证券监管方责任的法律与金融学分析

发布时间：2018-01-22 12:19

本文关键词： 证券监管立法证券法　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：对于金融市场而言，建立一个良性竞争的市场秩序非常不容易，，可能需要几十年甚至上百年的时间。这既需要监管方长期的努力和精心的培育，也需要运气——长期稳定的政治和法治环境。在良性竞争的市场秩序之中，随着国民（市场参与者）的素养和自律水平不断的提高，商业秩序和商业道德才能慢慢的在一个经济体中沉淀下来。然而这一切破坏起来却很容易，很可能就是一夜之间的事情。一件严重的舞弊或内幕交易事件就能让好不容易建立起的商业秩序荡然无存，导致所有人都陷入疯狂的投机和非法牟利中。大多数对于内幕交易和限制财务舞弊，以及强制信息披露方面的法律论述，都着眼于公平性，似乎隐含一种论点：公平和效率总存在权衡和取舍。证券法中对于证券监管的一些规定，例如对内幕交易的禁止，对强制信息披露义务的规定，以及对财务舞弊和市场操纵的限制，似乎都是出于公平的需要。本文的分析则表明，即使从提高金融市场效率，优化经济体中资源配置的角度而言，上述的监管措施都是很有必要的。证券法的修订将在年底完成，IPO注册制改革将在明年开始。本文希望能通过一些粗浅分析，为立法者提供一点参考。
[Abstract]:For financial markets, it is not easy to establish a healthy competitive market order, which can take decades or even hundreds of years. This requires the long-term efforts and careful cultivation of regulators. Also need luck-long-term stable political and rule of law environment. In a healthy competitive market order, with the national (market participants) literacy and self-discipline level of continuous improvement. Business order and business ethics can slowly settle down in an economy. Yet it is easy to destroy them. Probably overnight. A serious fraud or insider trading event can wipe out a business order that is not easy to build, causing everyone to plunge into wild speculation and illegal profit-making. Most of the legal discourse on insider trading and financial fraud restrictions, as well as mandatory disclosure of information, is focused on fairness. There seems to be an implicit argument that fairness and efficiency always have trade-offs and trade-offs. Some provisions of securities law on securities regulation, such as the prohibition of insider trading, mandatory disclosure of information obligations. The analysis of this paper shows that even from the point of view of improving the efficiency of financial markets and optimizing the allocation of resources in the economy. All these regulatory measures are necessary. The revision of the securities law will be completed by the end of this year and the reform of the IPO registration system will begin next year.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287;F831.51

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