Theory And Policy Of The Chinese Securities Market Regulation System Reform

After 16 years of fast developing, china securities market form a regulation system characterized by heavily government administration, but it is far from a reasonable regulation framework and it need further perfection. Now, the foundation of china securities market regulation system is still in a primary period. Securities market regulation system has so many weaknesses that even restrict the development of market economy. To research the regulation behavior of government, especially the behavior during the period of system transition, and find the shortage and the reason which made it is one of the most important tasks for our sociality market economy. We should establish and perfect government regulation system, therefore, make it more exact and efficient.The thesis studies china's securities market characterized by latest developing and making transition, and keeps focus on the behavior of government regulation. By analyzing government regulation from what cause the regulation and the relation between the government and market, we can find the reason of market failure through inspecting the efficiency of market mechanism on resource allocation and examining the limitation of market.Meanwhile, although market has limitation market mechanism is still the most important way to allocate the resource. Government would never be a decisive force of resource allocation. Only in places where market can not play the role of resource allocation, government has the probability of participation.This thesis analyses securities market regulation in two ways: firstly, where remarkable externalities, internalities and monopolies exist; secondly, how government remedies the defect of market by regulation. Then, the author tries to point out why government did not take any regulation measure and what interest is behind it. If market failure and inefficiency still exist after regulation, government should loose regulation or implement more strict regulation. If market can solve the problem but government interfere the resource allocation, we should know why government takes part in the resource allocation and how to loose regulation or even deregulation.This thesis is consisted with six chapters:Chapter 1 summarizes the oversea and domestic literature using as the theory basis...