Research On Financial Elites' Conspiracies And Operations In Chinese Stock Market

China's stock market has been experiencing a perennial bear market which makes the general retail investors suffered losses, but shareholders, institutions and brokers make tons of money. Behind collude, how do they collude with each other? This question has raised author's great interest. Indeed, many experts analyses it from economics, not from the sociological perspective. Therefore, this article attempts to mix sociology with economics and associate theories of system and social network with financial activities, thus, further investigate the deep logic of the financial elites' conspiracies.Firstly, the article has carried on the definition and classification of financial elite. Based on methods of job analysis and decision-making, financial elites refer to those who can occupy special positions and influence decisions of financial activities. When it comes to classification, we should consider many factors, such as structures of Chinese stock market, profitable objects, dominance, dominant path and so on. What's more, combined with John Milton Friedman's method in the “core-edge theory”, the financial elite is divided into core financial elite and edge financial elite. Besides, according to differences of political power, economic power and knowledge, we subdivide core financial elite into political & economic, cultural & political and economic & financial elite.Next, the essay did systematic analysis of strategies of financial elites' conspiracies. Core financial elites' conspiracies involving insider trading between listed companies and securities, stock manipulation between “Market maker” and listed companies and engagement of IPO between securities and to be listed companies. Edge financial elites' conspiracies include the constructions of relationship and capital hypes among securities analyst, listed company and institutional investors and the real operations between private bankers and listed companies.Finally, in view of the types and formulas of conspiracy and its operations, we namely summarize and generalize the logic of financial elite conspiracy and operation, the dislocation of formal system and informal system. Formal and informal system constitutes the duality of financial elite conspiracy and operation. For one thing, under the protection of formal system, financial elites can flexibly use “institutional space” and make rules so as to maintain their own rights. For another, they can make full use of social network, such as classmates, fellow, acquaintances and find suitable conspirators to resist or refute formal system and to achieve the maximum benefits of conspiracy from informal system.