做空已成为我国证券市场一项基本交易制度,其正负双面性决定了“恶意做空”的客观性和有限性。但社会习惯性偏见、危机中激愤的民意以及权力固有的傲慢极易使公权力在治理恶意做空时突破政府与市场的边界。必须将“善恶与否”的道德评价转化为“合法与否”的规范判断,在法律层面将恶意做空解读为做空操纵行为,并通过在市场基本法中制定做空基本规则、确定统一的操纵定义和多元的操纵类型、完善跨市场监管协作机制等以更好应对我国混业经营和市场联动背景下做空操纵与跨市场操纵相结合的挑战。 Shortness has become a basic trading system in China’s securities market, its positive and negative double-sided determines the “malicious short” objectivity and limited. However, habitual prejudices in the community, popular indignation in the crisis, and arrogance inherent in power can easily break the boundaries of the government and the market when the public power manages to do away with malice. The moral evaluation of “good or not” must be translated into the normative judgment of “lawfulness or notness”, the malfeasance should be interpreted as short-selling behavior in the legal aspect, and the basic rules should be established in the basic law of the market to determine A unified definition of control and diversified types of operations, improve cross-market regulatory cooperation mechanisms to better cope with the combination of short-term operation and cross-market manipulation in the context of mixed operation and market linkage in China.