加强我国证券市场监管的对策研究

发布时间：2018-04-03 15:50

本文选题：证券市场　切入点：政府监管　出处：《吉林财经大学》2013年硕士论文

【摘要】：我国证券市场近年来取得了长足的发展，沪深两市主板规模愈加庞大，股票、债券、期权期货等金融衍生品种类日益繁多。证券市场已成为我国现代市场经济体系不可替代的组成部分，其稳定性直接关系到我国国民经济的健康发展。虽然我国证券市场经历快速成长并逐渐步入成熟，但市场内仍存在着诸多问题：如大规模的信息不对称、过度竞争垄断和经济外部性等，进而引发公司财务报表被篡改和美化,内幕交易、操控股价等诸多问题，市场面临失灵风险，市场已不能自发地实现高效平稳的运行。同时，我国处于经济转轨期，资本市场的扩张需求与日俱增，各种对比力量也在寻找最佳平衡点，市场矛盾较为突出。如股权分置改革的风险，市场资金违规操作等。面对现状，我国政府监管显得尤为重要。如何保证市场稳定，如何保护投资者利益，如何在市场化进程中构建更符合我国国情的监管模式，成为我国政府的重要议题。本文立足于我国证券市场监管模式的现状，以我国证券市场的发展为研究基础，以证券市场失灵理论、市场有效论、投资者保护理论和公共利益论为研究依据，，总结出我国证券监管主要存在着监管目标狭窄、监管权限不清、法律系统缺陷三方面的问题。借鉴国外成熟证券市场监管体制的经验，结合我国国情本文提出：应积极转变政府监管管理理念，如以国际证监会为基准重置监管目标，明确政府规则制定者角色以及制定合理的具体发展路线；应寻求政府监管与市场机制的平衡，如预防多方面因素，保持市场稳定，发挥市场能动性，同时拓宽证监会权限；应强化证券监管体制，协调监管与司法对接并将证券监管提高到制度安排的高度上来，同时注重对监管机构的再监管。有理由相信经过各方共同努力我国证券市场一定会健康持续发展。
[Abstract]:The stock market of our country has made great progress in recent years, the scale of the main board of Shanghai and Shenzhen stock market has become more and more large, and the kinds of financial derivatives such as stocks, bonds, options futures and so on have become more and more numerous.The securities market has become an irreplaceable part of our modern market economy system, and its stability is directly related to the healthy development of our national economy.Although China's securities market has experienced rapid growth and gradually matured, there are still many problems in the market, such as large-scale information asymmetry, over-competitive monopoly and economic externalities, which lead to the distortion and beautification of corporate financial statements.Insider trading, stock price manipulation and many other problems, the market is facing the risk of failure, the market has been unable to achieve efficient and smooth operation.At the same time, our country is in the economic transition period, the capital market expansion demand is increasing day by day, each kind of contrast force is also looking for the best balance point, the market contradiction is more prominent.Such as the risk of equity reform, market funds illegal operation and so on.In the face of the current situation, our government supervision is particularly important.How to ensure market stability, how to protect the interests of investors and how to construct a more suitable regulatory model in the process of marketization has become an important issue for our government.This paper is based on the current situation of China's securities market supervision model, based on the development of China's securities market, the securities market failure theory, market efficiency theory, investor protection theory and public interest theory as the research basis.It is concluded that there are three main problems in securities supervision in China, such as narrow supervision goal, unclear supervision authority and defects of legal system.Referring to the experience of foreign mature securities market supervision system and combining with the national conditions of our country, this paper puts forward that the concept of government supervision and management should be changed actively, such as resetting the supervision target based on the international securities regulatory commission.We should find out the balance between government supervision and market mechanism, such as preventing various factors, maintaining market stability, giving full play to market activity and broadening the authority of CSRC.We should strengthen the securities supervision system, coordinate the regulation with the judicature and raise the securities supervision to the height of the system arrangement, at the same time, we should pay attention to the re-supervision of the supervision institutions.There is reason to believe that through the joint efforts of all parties, China's securities market will be healthy and sustainable development.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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