对证券公司违规行为监管的分析

发布时间：2018-01-15 18:33

本文关键词：对证券公司违规行为监管的分析　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：现在,证券市场已经成为现代市场经济体系中的重要组成部分,对一国经济的发展起着至关重要的作用。而证券公司作为证券市场的重要参与主体,起着连接投资者和筹资者的桥梁作用,并且随着创新业务的开展,对于证券市场的重要性仍在提升。证券市场是最为活跃的市场,存在着其他市场普遍存在的市场失灵,有必要引入政府的监管,规范证券市场参与主体的行为。证券市场失灵主要表现在由于外部性导致的金融风险和泡沫,由于信息不对称导致的道德风险和逆向选择,以及资金雄厚的投资者操纵股价所导致的价格扭曲等等。证券公司作为证券市场最重要的参与主体,既占据着严重不对称的信息优势,又拥有雄厚的资金后盾,具有影响证券市场走向的强大实力。如果没有对证券公司的严格监管,证券公司就特别容易出现机会主义行为,侵犯广大投资者的利益。因此,各国都非常重视对证券公司的监管,通过设立监管机构,制定法律法规对证券公司进行严格管理,维护证券市场的健康发展和投资者的利益。我国的证券公司是顺应国有企业股权改革的产物,整个行业基础薄弱,法制不健全、运作不规范、内幕交易、操作市场、证券欺诈等违规行为层出不穷。因此,对证券公司的监管就显得尤为重要。如何加强对证券公司的监管,保护广大投资者尤其是中小投资者的利益,促进市场的公平和效率,是中国证券行业监管部门所面临的重要课题。本文通对证券公司违规原因的剖析,对政府管制理论的回顾,分析了对证券行业进行监管的理论依据,并对比分析了国外证券公司监管模式的优缺点,结合我国实际,指出适合我国国情的监管模式发展方向。本文通过建立博弈模型,分析了监管机构和证券公司的支付函数,指出引导证券公司规范运营的关键在于,提高监管技术、加大监管力度和违规惩罚力度、推进信息公开、发动群众监督、建立针对监管者的监管机制等。
[Abstract]:At present, the securities market has become an important part of the modern market economy system, which plays a vital role in the development of a country's economy. It acts as a bridge between investors and financiers, and with the development of innovative business, the importance of the securities market is growing. The securities market is the most active market, and there are market failures in other markets, so it is necessary to introduce government supervision. The failure of securities market is mainly reflected in financial risk and bubble caused by externality, moral hazard and adverse selection caused by asymmetric information. As the most important participants in the securities market, securities companies not only occupy a serious asymmetric information advantage, but also have strong financial backing. If there is no strict supervision of the securities companies, the securities companies are particularly vulnerable to opportunism, which infringes the interests of the majority of investors. All countries attach great importance to the supervision of securities companies, through the establishment of regulatory agencies, formulate laws and regulations to strictly manage the securities companies, to safeguard the healthy development of the securities market and the interests of investors. The securities companies of our country are the product of the stock right reform of the state-owned enterprises, the whole industry foundation is weak, the legal system is not perfect, the operation is not standard, the insider trading, the operation of the market. Therefore, the supervision of securities companies is particularly important. How to strengthen the supervision of securities companies to protect the interests of the majority of investors, especially small and medium-sized investors. Promoting market fairness and efficiency is an important subject that China's securities industry regulators are facing. This paper analyzes the reasons of securities companies' violation, reviews the theory of government regulation, analyzes the theoretical basis of securities industry supervision, and compares the advantages and disadvantages of foreign securities companies' regulatory model. Combined with the reality of our country, this paper points out the direction of development of regulatory model suitable for China's national conditions. This paper analyzes the payment function of regulatory agencies and securities companies by establishing a game model. It is pointed out that the key to guide securities companies to regulate their operation lies in improving the supervision technology, increasing the intensity of supervision and punishment, promoting the publicity of information, arousing mass supervision, and establishing the supervision mechanism for the regulators, etc.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224.32

【参考文献】