On The Causality Of Civil Liabilities For The Manipulation In Securities Market

With the prosperity of securities market,financial irregularities gradually become one of the topics heatedly discussed in Chinese academic circle.However, compared to the misrepresentation and inside-dealing, few articles specifically study the manipulation in securities market. And the minority studies about manipulation of securities market mainly focus on the manipulative behavior itself,with little attention to the civil liability of such behaviors, let alone the rules to identity the causality of civil liabilities in securities market.In view of this, to explore the identification rules to causality of civil liabilities caused by manipulation of security market will be of great significance for the health development of capital markets in China. The current study is conducted on basis of the first case concerning compensation for manipulative behavior by way of "Scalping", i.e. the defeated case of Mr.Wang, an investor, accusing Wang Jianzhong, the executive director of Beijing First Investment Company, of his manipulative behaviors of stock market.Throughout the study, research methods including comparative analyzing method,logical analysis, normative analysis and empirical analyzing method are applied.Through reviewing the essential theories about the manipulation in securities market and identification rules to causality of manipulative behaviors and referring to the advanced experience from other countries, the author put forward several practical suggestions to ameliorate the identification rules to causality of civil liabilities caused by manipulation of security market in China. Besides, the purpose, the basic principles and specific provisions of the identification rules to civil liabilities are also exhaustively demonstrated so as to form a comparatively complete system.All in all.the present study is conducted in hope of making up the defect of the studies on the causality of civil liabilities for the manipulation of securities market in China and providing certain theoretical basis for related judicial practice.