Empirical Study On The Manipulation Of China's Stock Market

The stock market has many components.As one of the important components of the securities market,there have been market manipulations since the birth of the stock market.Even developed countries with high market efficiency and a relatively perfect market supervision system can hardly avoid market manipulation.Market manipulation has become a common obstacle in the development of the stock market and restricts the effective functioning of the resource allocation function of the stock market.Since the reform and opening up,China's stock market has developed rapidly.Reform and opening up provide a good external environment for the development of the stock market,but due to the short development time,there are still many defects in our stock market.Inevitably,there are also a large number of market manipulations in China's stock market.This kind of market manipulation has caused great harm to the healthy development of China's stock market.Although China's regulatory agencies have always been committed to improving the market mechanism and improving the regulatory system,the manipulation of the stock market has improved,but there are still many problems,and the problem of market manipulation is still banned.At present,new changes have taken place in China's market manipulation.Compared with long-term maneuvers,short-term manoeuvring has become the mainstream of market manipulation.The concealed approach and short cycle have become new features of market manipulation.In addition,market manipulation in the name of "market value management" is commonplace,and securities practitioners have gradually become participants in market manipulation.For a long time,domestic and foreign scholars have conducted continuous research on the manipulation of the stock market.Foreign studies on the manipulation of stock markets started earlier.The initial research focused on the theoretical level and tried to explain the manipulation of the stock market from a theoretical perspective.As the stock market manipulation becomes more frequent and people pay more attention to it,scholars begin to conduct empirical research.The study of the manipulation of the stock market by scholars in China mainly focused on the qualitative theory in the early stage.The empirical research has only gradually developed in recent years,but there are still many deficiencies.This paper attempts to find out the rules and characteristics of market manipulation by studying the manipulation of the stock market,so as to provide reference for many ordinary investors to identify,circumvent market manipulation and protect their own legitimate interests,and also to formulate effective market supervision measures for market regulators.Better market supervision to provide lessons.The sample selected in this paper is the manipulated stock that was disclosed by the China Securities Regulatory Commission from 2010 to 2016.The specific research method of this article is:First,consider all stocks as a whole,represent the entire market being manipulated,qualitatively analyze how it changes during manipulation,and then conduct empirical tests.Then introduce new explanatory variables representing the company's characteristics,and conduct quantitative analysis of the regression model.Through the empirical model,which company characteristics influence the market manipulation.Then using the market quality index as an explanatory variable to establish the identification model of the stock market manipulation,and analyze its recognition effect.Finally,the research conclusions are drawn and corresponding suggestions are made for the research results to provide reference for market participants.The research results in this paper show that market manipulation has a certain degree of regularity.On the one hand,market manipulation will lead to the occurrence of market quality indicators that are different from usual changes,which are often manifested as the general rise or large fluctuations of multiple indicators.On the other hand,the influence of different company characteristics on market manipulation is different,and some are Some negative effects are positive.In addition,the explanatory variables designed based on market quality have higher significance in the market manipulation recognition model,and the recognition model also has a higher recognition rate.The empirical results of this paper have certain reference significance for market regulators and ordinary investors.For market regulators,they should pay attention to the abnormal fluctuations of some indicators in the market,guard against market manipulation,and focus on companies with certain characteristics.The identification model established in this paper can also provide a reference for market manipulation monitoring;for ordinary investors It said that when there are some unusual changes in stocks,they should think rationally and guard against market manipulation leading to damage to their legitimate rights and interests.They should establish a correct investment concept and objectively analyze the volatility of the stock market.