恶意股票做空怎么操作

恶意股票做空是一种严重的违法行为，不仅损害了市场的公平和公正，也对广大投资者造成了巨大的损失。在探讨其操作方式之前，必须明确强调，这种行为是绝对不可取的，并且会受到法律的严厉制裁。

做空，作为一种投资术语和操作模式，本身在合法合规的框架内是被允许的。正常的做空操作是指投资者预期股票市场会有下跌趋势，先借入标的资产并卖出获得现金，待股票下跌后再买入归还，从而赚取中间差价。

然而，恶意做空则完全不同。恶意做空者通常会通过一系列非法手段来操纵股票价格，以获取不正当的利益。

一种常见的恶意做空手段是集中资金优势、持股优势或者利用信息优势联合或者连续买卖，从而操纵证券交易价格或者证券交易量。他们可能会与他人串通，以事先约定的时间、价格和方式相互进行证券交易，影响证券交易价格或者证券交易量。还有些恶意做空者会在自己实际控制的账户之间进行证券交易，以达到影响证券交易价格的目的。

此外，恶意做空者可能会在操纵交易价格和交易量的过程中，编造和散布关于股市或关于个股、股指等证券或衍生产品的虚假信息。这种行为不仅构成市场操纵，还可能构成“编造、传播虚假信息”的违法行为。

需要指出的是，我国的法律法规对于恶意做空行为有着明确的规定和严厉的处罚。根据《中华人民共和国证券法》第一百九十二条的规定，操纵证券市场、影响或者意图影响证券交易价格或者证券交易量的行为，责令依法处理其非法持有的证券，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。单位操纵证券市场的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。

同时，操纵证券、期货市场罪还触犯了《中华人民共和国刑法》中的第一百八十二条，情节严重的，处五年以下有期徒刑或者拘役，并处或者单处罚金，情节特别严重的，处五年以上十年年以下有期徒刑，并处罚金。

总之，恶意股票做空是一种严重违法且不道德的行为，投资者应当遵守法律法规，通过合法合规的方式进行投资，共同维护证券市场的健康和稳定。

How to Operate Malicious Stock Short Selling

Malicious stock short selling is a serious illegal act, which not only damages the fairness and justice of the market, but also causes huge losses to the majority of investors. Before discussing its operation methods, it must be clearly emphasized that this behavior is absolutely unacceptable and will be severely punished by law.

Short selling, as an investment term and operation mode, is allowed within the legal and compliant framework. Normal short selling operation means that investors expect the stock market to have a downward trend, first borrow the underlying assets and sell to obtain cash, and then buy and return after the stock price falls to earn the intermediate price difference.

However, malicious short selling is completely different. Malicious short sellers usually manipulate stock prices through a series of illegal means to obtain improper benefits.

A common means of malicious short selling is to concentrate capital advantages, shareholding advantages or use information advantages to jointly or continuously trade, thereby manipulating the price or trading volume of securities transactions . They may collude with others to conduct securities transactions with each other at a pre-agreed time, price and manner to affect the price or trading volume of securities transactions . Some malicious short sellers will conduct securities transactions between the accounts they actually control to achieve the purpose of affecting the price of securities transactions .

In addition, malicious short sellers may fabricate and spread false information about the stock market or securities or derivatives such as individual stocks and stock indexes during the process of manipulating trading prices and trading volumes. This behavior not only constitutes market manipulation, but may also constitute an illegal act of "fabricating and spreading false information" .

It should be pointed out that China's laws and regulations have clear provisions and severe penalties for malicious short selling behavior. According to Article 192 of the Securities Law of the People's Republic of China, for the act of manipulating the securities market and affecting or intending to affect the price or trading volume of securities transactions, it is ordered to deal with the illegally held securities according to law, confiscate the illegal income, and impose a fine of one to ten times the illegal income; if there is no illegal income or the illegal income is less than one million yuan, a fine of one million yuan to ten million yuan shall be imposed. If a unit manipulates the securities market, the person directly in charge and other directly responsible persons shall also be given a warning and a fine of more than 500,000 yuan and less than 5 million yuan .

At the same time, the crime of manipulating the securities and futures market also violates Article 182 of the Criminal Law of the People's Republic of China. If the circumstances are serious, the offender shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also, or shall only, be fined. If the circumstances are particularly serious, the offender shall be sentenced to fixed-term imprisonment of not less than five years and not more than ten years, and shall also be fined .

In conclusion, malicious stock short selling is a serious illegal and immoral behavior. Investors should abide by laws and regulations and invest through legal and compliant methods to jointly maintain the health and stability of the securities market.