论文部分内容阅读
徐翔案实际是以信息型操纵手段为主、以交易型操纵手段为辅的复合手法操纵案件。法院一审判决适用“利用信息优势连续买卖操纵”的叙明条款并不十分准确,适用兜底条款更为得宜。徐翔案中的利好信息是否虚假、信息披露时点是否存在人为控制、特定时点的连续交易行为是如何与利好信息发布相互配合形成影响证券交易价量的共振等方面证据仍有进一步强化的空间。完善信息披露和股票减持规则,法规增加列举信息型操纵具体类型,探索行政刑事共同调查的组织模式,是优化信息型操纵行为规制的有效路径。
Xu Xiang is actually based on information-based manipulation of the main means of manipulation, supplemented by transaction-based manipulation of complex ways to manipulate the case. Court of First Instance ruling applies “the use of information superiority continuous trading operation ” is not very precise description of the terms, applicable to reveal the terms more appropriate. Whether the good information in Xu Xiang case is false or not, whether there is artificial control at the time of information disclosure, how the continuous trading behavior at a specific time point cooperates with the good information release to form the resonance that affects the trading volume of securities still further strengthened space. Improve the rules of information disclosure and stock reduction, statutory increase to enumerate the specific types of information-based manipulation, to explore the administrative criminal investigation of the organizational model is to optimize the information-based manipulation behavior regulation of the effective path.