Research On The Regulatory System Of Stock Exchange In China

At present, our country has basically formed a relatively perfect stock exchangemarket regulation system, which is a combination of regulation system law, regulationlaw enforcement and regulatory relief. However, there are some failures about the stockmarket regulation in our country, such as regulation offside, dislocation and absence.Such failures largely hinder the efficiency of the stock exchange market of our country,and lead to the stock market regulation failure.With the stock exchange regulation in our country as the research object, based onthe regulation theory, new institutional economics, public management theory and gametheory, this paper rebuild the stock market exchange regulation theory. With the guide ofthe new theory, using a method of the combination of logical deduction and experiencesummarizing, the combination of normative analysis and empirical analysis, thecombination of qualitative analysis and quantitative analysis, the combination oftheoretical analysis and case analysis, this paper describes the changes and the currentsituation of the stock exchange regulation in our country, analyzes the performance ofstatic failure and causes of our current stock exchange market regulation, compares andlearns from the stock exchange market regulation system change of the major economicentity, and gives policy suggestions on perfecting the stock exchange market in ourcountry.First, describe the changes and the current situation of the stock exchange regulationin our country. This paper builds the stock exchange market regulation system definitiontheory, and then describes the changes and the current situation of our stock exchangeregulation in three ways of the stock exchange market regulation system law, regulationlaw enforcement and regulatory relief, and summarizes the changes our stock exchangemarket regulation.Second, analyze the static failure performance and causes our stock exchangemarket has. To begin with, this paper describes the static failure performance of our stockexchange market regulation； Then, based on the SCP theory, regime supply-demandtheory, regulation theory and institutional change theory of path dependence and system theory, it rebuilds the regulation supply-demand theory and stock exchange marketregulation system change theory of path dependence, and the above theories form thestatic failure causes stock market theory; At last, with the guide of the new theory, itanalyzes the causes of the static failure of our stock exchange market regulation systemin two ways of the stock exchange market regulation supply-demand theory and stockexchange market regulation system change theory of path dependence.Third, using the generalized linear mixed model, this paper measures the effect ofthe regulation of China’s stock market to the stock market bubble, premium, volatilityand liquidity. The results show that the regulation of China’s stock market has asignificant effect on the efficiency of China’s stock market. Meantime, the failure of ourstock exchange market regulation system effect is also obvious.Fourth, compare and learn from the stock exchange market regulation system of themajor economic entities. Select the United States, Britain and Germany as samples, thispaper briefly introduces the changes and the current situation of the stock exchangeregulation in these countries, summarizes the international trend of the stock exchangemarket regulation system change, and compares with the current situation of our stockexchange market regulation. Finally, it concludes the content that can be used forreference.Fifth, the regulation reform of China’s stock market. To begin with, this paper raisesthe objectives of the regulation reform of China’s stock market； then, in two ways of thesupply and demand of our stock exchange market regulation system and the pathdependence of the regulation changes, it discusses the constraints the reform face；Thirdly, it raises the possible measures and routes, and analyzes the advantages anddisadvantages of various routes.Through the above analysis, this paper concludes that, at present, our stockexchange market regulation system has some failures which can find a basis for itsexistence from the supply and demand of our stock exchange market regulation system,and the path dependence of the regulation changes. Our stock exchange marketregulation has significant impact on the stock market bubble, premium, volatility andliquidity. Meantime, the failure of our stock exchange market regulation effect is obvious. In order to raise the efficiency of our stock market, it will be necessary to reform theregulation of our stock exchange market.