| 单词 | Churning |
| 释义 | 過度交易 A form of market manipulation where share traders first acquire a holding in a share and then proceed to place both buying and selling orders for that share in order to build up the turnover. The objective is to raise the price of the shares and provide an opportunity to sell at artificially high price or alternatively generate higher brokers’ commissions: Securities and Futures Ordinance (Cap 571) ss 274(1), 295(1). It also refers to the practice where a dealer, in his own interests and against those of his client, induces his client to enter into securities transactions too frequently. ‘Cheque churning’ means repeated use of circuitous cheque movements and book entries to effect or cover transactions which are not in the interests of the companies, or fictitious or both: Kanada Tejapaibulnational v Thai Merchantile Development Finance Ltd (In Liq) [1988] 1 HKC 295 (CA). ‘Loan churning’ means millions of dollars being shuffled round in a series of fraudulent operations: First Bangkok City Finance Ltd v Coro Tejapaibui [1989] 1 HKC 453 (HC). See also Share; Market manipulation. 一種操縱市場行為，即股票交易者取得股票後，對所持股票同時下達買進和賣出的指令，以抬高轉手率。目的是推高股價，以製造機會以虛假的高價賣出，或如其不然得到更高的經紀佣金：《證券及期貨條例》（第571章）第274(1), 295(1)條。另指證券交易商為謀私利而不顧其客戶的利益，誘導客戶從事過分頻繁的證券交易的行為。「支票過度交易」指反復運用循環支票及分簿記賬，以促成或掩飾交易，該等行為有損公司利益或屬虛假行為或兼屬兩種情形：Kanada Tejapaibulnational v Thai Merchantile Development Finance Ltd (In Liq) [1988] 1 HKC 295（上訴法院）。「過度借貸交易」指以一連串的欺詐性操作將數百萬元頻繁地轉手：First Bangkok City Finance Ltd v Coro Tejapaibui [1989] 1 HKC 453（高等法院）。另見 Share; Market manipulation。n. |
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