我国证券市场监管机制初探

发布时间：2018-03-16 15:51

本文选题：证券市场　切入点：政府监管　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,我国的市场经济以前所未有的速度蓬勃发展,同发达资本主义国家相同,经济发展到一定地步会催生可以进行有价证券发行和交易、投资融资的市场,我国的证券市场在20世纪80年代开始形成并随着经济的发展不断发展和完善。由于市场主体本身具有的贪婪性使单纯依靠其自律约束无法避免金融风险,监管作为不可或缺的维护市场公平、有序的外部力量成为任何运作良好的证券市场的基础。证券市场的监管包括有行政监管和自律监管等方式,在这基础之上又划分为以行政为主导的监管模式、以自律为主导的监管模式以及综合型的监管模式。世界各国依据国家的实际情形和传统习惯选择适合于本国的证券市场监管模式,但是,无论采取哪一种监管手段,都无法避免监管本身存在的弊端。就证券市场而言,监管最重要的是“有效性”和“适度性”,通过设计最低成本、最高效率的资源配置体系,使得行政监管与自律监管之间角色清晰、相辅相成,形成有效监管体制。鉴于中国经济已经迈入世界经济一体化发展的时代,证券市场上的波动对市场经济的影响日益增强,如何在吸取发达资本主义国家证券市场监管方面的经验和教训的基础上,进一步的发展和完善现有监管机制,则成为净化当前证券市场、建立适合国情的证券监管制度的重中之重。撰写本文的目的亦是在于通过分析当前中国证券市场的监管制度,在与国外发达资本主义国家对比的基础之上,进一步探求建立更为完善的、运行更为有效的证券市场监管机制,从而使得当前处于尚不完善、亟待发展的证券市场能够稳步发展、有序运行。本文研究思路主要由四部构成：首先,从整体上介绍证券市场监管的涵义、理论及其存在的必要性,形成对于证券监管的初步了解；第二,介绍美国、英国、德国的证券市场监管体制,并分析其各自特点；第三,详细的介绍我国证券监管的发展历程和监管方式——政府机构监管以及自律性监管,通过阐述进而了解我国证券市场监管体制的不足之处；第四,结合我国监管现状以及发达国家和地区的先进经验,在前文对于证券监管市场存在的具体问题的分析基础之上,对现有行政监管和自律监管在证券市场中的监管地位和监管职责进行重塑。
[Abstract]:Since the reform and opening up, the market economy of our country has flourished at an unprecedented speed. Like the developed capitalist countries, economic development to a certain extent will give birth to a market in which marketable securities can be issued, traded, and invested and financed. The securities market of our country began to form in 1980s and has been developing and perfecting with the development of economy. Because of the greed of the main body of the market, it is impossible to avoid the financial risk simply relying on its self-discipline. Regulation, as an indispensable external force to maintain market fairness and order, has become the basis of any well-functioning securities market. The supervision of the securities market includes administrative supervision and self-regulation. On this basis, it is divided into an executive-led regulatory model. According to the actual situation of the country and the traditional custom, the countries in the world choose the appropriate regulatory model of the securities market in their own country. However, no matter which kind of regulatory means is adopted, As far as the securities market is concerned, the most important aspects of regulation are "effectiveness" and "moderation" by designing a system of resource allocation with the lowest cost and the highest efficiency. This makes the roles of administrative supervision and self-regulation clear and complementary, and forms an effective regulatory system. In view of the fact that China's economy has entered the era of the integration of the world economy, the impact of fluctuations in the securities market on the market economy is increasing day by day. How to further develop and improve the existing regulatory mechanism on the basis of absorbing the experience and lessons of securities market supervision in developed capitalist countries will become the purification of the current securities market. The purpose of this paper is to analyze the current regulatory system of China's securities market and to compare it with foreign developed capitalist countries. To further explore the establishment of a more perfect, more effective securities market supervision mechanism, so that the current securities market is not perfect, the securities market needs to be developed steadily, orderly operation. This paper mainly consists of four parts: firstly, it introduces the meaning, theory and necessity of securities market supervision, and forms a preliminary understanding of securities regulation; secondly, it introduces the United States, Britain, the United States, the United Kingdom, the United States, the United Kingdom, the United States, the United Kingdom, the United States and the United Kingdom. Germany's securities market regulatory system, and analysis of their respective characteristics; third, a detailed introduction of China's securities regulatory development and regulatory methods-government supervision and regulatory self-regulation, By expounding and understanding the deficiencies of the securities market supervision system in China, 4th, combining the current regulatory situation of our country and the advanced experience of developed countries and regions, on the basis of the previous analysis of the specific problems existing in the securities regulatory market, This paper reconstructs the regulatory status and responsibility of the existing administrative supervision and self-regulation in the securities market.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287;F832.51

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