Manipulating The Securities Price And Its Civil Liability Study

The manipulation of share price (manipulation in short) is a typical action of fraud and unjust competition , with monopoly characteristic , seriously prejudicing the interests of investors , rendering unjust securities market, lowering the efficiency of resource disposal , and aggravating the risk of stock market . So , to enhance the regulations of manipulation has become the main task of security legislation in respective country and area.The manipulation can be classified as follows : wash sale , matched orders , actual purchase , pool operation , intentionally spreading and fiction misleading information . At present , China Securities Law and China Corporate Law have prohibitory regulations on manipulation ,but in our regulation system of securities market, administrative penalty and criminal punishment occupy a disproportional importance , while civil liability is being ignored seriously . This is harmful to the development of Chinese securities market . Under this circumstance , to build a solid theoretical basis of securities investors' remedies is of momentous current significance .Theoretically , investors remedy institution consists of two aspects : substantive and procedural law , the author selectively concentrates his research on the measures against manipulation , presents many suggestions on civil liability . 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 urgent need of public investors .