国际股票市场监管制度比较研究

发布时间：2018-01-01 12:14

  本文关键词：国际股票市场监管制度比较研究　出处：《吉林大学》2016年博士论文　论文类型：学位论文

  更多相关文章： 股票市场 信息披露制度 退市监管 法律环境 发行制度

【摘要】：世界刚刚经历一次较为严重的金融危机,尽管现在危机已经过去,但是全球经济依旧在它的“余痛”中饱受折磨。在危机发生期间,人们努力找寻造成这场金融危机的本质原因,试图明确以往行为中存在的漏洞。当前学术界已普遍共识造成这次危机的主要原因,即以往深受人们信任和依赖的金融监管制度。当政府意识到旧金融监管体制有缺陷后,改革也随之而来,监管制度的改革和重塑便成为当代金融市场的一大特征。而股票市场,作为最基本金融市场之一,其监管制度也正在经历着重大变革。于是本文试图在分析国际股票市场监管制度的基础上,助力描绘一幅我国股票市场监管制度发展的新蓝图,促进我国股票市场逐渐走向完善。为了更具比较性地了解不同国家、地区的股票市场监管制度,本文将监管制度分成四个组成部分:即发行与上市制度、退出机制、信息披露制度和监管法律体系。其中发行与上市制度是股票市场存在的先决条件,也是股票交易的起点。退出机制由于能为监管者提供从股市中驱逐非理想企业的可能性,并给企业提供了在不伤害持股人的条件下自愿退市的机会,使得股票市场得以更加健康的运行。信息披露制度是监管制度实现监控功能的根本途径,所有监管举措均基于信息披露制度,因此最为重大的监管改革也通常发生在信息披露制度上。监管法律体系是监管制度的权力基础,赋予了监管机构执法权力,保证了监管规则能够得到强制实施。本文在研究发行与上市制度时,采用了“两步走”的研究方法。第一步,分别从信息披露文件、信息质量控制与检验系统、审核程序、相关监管者四个方面展示国际股票市场发行与上市监管制度。经过对比发现除中国香港采用单一交易所进行监管外,成熟的股票市场普遍采用发行与上市分离审核的监管方式,即政府负责发行资格审查,股票交易所负责上市审查。其中美国实行的多角色参与、多环节审查的最为复杂的审查系统对国际股票发行审查产生了深远的影响。第二步,陈述创业板市场与主板市场在该阶段监管的差异,比较得出了不同层级股票市场监管制度差异性的表现与成因。本文对退出机制的研究,则从退市主体、退市标准、退市监管者和退市流程四个方面来分析比较。就退市标准方面,美国、日本以数量化标准为基础,要求企业在持续上市阶段满足一定的有关财务状态、股权分配、股票价格等数量标准;英国、德国、中国香港则主要以人为判断作为退市标准。通过对这两种不同退市标准的特点分析,进一步发现了采用数量化标准的国家在上市标准与退市标准之间存在的极大关联性。本文对信息披露制度的研究,是从信息披露规则、定期披露要求、临时披露要求、惩罚措施和信息披露媒介展开分析。研究发现美国信息披露制度是信息披露质量和信息披露负担博弈下的产物。基于《JOBS法案》对美国信息披露制度的重大影响,本文对该法案进行了详细说明,并解析了免除新型发展公司大部分由《SOX法案》规定的信息义务的原因。此外还以英国和中国香港为例,指出创业板市场通常适用更为严厉的信息披露要求。并以英国另类投资市场上市信息披露制度为例,比较了欧洲私人监管市场和公共监管市场的区别。分析总结得出当今成熟股票市场信息披露制度的发展改革趋势,特别是在披露项目上,正在趋于统一,但由于法律系统、政治因素和文化传统上的不同,各股票市场信息披露制度的差别和独特性依旧存在。本文对监管法律体系的研究,则以不同国家股票市场的基本法律为框架,在Chiou(2011)和La porta(2006)基础上,研究法律环境与股票市场波动率之间的关系。本文与过往研究相比,进行了适度创新:第一,使用自行编制的以La porta指数为基础的法律环境指数。该指数至少在两个方面优于La porta指数,其一,它包含更多的法律要求。其二,它更适应改革后的法律环境。第二,进行了多层次股票市场回归分析,发现法律环境对主板市场和创业市场有不同的影响。同时实证研究发现,在使用波动率和国际β系数衡量股市风险的条件下,创业板市场股票风险性高于主板市场。特别的,公共监管市场的股票风险相对低于私人监管市场。据此得出在监管法律体系中信息披露要求和司法有效性对股票市场的风险程度影响力最强。最后,本文将中国股票市场监管制度与国际股票市场监管制度进行了横向比较分析,发现发行阶段中实施批准式核准制、退市阶段中实施ST缓冲退市制度、不完善的信息披露要求、重叠的法律体系等是我国监管制度与成熟监管制度之间差异性的主要体现。本文认为股票市场发展“超速”于监管改革、盲目“移植”他国监管标准以及政府对市场定位的差异等是造成我国与成熟监管市场之间差异性的主要原因。通过借鉴国外制度,建议我国应从提高投资者专业水平、转换政府角色、加强市场中介信用、分市场转换至注册制、逐步取消ST缓冲退市制度等方面来提高股票市场的监管水平。
[Abstract]:The world has just experienced a severe financial crisis, although the crisis is over, but the global economy is still in the "pain" of suffering. In the crisis period, people try to find the essence of the cause of the financial crisis, trying to clear the previous lines for loopholes. The main reason for the current academic circles the general consensus has caused the crisis of the past, namely by the people trust and rely on the financial regulatory system. When the government is aware of the old financial supervision system has defects, the reform also follow, reform and reshape supervision system has become a major feature of contemporary financial market. And the stock market, as one of the most basic financial market, the the supervision system is also undergoing significant changes. So this paper attempts to analyze the international stock market supervision system, help to paint a picture of China's stock market supervision A new blueprint of development, promoting China's stock market gradually perfect. In order to more understanding of different countries and regions of the regulatory system of the stock market, the regulatory system is divided into four parts: namely, issuing and listing system, exit mechanism, information disclosure system and legal supervision system. The issuing and listing system is a prerequisite for the existence of the stock market, is also the starting point of stock trading. Because the exit mechanism can provide the possibility of non ideal enterprise expelled from the stock market for regulators, and to provide a no harm to shareholders under the voluntary delisting of the opportunity, making the stock market to be more healthy. The information disclosure system the fundamental way to realize the monitoring function of the supervision system, all regulatory measures are based on the information disclosure system, and therefore the most important regulatory changes that usually occur in the information disclosure system with On the legal supervision system is the power foundation of the supervision system, given the regulatory enforcement powers, ensure regulatory rules can be enforced. Based on the study of issuing and listing system, adopts the research method of "two steps". The first step, respectively, from the information disclosure documents, information quality control and inspection system the audit procedures, the relevant regulators, the display of the four aspects, the issue of international stock market and listed supervision system. Through the comparison of Hongkong Chinese found that in addition to using single exchange regulation, mature stock market is generally used on isolated and issued the audit supervision, the government is responsible for issuing the qualification, the Stock Exchange listed for review. The multi role the United States has participated in the review section, polycyclic complex examination system have a profound influence on the international stock issuance examination. The second step, the entrepreneurial Chen Board market and main board market differences in the stage of regulation, comparing the performance and the causes of the different levels of the stock market supervision system. This paper studies the difference of the exit mechanism, from the delisting subject, delisting standards, four aspects of delisting regulators and the delisting process to analyze. The delisting standards, the United States, Japan the number of enterprises to meet the requirements of standards based on the financial condition, the continued listing stage equity allocation, stock price and quantity standard; Britain, Germany, Hongkong Chinese is mainly to human judgment as the standard. Through the back of the two different characteristics of the delisting standard analysis, further found great relevance with the number of the national standard exists between listing standards and delisting standards. This paper research on the information disclosure system, is from the information disclosure rules, periodic disclosure requirements, temporary disclosure For punishment and information disclosure media analysis. The study finds that the information disclosure system is the quality of information disclosure and information disclosure of product burden game under the influence of . In addition, the obligation of information to the UK and Chinese Hongkong as an example, points out that the GEM market is usually more stringent disclosure requirements of information. And to the information disclosure system of listed offbeat investment market as an example, the difference between the European private market supervision and public supervision market. Analyze and summarize the mature stock market the information disclosure system of the development and reform trend, especially in the Disclosure Project, is more unified, but because of the legal system, political factors and traditional culture The difference of the stock market information disclosure system and the unique differences still exist. This paper studies on the regulation of the legal system, the basic laws of different countries in the framework of the stock market, Chiou (2011) and La porta (2006) on the basis of the legal relationship between the environment and stock market volatility in this paper. Compared with the previous research, made some innovations: first, using a self-designed La porta index based legal environment index. The index of at least two is better than the La porta index, on the one hand, it contains more legal requirements. Secondly, it adapts to the legal environment after the reform of second. The multi-level stock market, regression analysis, found that legal environment have different effects on the main market and business market. At the same time the empirical study found that the measure of the stock market volatility and risk in the use of international beta coefficient under the condition of the gem The stock market risk is higher than the motherboard market. In particular, the public supervision of stock market risk is relatively lower than that in the private market. According to regulatory supervision in the legal system of information disclosure requirements and judicial effectiveness of the stock market risk degree had the strongest influence. Finally, the stock market supervision system in China and international stock market supervision system of comparative analysis, found that the implementation of approved type approval system to issue stage, the implementation of the delisting system delisting ST buffer stage, imperfect information disclosure requirements, overlapping legal system is mainly reflected the differences between China's regulatory system and mature supervision system. The author believes that the development of the stock market in regulatory reform, "speeding" blind "transplant" of his country and government regulatory standards on the market positioning of the difference is mainly caused by the differences between China and the mature market supervision By drawing lessons from the foreign system, it is suggested that China should improve investor's professional level, transform the role of the government, strengthen market intermediary credit, transform market to register system, and gradually cancel the ST buffer delisting system, so as to improve the regulation level of the stock market.

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F831.51
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本文编号：1364450

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