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操纵证券交易价格是证券市场中一种严重扰乱正常交易秩序的行为。证券交易价格的变化直接影响着投资者的收益和损失,因此,在证券市场中人为操纵证券交易价格,扭曲正常的供需关系价格形成机制,势必将妨碍投资者树立正确的投资理念,危害证券市场的自由(free)、公平(fair)、及公开(full disclosure)的原则。当今世界范围内绝大多数国家和地区都对此类严重行为认定为犯罪并对通过立法对其进行规制。本文仅就对操纵证券交易价格犯罪相关问题进行探讨。
Manipulating the prices of securities trades is a type of behavior in the securities market that seriously disrupts the normal trading order. Therefore, in the securities market, manipulating the price of securities and distorting the price formation mechanism of normal supply and demand will inevitably prevent investors from setting up correct investment concept and endangering the securities market Free, fair, and full disclosure. In most countries and regions in the world today, such serious acts are criminalized and regulated through legislation. This article only discusses the issues related to the crime of manipulating securities trading.