Securities Regulatory Limits

Only within 10 years the securities market in China has grown up very quickly despite the still existed limits of plananism and some pressure of ideology. The idea of securities economy also has been deeply rooted in people's mind. Now it is without doubt a common sense that the Socialism Market Economy cannot be developed without development of securities economy. But there are also many bad things produced in the course of the development of securities market in China, which attract much attention of people and are always hot debated. To some existent the securities market typically embodied conflicts in the so called "transfer period" of China. And these conflicts often burst out in very dramatic style, which bring fierce shock to society, and it were also become hot topics of argument by intelligence elitists and ordinary people.Regulator have a very awkward status in it. On one hand the regulator should protect growth of securities market, on the other hand it must consider the complicated relation in bureaucracy system and care for public opinion. Sometimes people improperly ascribe errors of system to the regulator. Sometimes people naively exaggerate the regulator's ability and power. In China securities regulation often is not a professional practice, but a social engineering too. Between the flippant ups and downs of securities market, despite of regulator's hard work, it still receive many dissatisfaction.Sometimes people condemn that securities regulation is powerless so that illegal action is aggressive and rampant. But sometimes it seems that the regulator inappropriately overrated its ability, so that securities regulation blundered and destroy natural function of market. So the very point is: where is the bound of securities regulation? This thesis want to probe into this question, and it was advanced by 5 parts.The first part is the "Exordium", which introduce the meanings of the topic of this thesis. What is "securities regulation"? It is a subordinate category of "government regulation ", which means to directly, microcosmically and singly intervene the action of market subjects with compulsive power. Deductively "securities regulation" is intervention to securities market by government with compulsive power to control or influence securities market action such as securities issue, dealing and settlement. The bound of securities regulation is a concept belong to a more extensive theme: the relation between government and market, which is often argued through the angle of view of economics or political science. But how can we argue it through the view of "jurisprudence"? I think that the specialty of jurisprudence lies in that it can construct a system of concepts and reasoning method to judge the "ought to" quality of law. Although the logic of jurisprudence is partly based upon the logic of economics and political science, it differentiated from all of other social science in that it can synthesize opinions of other social science and express it in its own special word to design or value rules,but not directly express it in the word of other social science. And the securities regulation is mainly regulation by law system. So the discussion of the bound of securities regulation through the view of "jurisprudence" is an attempt to introduce such logic from elaboration of economics or political science or other social science. After alljurisprudence is not economics or political science itself, so I try to "objectively" comment the so many critical opinions in them as possible as I can. When these critical opinions are applied to different objects, naturally the conclusions are different. So I haven't the ambition to find a certain bound of securities regulation, but only give a tentative analysis from the view of jurisprudence.The second part is the first chapter "the theoretic base of securities regulation", which try to answer the question: why we need to regulate the securities market? The common theoretic base of government regulation is the "market failure" theory, which...