证券市场的政府监管研究

发布时间：2018-03-22 05:16

  本文选题：证券　切入点：监管　出处：《吉林财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：从92年以来，中国资本市场经历了从萌芽状态到初步发展再到规范发展的阶段。随着中国经济和金融改革的逐步深化，中国证券市场的各项功能也逐步健全，在推动金融体制改革、促进国民经济增长方面起到了重要作用，证券市场对我国经济和社会的影响也日益增强。我国证券市场由于发展的时间并不长，即使在发展历史悠久的欧美证券市场上也依然存在着市场失灵的现象，作为一个风险因素特殊、对市场信息披露要求较高的市场来说，证券市场的失灵将带来众多的社会问题。如果没有政府的监管，市场自身的失灵是无法避免的，因此，证券市场本身的特点和市场发展的规律决定了政府监管的现实必要性。 目前我国政府的监管体制属于政府主导型型集中监管体制模式，中国证监会作为事实上的行政机构在监管中占主导地位，沪深交易所与中国证券业协会的自律监管只是对中国证监会行政监管的补充，证券市场的监管结构是由中央政府指定。这种政府主导的证券市场集中统一监管的模式导致了行政监管权力范围过宽、自律性监管组织独立性差并且监管职能薄弱的特点。与欧美市场相比，我国的证券市场发展还有待完善，所以欧美市场的监管经验和监管制度是非常值得我们借鉴的。从成熟市场的市场发展和监管历史来看，保护投资者利益始终是西方成熟市场证券监管者的基本宗旨，因此，新兴证券市场中的政府及监管部门都更广泛、更直接、更具体地干预和介入证券市场，，也更倾向于采取政府主导型监管体制。 在加强政府监管方面，我认为首先需要建立系统完善的证券监管法律体系。完善的法律体系是资本市场健康发展的保障。目前我国已有大量的资本市场法律法规出台，但我国的资本市场发展的速度非常之快，导致证券市场的法制建设滞后于市场发展的局面。其次，我国需要实现监管机构制度上的独立性。再次，我国需要进一步强化证券自律监管，以期通过监管机构责权的明细来提高证券市场的规范化以及信息披露的透明度，真正实现“政府监管为主，自律监管为辅”的模式。最后，要树立以投资者保护为重点的监管理念。保护证券投资者的利益，是证券市场健康发展的关键所在，也是衡量一个国家的证券市场是否完善的标准。我国可以借鉴国际惯例，从单纯由投资者保护基金向投资者偿付损失转向偿付损失和资助投资者发起诉讼来维护投资者的权益。
[Abstract]:Since 1992, China's capital market has gone through a period from infancy to initial development to normative development. With the gradual deepening of China's economic and financial reform, the various functions of China's securities market have been gradually improved. It has played an important role in promoting the reform of the financial system and promoting the growth of the national economy, and the impact of the securities market on the economy and society of our country has also been increasing day by day. Even in the European and American securities market, which has a long history of development, there still exists the phenomenon of market failure. As a special risk factor, it has a high requirement for market information disclosure. The failure of the securities market will bring a lot of social problems. If there is no government supervision, the failure of the market itself is inevitable. Therefore, the characteristics of the securities market itself and the law of market development determine the practical necessity of government supervision. At present, the supervision system of our country's government belongs to the mode of centralized supervision system of government leading type, and CSRC, as a de facto administrative organization, plays a leading role in supervision. The self-regulation of the Shanghai and Shenzhen exchanges and the China Securities Industry Association is only a supplement to the administrative supervision of the CSRC. The regulatory structure of the securities market is designated by the central government. This mode of centralized and unified supervision of the government-led securities market has led to a wide range of administrative regulatory powers. Compared with the European and American markets, the development of China's securities market needs to be improved. From the market development and regulatory history of mature markets, protecting the interests of investors has always been the basic purpose of securities regulators in western mature markets. The governments and regulators in the emerging securities market are more extensive, more direct, more specific to intervene and intervene in the securities market, but also more inclined to adopt the government-led regulatory system. In terms of strengthening government supervision, I think that first of all, we need to establish a systematic and perfect legal system of securities supervision. A perfect legal system is the guarantee for the healthy development of the capital market. At present, a large number of laws and regulations on the capital market have been issued in our country. However, the speed of the development of the capital market in our country is very fast, which leads to the legal construction of the securities market lagging behind the market development. Secondly, our country needs to realize the independence of the regulatory body system. Again, In order to improve the standardization of securities market and the transparency of information disclosure, we need to further strengthen securities self-regulation, so as to realize the model of "government supervision is the main, self-regulation is secondary". Finally, The key to the healthy development of the securities market is to protect the interests of the securities investors, which is also the standard to measure the perfection of a country's securities market. Instead of simply paying losses to investors by investor protection funds, it turns out to pay losses and fund investors to sue to protect investors' rights and interests.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;D630

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