The Research Of The Behavior Of Short-term Trading Of Listed Companies

The great harm of the short-term trading, not only damage the interests ofinvestors and issuers, listed companies and undermine fair competition in thesecurities market, but also endangering the long-term sustained development ofChina’s securities market, and even endanger the development of the nationaleconomy as a wholeand,Therefore, our "Securities Act" explicitly prohibit "insider"associated with the listed companies in the short-term trading in the six months toprofit behavior.However, there is considerable controversy of our short-term tradingsystem, in theory; in the practice operation, there are still many gray area.Section47of the Securities Act, the legislative system of the short-term trading and can noprevent short-term trading of illegal use of insider information profit, and thus can notguarantee the fairness and impartiality of the securities market.In this paper, throughthe comparative analysis of methods to try to prevent short-term trading conductcriminal research.Part Ⅰ: Overview of short-term trading behavior. This section start from theconcept and characteristics of short-term trading to describe the behavior ofshort-term trading of our securities market status quo as well as short-term tradingimpact on China’s securities market, to clarify the causes of short-term trading,securities market the construction must overcome the illegal to draw short-termtrading behavior.Part Ⅱ: the necessity of short-term trading behavior criminalized. This sectiondescribes the social disadvantages,criminal illegality and deserved Punishment,toexplain the necessity and possibility of Criminalization. Part Ⅲ: The legal practice and learning from nature of extraterritorial regulationfor short-term trading behavior. This section describes the legislation of the UnitedStates, Europe and other marketed economy countries on the behavior of short-termtrading, experiences from the Western countries, short-term trading legislation andcriminalization of laying the groundwork for the short-term trading of our regulatorybehavior.Part Ⅳ:programs and ideas of short-term trading for crime. This sectionrespectively from the legislative and judicial levels up to provide a program and ideason the criminal acts of short-term trading. Legislative implicit charges and counts,except for reasons of constituent elements and special; from illegal gains calculatedjudicial options vested, the time period and against the object to the transactionspecifically its criminalization steps.