操縱證券市場罪歸屬根基的重塑──以控制信息操縱的評價困境切入

Reconstructing the Basis of Imputationing the Crime of Securities Market Manipulation: From the Dilemmatic Evaluation of Manipulative Control over Information

突破存在論意義上交易型操縱與信息型操縱的傳統二分，操縱證券市場罪根據歸屬原理的差異被重新劃分為基於組織管轄的詐欺操縱與基於體制管轄的優勢濫用。行為能否扭曲證券價量形成機制的判斷，超越現象維度，聚焦於操縱性的不法歸屬在本質上是因支配虛假價量信號生成，欺騙投資者對市場的合理預期，還是未履行維護證券定價過程自由競爭性的積極義務，不當限制其他變量參與定價過程，加劇市場信息的不對稱性。不能將正犯之不法單獨歸屬於利用非虛假信息“炒熱點、帶節奏”的一般主體。只有具備動態信息優勢從而承擔積極義務的主體製造不對稱信息，才能與占據資金、持股持倉等叙明優勢者對體制建構義務的違反具有同質性成立優勢濫用型操縱證券市場罪的正犯。

The dichotomy between trade-based manipulation and information-based manipulation shall be subverted. As a result, the crime of manipulating securities market is to be reclassified, according to the different principles of imputation, into fraud-manipulation based on organizational jurisdiction and advantage-abuse based on institutional jurisdiction. The judgment on the issue whether behaviors could distort the mechanism in which both trading price and trading volume are formed, should go beyond the factual dimension, focusing on the question whether the objective attribution of manipulability is due to the creation of false signals with regard to trading price and volume which deceive investors' reasonable expectation of the market, or the failure to carry out positive obligations aimed at maintaining the free competition in the securities pricing process, namely restricting improperly the participation of other variables in the pricing process or exacerbating the asymmetry of market information. It is not justifiable to attribute the abnormal fluctuations in the securities market to a single person without special identities who uses non-false information to induce transactions. Only if the asymmetric information is created by subjects with dynamic information advantage who assume positive obligations, can the miscellaneous provision be applied because their behaviors, in terms of the advantage abuse, are comparable with the violation of positive obligations by those who have financial advantage, stockholding advantage or static information advantage.