在市场经济利益机制的驱动下,一些人为追逐高额利润而搞不正当竞争,人为地操纵证券市场行情,损害其他投资者的利益,扰乱证券市场秩序,长期下去会导致证券市场的崩溃。本文结合西方国家的立法经验,力求在追究操纵者的法律责任方面给我国证券立法和司法实践提供一点信息和看法,目的是更为有效地对违法者进行法律制裁。 Driven by the market economic interest mechanism, some people engage in unfair competition in pursuit of high profits, artificially manipulate the stock market, damage the interests of other investors and disrupt the order of the securities market. In the long run, the stock market will collapse. Based on the legislative experience in western countries, this paper tries to provide some information and opinions on China’s securities legislation and judicial practice in pursuit of the manipulator’s legal responsibilities. The purpose of this article is to provide more effective legal sanctions against offenders.