操縱證券、期貨市場罪的歷史流變、犯罪本質及刑法完善

On the Historical Evolution, Criminal Essence and Criminal Law Improvement of the Offense of Manipulating Securities and Futures Market

操縱證券、期貨市場罪在我國刑法體系中經歷過三次變革：在建章立制時期，《刑法》設立了操縱證券、期貨交易價格罪，為刑事司法規制操縱行為奠定了制度基礎；在法律變更時期，《刑法》修改了操縱證券、期貨市場的行為要件，確立了操縱證券、期貨市場罪的制度架構；在刑法體系建構時期，《刑法》補充了操縱證券、期貨市場罪的行為模式，確立了以《刑法》為中心，以司法解釋和立案規定為補充的刑事法治體系，明確了定罪、量刑的基本要件。在上述變革過程中，刑法的修訂呈現出一定的滯後性，刑法的適用也呈現出對行政違法性的依附性特徵，這主要源於理論和實務中對操縱證券、期貨市場罪的本質認識不足。操縱證券、期貨市場罪的本質是行為人濫用市場優勢地位，人為控制或影響證券、期貨市場行情。圍繞這一本質特徵，現有的司法解釋仍需從以下三方面進行完善：第一，將“跨現貨、期貨市場操縱”修改為“跨市場操縱”；第二，將濫用程式化交易設備的操縱行為在司法解釋中予以明示；第三，取消以違法所得作為入罪條件的規定，保持操縱行為入罪標準的一致性。在未來時機成熟時，通過《刑法修正案》的方式對上述修改予以確認。

The offence of manipulating securities and futures market has gone through three changes in the criminal law system of China. In the process of the changes, the amendment to the Criminal Law demonstrates a certain lag, and the application of the criminal law shows the characteristic of dependence on the administrative illegality, which are mainly due to the insufficient understanding of the essence of the offence of manipulating securities and futures market in theory and practice. The essence of the offence of manipulating securities and futures market is that the perpetrator abuses the dominant position in the market to artificially control or influence securities and futures market situation. Based on this essential characteristic, current judicial interpretation still needs improvement from the following three aspects: the first one is to abolish the provision of regarding the illegal gains as a condition for conviction so as to maintain the consistency of the conviction standard concerning the manipulating act; the second one is to change “cross-the-spot-and-futures-markets manipulation” to “cross-market manipulation” so as to make up the gap in the types of manipulating acts; the third one is to expressly set forth the manipulating act of abusing programmed transaction in judicial interpretation. At the right timing in the future, the abovementioned revisions should be confirmed through the amendment to the Criminal Law.