Study Of China's Capital Market Regulatory Issues

Since the 1980s, capital markets have grown fast, and been becoming key finance. Supervisions in the field are playing an increasing prominent role in the economies of all developed and developing nations. In our country the capital market exists under special circumstances, that is to say, negotiable and non-negotiable shares have been existing side by side, so supervisions in our capital market is more important.Although the study of capital market has been paid close attention to now at an angle of theory or practicality, it is more discussed from only one field, such as the supervisory necessity of capital market at an angle of economics. Limitation is being displayed of study from only one field when related to how to supervise. It is a little that the studies integrating more the economics, managements and laws are going on. Research integrating more sciences to emphasize the effective supervisions are much more reasonable and practicable.The thesis contains eight chapters.The top 3 chapters summary the supervisions of our country, describe supervisory goals, way and law protection of successfully achieving the end. Making full use of the theory of social control into the practice of supervisions of capital market forms the three economical theories, the Public interest theory, Capture theory, and Economic theory of regulation, they are not only relational but also independent. They provide the theoretical basis of supervisions of capital market. Supervisory theory of capital market is developed as capital market done. It is different supervisory model that different countries use in different period. But it is the same that authority and system of supervision are strengthened. In this part, the two types of governmental and self-contained supervisions have been described in details and contrasted each other. What is more, the development of supervisions of capital market in our country is still stated.The supervisory aim in our country is serving state-owned enterprises reforming system and circulating necessary funds. In result, state-owned enterprises with bad performance are being listed-companies. It can reduce to enlarge risks of capital market. The investors ' benefits are overlooked. The Chapters analyze the non-reasonableness of supervisory aim in our capitalmarket, think that we should turn end of serving State-owned enterprises reforming system into aim of safeguarding the investors ' interests.These top 3 chapters are basis of the whole paper.Chapters 4 5 6 research supervisions in the three following fields of fraudulent conduct of stock exchange transactions, information publishing, and listed-company improving structure respectively.On the basis of analyzing the efficiency of economy, a model of game theory is structured. There are not only economical model but also actual examples studying supervision of fraudulent conduct of stock exchange transactions. The author states the system of information publishing and its existing question, expresses her view of supervising that. The listed-company defects of structure are expressed. In order to solve the questions, effective measures are raised.Chapter 7 uses the experience of the USA Sarbanes-Oxley Act, for reference, strengthens the regulation for listed companies improving structure.According to the above-mentioned analysis, the last one draws practicable regulation system that tallies with our actual situation.