论证券交易中操纵市场的民事责任

【作者】 凌立志；

【导师】 屈茂辉；

【作者基本信息】 湖南师范大学 ， 法学理论， 2002， 硕士

【摘要】 证券欺诈的民事责任成为2001年我国证券市场热点之一。然而我国现行证券法律、法规有关民事责任的规定满足不了社会实践的需要。本文就欺诈行为之一——操纵市场的民事责任进行探讨，全文共分六个部分。 第一部分对操纵市场行为进行了界定。笔者认为操纵市场是指行为人利用其资金、信息等优势或垄断地位或滥用职权或某个人的影响力，背离公平、自由竞争原则和价值规律确定的证券价格，引诱他人买卖证券，从而希望达到其所追求的目的，而扰乱证券市场秩序的行为。 第二部分分析了操纵市场的主体、类型划分及行为表现。 第三部分论述了操纵市场民事责任的归责原则和构成要件。文中认为其归责原则为过错责任原则，但应实行过错推定；构成要件包括：操纵市场行为、损害事实、操纵市场行为和损害事实的因果关系及过错。 第四部分阐述了抗辩事由。抗辩事由包括合法的安定操作、被侵权人明知操纵市场行为而为交易和不可抗力三种。 第五部分探讨责任形式。责任形式主要是损害赔偿。赔偿金的计算方法主要有三种，即实际价值法、差价计算法和实际诱因法。 第六部分提出完善我国操纵市场民事责任的立法建议。建议内容主要包括：明确操纵市场民事责任立法的指导思想、确立民事责任制度基本原则、增强可操作性、建立便于投资者提起诉讼的制度。更多还原

【Abstract】 Civil liability of security fraud became tbe hottest issue of our security market in 2001. However, tbe regulations about civil liability in current security laws and regulations could not satiate the need of the social practice. This article will expound the liability of rigging the market, which is a kind of fraudulent act. This article consists of six parts.The first part defines the act of rigging the market. The author holds that rigging the market mains the acts that the manipulator carried out by taking advantage of his superiority of capital, information, monopoly status, personal influence and the like to seduce others to sale or buy security in order to achieve his own goal, which is absolutely a-gainst justice, principle of free competition and the law of value.The second part digs into standard of classification, subject and behavior of rigging the market.The third part exjjounds doctrine of liability fixation and constitutive requirements of controlling market. This article holds the opinion that the doctrine of liability fixation should be doctrine of liability for wrongs, and the constitutive requirements include acts of rigging the market, facts of damage, and the causes for act and damage.The forth part states the contradicting causes. The contradicting causes include stabilization, transaction carried out by the infringed being aware of the act of rigging the market and force majesture.The fifth part analyzes the form of liability. The form of liability mainly is compensation for damage. There are three1 kinds of countingmethods of claims, which arc methods of real value, method of variable price, and method of practical seducing.The sixth part put forward legislation suggestions on how to perfect Chinese regulations on civil liability of rigging the market. Suggestions include: defining the thought of legislation of Chinese regulations on civil liability of rigging the market, stipulating the basic principles of civil liability of rigging the market, making it more practical, constructing the system which makes justice accessible to investors.更多还原