Research On The Issue Of Power Allocation In China's Securities Market Supervision

The stock market is a place where many participators play game.To ensure the market is in a relatively stable and orderly status,it is necessary to supervise and manage it.The core of the securities supervision is the allocation of securities regulatory power,and what is most vital is the allocation and counterbalance of power between government agencies and related industry organizations.Under the status of reasonable power allocation's government supervision and self-regulation exactly are the preconditions for ensuring the full play of supervision efficiency.This article chooses the relationship between the government supervision and the self-regulation in China's securities supervision as the main perspective.Analysis the history and current situation of the allocation of China's securities regulatory power,which is based on the theoretical analysis of the supervision rights allocation between the China Securities Regulatory Commission and self-regulatory organizations.Through analysis,we found problems in the allocation of China's securities regulatory power,and then analyzed the relevant provisions of the Securities Law(Revised Draft)to provide the ideas and suggestions for the division of authority between government supervision and self-regulation in China's securities market.Apart from the "Introduction" chapter of the first section and the "Conclusion" chapter at the end,the main content of this article is distributed in the "2","3",and "4" sections:Section "2" analyzed the related concepts and theories involved in the allocation of supervision power.First of all,it defined the concepts of “security supervision power”,“government supervision”and“self-regulation supervision” clearly,and used the meaning of“security supervision power”on a broad level to discuss the allocation of supervision management rights between the state supervision and self-discipline management.Then borrowed the theory of "Thin body state" to provide a theoretical basis for further analysis.Through the theoretical analysis of the three types of securities regulatory power allocation model(government-led,self-discipline,and intermediate type),to clearer the prominent role of the self-discipline supervision and management.At the same time,it clearer the trend from the regulatory power allocation mode to the intermediate development mode.Section "3" discussed the evolution and current status of China's securities regulatory power allocation.Through the evolution process of China's securities regulatory power allocation,we found that the transition of China's regulatory power configuration presents a mandatory government-led evolution.At the same time,it summarized the specific authority of CSRC,the Exchange,SAC,and CSDC under the current legislation.Based on the development trend of the power allocation derived from the theoretical analysis in the“2”section,we can find out the implicit problem and the impact of the current state of China's securities regulatory power allocation.The section “4” part addressed the issue of allocation of powers proposed in the“3”section,combining with China's actual situation,given my own views from the macro perspective(establishing principles of the allocation of securities regulatory power)and specific ways(according to the “Securities Law(Revised Draft)”,which in order to coordinate the relationship between government supervision and self-regulation in the securities market,then promoting the rational allocation of China's securities regulatory power and ensuring the smooth and orderly development of China's securities market.