Study On Theory, Application And Innovation Of Securities Market Regulation

Securities market is a significant partition of the financial system and plays an important role in the whole economic system. The healthy development of securities market is a big promotion to the development of the financial and economic system, and turbulence of securities market will affect the whole economic system as well as the stability and development of the whole country. Scientific regulations for securities market can not only overcome the shortcoming and weakness of the market, protect the legitimate rights of investors and maintenance the fair, transparence and effectiveness, but also eliminate the system risk and improve the innovation ability of the market. A considerable experiences and lessons about how to regulate securities market in China have being obtained through over ten years of evolution of securities market. However, the whole and in depth research in theory is scarce, so that the regulation for securities market is lack of theoretic guide. The theory, application and innovation of securities market regulation are given systematical study in this dissertation.The general theories about securities market regulation are briefly introduced, and the goals, content, methods and principle are presented. Then, the economic theories about securities market regulation are discussed.The whole regulation system of securities market is analyzed with system engineering method. Based on this, the concept of general regulation system of securities market is proposed and the factors in eight layers, which influence the regulation system, are discussed. Then, the structure, features and regulatory methods are addressed. Furthermore, the structure, design and functions of subsystem of securities market regulation are analyzed.The trend of the evolution global financial regulation is deduced by analyzing the existing modes of regulation system of securities market in America, Britain and Japan. And then, a decision mode is proposed, which considers the basic circumstance, goal, cost and efficiency and functions of regulation. After that, the evolutionary track of the regulation system of securities market in China is analyzed.Asymmetric information is a main feature of securities market. Using information economics, the adverse selection phenomena are analyzed with the consideration of the features of securities market in China. And effective signaling mechanism is proposed to reduce and eliminate the adverse selection actions in securities market. And then, game theory is used to analyze the fields of dynamic consistence of regulation policies and dynamic game model in regulation.Two crucial subsystem of the general regulation system of securities market are discussed in detail in this dissertation. Based on an indices system of early warning mainly about listed companies, a rough-neutral expert system is proposed with rough theory and artificial neutral technique. Then, a performance evaluation indices system about listed companies is addressed. Two evaluation techniques: The Balanced Scorecard and Data Envelope Analysis are introduced, and corresponding case studies is given. Based on the concept that the innovation in the field of Information Technology drives the innovation in securities transaction methods, the innovation of securities market regulation is studied. The necessary and feasibility are discussed and an information system for securities market regulation with triple network structure is proposed. And then, the implement method and main points of the information system are addressed.Securities market in China has its own evolution process and it lies in a very special economic environment, so that"booming" and "transform" are two main features of this market. Finally, Some idea and thought about how to regulate this kind of securities market effectively are proposed.