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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2011年12月第17卷第6期
   
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文章编号:1672-3104(2011)06-0113-07
 
抢先交易行为的刑法评价和刑法规制路径
 
蔡正华,张延武
 
(华东政法大学刑法研究中心,上海,100062)
 
摘  要: 严重的抢先交易行为作为一种违背“三公”原则,侵害投资者利益的违规操作行为,理当纳入刑法规制,以犯罪论处。在现有法律框架内,该行为在刑法上只能以操纵证券市场罪中的“以其他方法操纵证券市场的”情形进行认定,并且应该具有明显的区别于行政违法行为的行为特征。构成操纵证券市场罪的抢先交易必须同时具备符合时间先后顺序的“荐股”与“交易”两种行为,且必须满足行为人的行为是相关证券交易价格或者交易量变动的重要原因等条件。这一内涵式界定既是正确认定犯罪的需要,也是遵循罪刑法定原则的必然要求。建立包括刑法以及前置法律共同架构的法律机制,是规制抢先交易犯罪的必然选择。
 
关键词: 抢先交易;“抢帽子”交易;操纵市场罪;刑法评价
 
 
Criminal evaluation for first transactions and approaches to
criminal law system
 
CAI Zhenghua, ZHANG Yanwu
 
(Criminal Law Research Center of East China University of Political Science and Law, Shanghai 100062, China)
 
Abstract: Serious first transaction, as a violation of “Open, fair and impartial” principle, against the interests of investors of illegal operations, should be incorporated into criminal law system, to the crime. Within the existing legal framework, the behavior in the criminal law can only manipulate the stock market crime in the “stock market manipulation by other means” to identify the situation and should have significant different from the behavior of administrative violations. To constitute the crime of the first to manipulate the securities market transactions must comply with the time sequence of the “recommended stocks” and “transaction”, and must meet the perpetrator’s behavior relating to securities trading price or trading volume of the important reasons such as changes in the conditions. This content type is correctly identified the need for crime, which also follows the principle of legality imperative. It is an inevitable choice to establish a common framework and pre-legal mechanisms regulating front-running crime.
 
Key words: first transaction; scalping; crime of market manipulation; evaluation of criminal law
 
 
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