Research On Securities Law Regulation Of Market Value Management

Market value management is a concept with Chinese style.In May 2014,after the State Council issued the "Several opinions on further promoting the healthy development of the Capital Market"(hereinafter referred to as the new "nine articles of the state"),which proposed "Encouraging listed companies to establish a market value management system",a wave of market value management in the A-share market attracted lots of people.Recently,many scholars have discussed market value management in different dimensions.However,due to the lack of effective consensus and the ambiguity of the new " nine articles of the state”,market value management is not quite regular in the market.All activities related to market value are all in the name of market value management,and some listed companies even try to manipulating the market in this way.This behavior is a serious violation of the law.This will undoubtedly affect the healthy development of the capital market and market value management.Firstly,this paper analyzes the essence of market value management and Relationship between market value management and manipulating,based on the analysis of the concept of market value management and pseudo-market value management.Market value management is essentially an autonomous behavior of listed companies to eliminate the deviation between the stock price and the actual value of the enterprise through active intervention and legal compliance application of market value management tools.To some e ? tent,market value management is not entirely distinct from market manipulation.Secondly,this paper analyzes the model of pseudo-market value management,the causes of market value management dissimilation and pseudo-market value management behavior in three aspects: theoretical cognition,implementation guarantee and supervision.The high frequency of pseudo-market value management happening in the stock market could partly due to its uncertainly concept and the less fussy regulator.Judging from the cases,the probability of pseudo-market value management occurring in private listed companies is relatively high.Pseudo-market value management often shows the characteristics of various manipulation means,multiple purposes,inside and outside collusion,frequent insider tradingand so on,which increases the recognition and detection.Thirdly,this paper analyzes the subject and object dimension of the regulation of market value management,and puts forward the countermeasures against market value management.To solve the problems of pseudo-market value management,we shall establish a system consist of administrative supervision and self-regulation.Therefore,legalization of market value management concept is the key to solve the problem of understanding deviation and operation dilemma of market value management.Through the construction of information disclosure as the core of the market management governance system,the possibility of pseudo-market value management can be reduced.At the same time,we should strengthen the identification and detection of the pseudo-market value management,establish and improve the civil compensation mechanism of the pseudo-market value management,increase the illegal cost of the pseudo-market value management.It should be noted that this paper combines the related empirical research results,and uses big data technology in the identification and treatment of pseudo-market value management.