规范化、法制化是今年我国证券市场的发展目标,但作为证券市场的重要主体之一——证券商经营行为的不规范,已引起人们的广泛关注。证券市场要走向成熟,一个重要因素就是证券经营机构的规范运作。 近年来,我国证券市场的发展情况表明,每当证券市场行情火爆,证券商的违规经营行为就越发突出。其主要表现有:在股票发行中,不按规定报送资格审查材料或联手作假;采取不正当竞争手段承销股票;用银行信贷资金和客户帐号申购新股;通过贴现炒作股票,操纵股市和内幕交易;挪用客户资金用于自营业务,将自营业务和经纪业务混合经营。这些行为严重地侵害了广大投资者的合法权益,给证券市场规范化管理造成极大危害。这几年,尽管国家出台了约束证券商的立法,但制约程度及其执法力度仍显不够,这也是证券商频繁违规经营的重要原因。因此,强化证券商的经营法律意识,健全法律约束机制是当务之急。 Standardization and legalization are the development goals of the securities market in our country this year. However, as one of the important subjects of the securities market, the non-standardization of the securities dealers’ business practices has drawn people’s widespread concern. Securities market to maturity, an important factor is the normative operation of securities institutions. In recent years, the development of the securities market in our country shows that whenever the stock market is hot, the illegal business behaviors of securities firms become more and more prominent. Its main manifestations are: In the issue of shares, not in accordance with the provisions of the eligibility criteria to examine the material or joint fraud; under unfair competition to underwrite the stock; using bank credit funds and customer accounts to purchase new shares; stock discount through speculation, manipulation of the stock market and insider trading ; Misappropriation of customer funds for self-employed business, self-employed business and brokerage business mixed operation. These acts have seriously infringed upon the legitimate rights and interests of investors and caused great harm to the standardized management of the securities market. In recent years, although the state has promulgated legislation that restricts securities dealers, the degree of restriction and enforcement of laws are still not enough. This is also an important reason why securities companies frequently violate regulations. Therefore, it is imperative to strengthen the legal awareness of the operation of securities firms and improve the legal restriction mechanism.