操纵证券、期货市场罪的财产规制研究——中日比较法的角度

• 영문명: A Study on Property Sanctions for the Crime of Securities and Futures Market Manipulation: A Comparative Legal Perspective between China and Japan
• 발행기관: YIXIN 출판사
• 저자명: Jiang Xin
• 간행물 정보: 『Journal of east Asian law studies』Vol.2 No.2, 2~15쪽, 전체 14쪽
• 주제분류: 사회과학 > 교육학
• 파일형태: PDF
• 발행일자: 2025.06.30

국문 초록

Market manipulation not only distorts pricing mechanisms and undermines market fairness and efficiency, but also erodes investor confidence and impedes the rational allocation of resources. Without effective regulation, such conduct may escalate into systemic financial risks, posing severe threats to national economic stability. Accordingly, criminal law plays a critical role in regulating such misconduct. Property sanctions—such as fines, confiscation, and disgorgement—serve as essential tools for maintaining market integrity. Nevertheless, significant debate remains regarding the calculation of illegal gains and the determination of confiscation and disgorgement scopes. Japan has accumulated extensive experience in these areas, forming distinctive doctrines and practices.This paper adopts a comparative legal approach to analyze China’s methodology for calculating illegal gains and Japan’s framework for determining the scope of confiscation and disgorgement. It aims to investigate the relevant legal provisions, judicial practices, and existing challenges in both jurisdictions. By comparing institutional designs and practical applications, this study identifies the similarities and differences between the two systems, offering insights into improving China’s property sanctions regime for market manipulation. The research ultimately seeks to contribute to the maintenance of capital market order and the strengthening of legal safeguards in financial regulation.

영문 초록

操纵市场行为不仅扭曲市场价格机制，损害市场公平和效率，还会破坏投资者信心，影响资源合理配置，如不对其进行有效规制，可能会进一步引发系统性金融风险，对国民经济造成巨大伤害。因此，刑事立法对此类行为的规制显得尤为重要。罚款、没收和追缴等财产规制是规范证券市场的有效手段，但是对于违法所得金额的计算等问题还存在诸多讨论空间。日本在没收和追缴金额计算方面积累了丰富的经验，形成了独特的见解和实践案例。本文结合中日两国的法律规定与司法实践，对中国的违法所得计算与日本的没收与追缴范围进行比较法分析。本文旨在从中日比较法的角度探讨操纵证券、期货市场罪的财产规制，重点分析该领域的法律规定、司法实践及存在的问题，比较中日两国的制度设计与实践问题，探讨两国在违法所得计算和没收范围确定上的异同，并对中国市场操纵财产规制提出启示性见解，为维护资本市场秩序、强化资本市场的法治保障提供参考。

목차

Ⅰ. 引言

Ⅱ. 中国法律中对违法所得的规定

Ⅲ. 日本对没收与追缴金额计算的讨论

Ⅳ. 日本对于没收和追缴金额认定的特点

Ⅴ. 中日对操纵证券、期货市场罪财产规制的比较：异同与启示

Ⅵ. 结论

参考文献

키워드

Market manipulation Crime of manipulating securities and futures markets Illegal gains Confiscation Disgorgement 市场操纵 操纵证券、期货市场罪 违法所得 没收 追缴