic theory of the manipulation,and current rules of the manipulation in our securities market. The manipulation can be classified as follows:wash sale,matched orders,actual purchase pool operation,intentionally spreading and fiction misleading information and so on. At present,China Securities Law and China Corporate Law have prohibitory regulations on manipulation. The thesis uses analytic demonstration approach the problems of the regulation of the manipulation in China.There had beenseveral rules and laws for market manipulation, but, because the time of lawmaking were distinct, these laws were not harmonious enough; even there was some contravention among them. In our regulation system of securities market , administrative penalty and criminal punishment occupy a disproportional importance,while civil liability is being ignored seriously.As the lack of civil liability system and its matched system, our national regulation of market manipulation needed consummating more. This is harmful to the development of Chinese securities market .Administrative sanctions is mostly mathod for preventting the manipulation, as for lack of civil liability system and its matched system, absolutely depend on administrative sanctions couldnot protect the interests of investors. The civil liability system of market manipulation can be built rapidly and scientifically, the efficiency and justice of the securities market in our country will be accelerated. It cannot be denied that establishing and consummating the civil liability system is not only the practical demand of our stock market,but also the need of public investors.In the chapter III , according to Macrocosm design concept,the thesis aim to discover building a legal system for interdicting the manipulation of securities market , deals with the civil liabilities of manipulation from the ways of material law and procedural law. From the view of material law, such topics are carefully studied as the nature of the civil liabilities, the important constructive conditions and the methods fulfilling the civil liabilities. When procedural law is referred, the most important issues are how to choose the procedure mode and so on.