Research On The Evolution Of Securities Legal System In Contemporary China

There is only a starting point and no end of the evolution of securities legal system in contemporary China.With the economic system reform as an opportunity,China's contemporary securities legal system began to change in 1980 s,and has continued to date.In the process of the development of securities legal system in China,the securities market has been adjusted according to the actual situation at that time.Not only that,history has its heritage.The study of the contemporary legal system of securities can not be separated from the development of modern securities legal system.In modern China,despite the current situation is particularly difficult,with the change of social economy,the modern securities legal system grew and developed in our country,its legislation and judicial practice is worth learning.Whether it is experience or lessons,this history for our current legal system of the securities market is a valuable asset.History can know today and future.At present,the relevant departments of our country are carrying out the revision of the current securities law,in order to improve the multi-level securities legal system.In this stage,it is necessary to sort out the historical process of the system in recent years,and find out the regularity and development trend of the law.Although there are many achievements in the research of China's modern legal history of securities,there are few studies on the legal system from the perspective of legal history.Based on this,this paper first bases on the actual situation of China's securities market,reviews the development of the modern securities legal system of our country,explores its significance to the contemporary construction of legal system of securities;then,using methods of historical analysis,comparative analysis,and normative analysis,studies the main stage of Chinese contemporary securities law changes,the implementation changes,the changes of the guiding ideology and the legal deficiency and its perfection in five aspects.This paper is divided into five chapters.The first chapter is about the history of China's contemporary legal system of securities.According to the background of legal system,in accordance with the bud(1981-1989),the initialization(1990-1992),the establishment(1993-1998)and the development(since 1999),this chapter reviews changes of China contemporary securities legal system in the social environment and market environment,aims to find the development of more than 30 years,explores the evolution in different stages and the outlook.After the construction of legal system for many years,China has formed a legal system,based on "Securities Law" as the core,supplemented by administrative regulations and normative documents of the CSRC,supplemented by Shanghai,Shenzhen stock exchange business rules,and as an important reference to self regulations of the industry association,the legal system of securities is formed comprehensive.At the same time,in the operation of the capital market,the concept of rule of law and the rule of law culture gradually embedded,the healthy operation of the capital market needs to have a solid legal system protection,which has become the internal needs of all participants in the market.The second chapter is about the main institutional changes of China's contemporary securities market.The stock market is largely a complex set of institutional arrangements.What kind of institutional structure,what kind of capital market behavior and performance.By reviewing the history of the development of China's securities issuance,information disclosure,securities trading,securities market regulation and so on,this chapter tries to find out the institutional logic behind the changes of contemporary Chinese securities legal system.China's securities issuance system has gone through three stages: the examination and approval system,the channel system and the sponsor system,and it is not difficult to find that the government is leading the mandatory changes.It is a great progress of our country's securities issuing system to sponsor the system of approval,which is in line with the objective law of the development of capital market.To this end,we should focus on the reform of the securities industry distribution system,the implementation of the registration system has become the main goal of the future reform of the distribution system.The legislative process of the information disclosure system in our country has experienced three stages: departmental regulations,administrative regulations and basic laws.Although China has formed the legal system of information disclosure of listed companies with "company law" and "Securities Law" as the basis,but in practice,China's information disclosure of listed companies still exists great shortage,investors in the information disclosure system of listed companies need fairness and reliability urgently,which can be from promoting the construction of legal system.China's securities trading system has gone through the development stage of self management to top design.In the new stage of the development of the securities market,it is necessary to exchange the autonomy of the market response,fully follow the market rules,in order not to reduce the vitality of the market.The supervision system of China's securities market has experienced the development stage from the multi head to the centralized and unified supervision.With a strong administrative color,the current management of the stock market is the mode of planned economy.There are many places to be improved.The specific measures include: strengthening supervision and coordination of the relationship between tolerances control;continuous strengthening policy;adapting to the trend of globalization of capital market;strengthening the supervision of CSRC.The third chapter is about the changes of the contemporary Chinese Securities legal system enforcement.The emphasis and difficulty of legal system lies in its implementation.The implementation of legal system runs through the changes of the legal system of China's securities market.In particular,after the achievement of the securities legal system,the target and task should be adjusted to the implementation of the legal system,and how to implement the legal system on the paper.This chapter focuses on four aspects of the securities market administrative regulation and self-regulation of securities market,protecting the interests of investors,securities law enforcement inspection,analyzes the changing process of the positive effects and shortcomings,explores its course of development of securities market in the utility and the realization of the path.Overall,in recent years,the implementation of the legal system of China's securities market is getting better and better,with the combination of administrative regulation and self-regulation,but there is still room for improvement.At present,some harmness to the securities market order and damages to the interests of investors have occurred,the authority of securities inspection remains to be enhanced,so efforts should be made to take appropriate measures to implement the existing securities legal system.The fourth chapter is about the change of the guiding ideology of contemporary Chinese securities legal system.On the basis of the above research,the development of China's securities market is not long,it learns from the experience and practice of overseas mature market,so the corresponding legal principles of securities law,function and other legal guiding ideology have some similarities with foreign countries.But at the same time,it should be noted that China's securities market has grown up under the specific national conditions and market environment.This chapter discusses the influence of the idea of legislation of foreign securities from the angle of international financial crisis and the international economic situation change,and finds out the logic to explore China securities law guiding ideology changes based on comparing the similarities and differences between Chinese and foreign Securities legal system.There are three periods of China contemporary securities law guiding ideology change,including emphasizing the specification,the development of the main function,both specification and development.With the continuous development of the economy and society,the guiding ideology of the securities law plays an important role in the construction of legal system in China's contemporary securities.The fifth chapter is about the existing problems of China's securities legal system and suggestions for improvement.It is found that after over 30 years of development,China's securities legal system has made great progress.At the same time,with the pace of economic and social development,China's securities market participation degree is deeper,associated with the different areas of the market more closely,and many new challenges to the current stock market legal system construction.This chapter focuses on the analysis of current problems of Chinese securities legal system in four aspects,including the regulation of the stock market is lagging behind,the lack of coordination,the transplantation of the securities legal system is not suitable,the securities market information disclosure is not sufficient,therefore,it is necessary to perfect our securities legal system in the four aspects in the future.