【作者】 王艳红；

【导师】 冀宗儒；

【作者基本信息】 对外经济贸易大学 ， 国际商法， 2003， 硕士

【摘要】 操纵市场行为的大量存在对我国证券市场的健康发展造成恶劣的影响，成熟证券市场国家的实践表明，追究操纵者的民事责任对遏制操纵市场行为有重要意义。但是，我国证券法律没有对操纵市场的民事责任问题作出相关规定。本文从操纵市场民事责任的构成和实现机制出发，试图为操纵行为民事责任的建立提供理论支持和立法建议。本文以操纵市场行为民事责任研究对象，以民事责任的构成和实现为中心，运用了比较研究、案例分析、实证研究和综合分析等研究方法，参照了证券市场发达国家及地区的有关制度设计，吸收和借鉴了国内外法学理论研究成果，对操纵市场行为的民事责任制度从构成要件和实现机制的角度进行了比较系统的分析，结合我国的现状，提出了构建我国操纵市场行为民事责任的建议和设想。本文的引言部分主要分析了我国法学界关于操纵证券市场行为民事责任问题研究的现状，提出本文主要探讨的问题及建立操纵市场民事责任制度的迫切性和重要性。正文部分分五章对操纵市场行为民事责任制度进行了系统和详细的探讨。第一章主要讨论操纵证券市场行为问题。首先概述操纵市场行为的定义，类型，然后简要陈述我国证券市场操纵市场行为大量存在的现状以及操纵市场行为大量存在的危害性。从而说明，运用法律手段规制操纵市场行为是迫在眉睫的任务。第二章从分析我国操纵市场民事责任的立法现状出发，探讨建立我国操纵市场民事责任的必要性。我国证券法对操纵市场行为是否应当承担民事责任没有明确的规定，中小投资者缺乏利用法律手段追究操纵市场者的民事责任，保护自身合法权益的依据。建立民事责任制度对于遏制操纵市场行为、保护中小投资者、促进证券市场的健康发展具有重要意义，因此，我国应尽快建立操纵市场民事责任制度。第三章以操纵市场行为民事责任构成要件为核心，借鉴国外证券市场发达国家的做法，从四方面具体论述了操纵市场民事责任的构成要件。操纵市场民事责任的构成要件包括：损害的存在；操纵市场行为的存在；操纵者主观上存在故意；因果关系。同时，附带研究了损害赔偿的实现和计算问题，并提出建立民事赔偿的物质保障的措施。<WP=3>第四章从操纵市场行为的特殊性以及我国证券市场的现状出发，以操纵市场民事责任的实现机制为中心，讨论实现操纵市场民事责任的保障措施——集团诉讼和次级举证责任在辩方。第一节，讨论集团诉讼制度。由于操纵市场行为的特殊性，应当采取特殊的诉讼形式，我国应当借鉴美国等国家的做法，建立集团诉讼制度。以提高诉讼效率，更好地保护中小投资者的利益。第二节，讨论举证责任问题。借鉴美国的初级举证责任在控方而次级举证责任在辩方的原则，对应操纵市场民事责任的构成要件，提出按照次级举证责任在辩方的原则，投资者应当完成的举证责任，并以亿安科技案为例说明投资者追究操纵者民事责任应承担的举证责任。第五章结论。根据前几章的讨论，提出我国亟待建立操纵市场行为民事责任制度，同时，必须建立以集团诉讼和次级举证责任在辩方为核心的实现机制。更多还原

【Abstract】 The broadly existing of market manipulation in China does a lot of harm to the development of China securities market, the practices in the countries with advanced securities market demonstrate that it is very important to set up civil liability for market manipulation, to hold the manipulators liable for the investors damaged by market manipulation. However, there is still no legal stipulation for civil liability for market manipulation in China until now. This thesis aims to provide theoretical basis and legal proposals for the building civil liability for market manipulation in China. It addresses civil liability for market manipulation, focusing on the elements and realisation mechanism of the civil liability, employing comparative study, case study, positive study and comprehensive study methods, use the practices and theories in advanced securities market for reference, taking the status quo of China securities market into consideration, designs the framework of civil liability for market manipulation.Introduction Part, the author briefly outlines the status quo of China legal area on the civil liability for market manipulation, puts forward the problem of this thesis and the urgency and significance of building civil liability for market manipulation in China. Main Body Part comprises five chapters, studying the civil liability for market manipulation systematically and thoroughly.Chapter One addresses mainly market manipulation. The author first deals with the concept, classification of market manipulation. Then outlines the status quo of market manipulation practices in China securities market. In the end, indicates that it is urgent to regulate the market manipulation by legal measures. Chapter Two, starting from the status quo of the legal stipulation of civil liability for market manipulation in China, the author studies the necessities of building the civil liability for market manipulation in China. Since Chinese Securities Law does not stipulate the civil liability for manipulation, the investors have no legal measures to take to protect their legal rights and interests. It will be useful for preventing market manipulation practices, protecting the investors and promoting the sound development of China securities market, therefore, we should set up civil liability for market manipulation in China as soon as possible.Chapter Three explores the civil liabilities for market manipulation, centring on the elements of the civil liability for market manipulation and using the theories and practices in advanced securities countries as reference. Civil liabilities for market manipulation have four elements: the existing of damages; the existing of manipulation; the scienter of<WP=6>the manipulators and causation, mainly transaction causation and loss causation. At the same time, the author studies the realisation and calculation of the damages. Chapter Four addresses the special characteristics of market manipulation and the status quo of China securities market. The author focuses on the realisation mechanisms of the civil liability for market manipulation, discussing Class Action and Burden of Proof. There are two sections in this chapter. The main idea in Section One is that Since securities litigation is very special, we should employ class action. The main topic in Section Two study is the burden of proof, it should be divided into primary burden of proof and the secondary burden of proof. Chapter Five-Conclusion. Based on the study in the above chapters, the author indicates that it is necessary and urgent to set up the civil liability for market manipulation in China and to design the realisation mechanism centring on Class Action and Burden of Proof civil liability for market manipulation.更多还原