The Law And Economics Research On Issues Of Chinese Securities Supervision

Securities regulation is a government regulation, with clear targeted. The regulation clearly aimed to crack down on illegal securities transactions, in order to protect the legitimate rights and interests of investors are not violated, so as to maintain its confidence in investing in the stock market. Based on this, securities regulators should be defined to protect the legitimate rights and interests of investors for the purpose, to address shortcomings and improve the securities market and problems for the purpose of government and its regulators the use of suitable control means, such as legal, economic and administrative means of intervention and control issue and trading of securities markets, the behavior of each theme.In economics, security products is a very special commodity. Modern market economy, the stock market has played an optimization mechanism, such as financing and risk diversification effect. However, the stock market and the general commodity markets, there are information asymmetries, excessive competition and economic factors such as externalities, which result in the securities market can not self-regulation to achieve the orderly, smooth and efficient running. Meanwhile, the financial commodity price volatility is expected and to make stock from the date of production on the highly speculative and risky. In order to achieve stable and healthy development of securities markets, government intervention becomes necessary, inevitable. But the norms have to be from Chinese actual conditions of the maximum level of play to the government's regulatory role, combined with stock market's self-condition comprehensive use of various control means a good running safe healthy securities market. Financial liberalization, financial innovation and technological progress to promote international financial markets has changed dramatically, the growth of this global financial markets and harmonization of the challenges to the regulators issued. This makes Chinese securities market is facing new technical and professional issues, forcing the need for the field of economics and law from further analysis. Securities regulation is an economics issue, but at the same time, securities regulation is a legal issue. In the regulatory process, often need to be provided by law, the relevant regulatory authorities for the construction and regulatory powers of the format, required by law to regulate and guide the normal operation of the securities market, protect the healthy development of securities markets. This requires strengthening the legal regime of securities regulation corresponding construction and improvement. Legal System of Securities in the process of securities regulation has an important value, it maintains an orderly securities market in economic activities, effective and fair. The legal system of securities regulation requires strict access system specific securities market, the market relief system and market regulatory system. Ensure that the issuance and trading in the securities market securities consistent with the statutory conditions, and firmly safeguard the legitimate interests of investors in securities market, securities regulators clear the specific steps to be efficient stock market, and healthy development.Securities regulatory regime, that is, the means and methods of securities regulation, including legal items, Economic instruments, administrative measures and self-management of three. Securities market mechanisms enough active monitoring. Only by strengthening the supervision of securities market intermediaries in order to better serve the economic activities of the securities market regulatory role, and to achieve self-regulatory function of the market mechanism; the same time, foster market-oriented pricing mechanism; improve the market incentive system, which progressive realization of the stock issue market. Securities market regulation in the binding mechanism is an essential factor.Securities regulatory system of securities regulation division of the division of responsibility and authority of the manner and organization system is the product of state and national conditions. Securities regulatory system is to determine the validity and normative order and stability in the stock market an important foundation. Securities regulatory agencies as the principal securities market regulation, supervision system in the whole play a leading role, an effective institutional models of supervision, can improve the efficiency of supervision. Macro-economy of a country's securities market regulatory system, an important part of a profound impact on the health and orderly development of securities markets. Chinese securities market regulatory system should be based on Chinese securities industry, stage of development and maturity of the securities market to establish - deregulation of macro, micro and strengthen supervision, regulation and self-discipline simultaneously. To achieve a healthy and stable development of securities markets, the need to strengthen legal construction regulatory system. Maintain healthy and stable development of securities markets, the key is to improve the overall quality of listed companies. Efforts to build multi-level securities market, expand investment and financing channels. Strengthening of education and supervision.Securities regulatory system is to eliminate the government securities market and regulatory failure, for the purpose of promoting economic growth, development and implementation of direct or indirect mechanism on the stock market or economic activities related to regulation of the rules of the system. Deposit the securities regulatory system efficiency: First, the efficiency of the securities regulatory system itself, focusing on operational mechanism under the supervision of securities market; second system of securities regulation social efficiency, focusing on the development of securities market regulatory system and promote economic growth or hinder. Securities regulatory system is a complete system with systemic features, not just laws, regulations and economic instruments of the simple combination. Therefore, exploring the securities regulatory system should be developed to a dynamic, open, and the macro level, the use of integrated methodological and theoretical point of view, a comprehensive study of its complement and interact to further improve the securities regulatory system more efficient.Securities regulation mechanisms, institutions and securities market supervision system is an integral process of the system, and their close link exists between. To ensure steady and healthy development of Chinese securities market, securities market must be on government regulation of economic activities, while the regulatory process, the system construction, system identification and selection mechanisms are indispensable. Close contact with the three constitute a complete system of securities regulation and combination play, security and orderly securities markets, the development of stable and efficient operation.Chinese securities market regulation is accompanied by the emergence of China securities market and development of production and gradually established perfect. The development process and characteristics of Chinese stock market almost at the same stage of development and pattern of adaptation, and, and the objective needs of Chinese economic development and regulatory objectives contained within the suit. While working to improve the securities market has made many efforts in the supervision of, or encounter some problems. The establishment of the market monitoring system, will monitor the market to provide strong support. Monitoring system technology, equipment and manpower to provide a strong regulatory support, but also exchange in the prevention of violations and post processing and so fell reality. Economic operation of Chinese securities market there are many irregular phenomena, reflecting the existence of Chinese securities market supervision in all aspects of the problem. In accordance with Chinese current economic development, Chinese securities market is still an emerging market in transition, in the continuous development and improvement of the period, which highlights the importance of securities regulation and the need to improve securities regulation.Developed securities market has experienced a long period of formation and development process. Comparison of its regulatory system, complete and sound. As the maturity of the securities markets of different countries, different government macro-control measures, regulatory models are not the same. In today's world, there are three different regulatory system or model that is representative of the centralized United States securities regulatory model to the UK securities regulators on behalf of self-regulation mode and in the middle of Germany, represented by the securities regulatory model type.The above analysis, for the supervision of Securities suggestions were put forward. Changes in regulation, and strengthen legal supervision. Strengthen self-discipline management, improve the market mechanism. Efforts continue to strengthen securities regulation and market risk prevention and control. Improve the stock management system. Ratings on the securities and the securities market for the securities regulatory system for credit evaluation. On the market reforms. Strengthening the restrictive trade practices, to further improve the trading system. Mechanism for issuing securities to further improve and perfect. Enhance sound risk early warning mechanism to prevent events before the occurrence of regulation. Securities market regulatory authorities in various departments should coordinate with each other, positive communication, establishing mutual aid coordination mechanism for resource sharing. Strengthen the national economy regulatory cooperation in various fields. Improve the financial holding company or financial group's internal control.