Argumentation On Perfection Of Securities Exchange Self-Discipline Supervision System

Securities exchange has always been known as the stock market "first-line supervisor", the self-regulatory function plays an important role in the entire stock market which can keep healthy and stable. But Chinese self-discipline supervision mechanism of securities exchange has many problems, so this paper tries to use the relevant principle of economic law to discuss the perfection of securities exchange self-discipline function. Namely, centering on the nature of securities exchange , through the ternary positioning of " government—society intermediate main body—market", in combination with Chinese actual situation, I raise the problems from three angles, the circumscriptions between securities exchange and government, securities exchange and the market main body benefit protection, securities exchange itself organization form reform. Finally, according to the above three problems, solutions are given respectively. Then this paper constitutes a complete system of securities exchange self-discipline.This paper includes five parts, which concrete content is as follows:The first chapter mainly expounds the basic theory of securities exchange self-discipline supervision. Firstly, it analyzes "self-discipline supervision", mainly including the connotation of self-discipline and classification of self-discipline supervision. Then, it comes up with securities exchange regulatory motivation from "market failure and government failure", furthermore it draws a conclusion that the securities market supervision system = self-discipline supervision + government regulation. Finally, it lays the "government -- society intermediate main body - market" foundation for next part discussion.The second chapter comes up with the problems faced by securities exchange self-discipline supervision. Mainly from three angles, the circumscriptions between securities exchange and government, securities exchange and the market main body benefit protection, securities exchange itself organization form reform.The third chapter discusses the circumscriptions between securities exchange and government from the relationship between securities exchange and government angle. First, through the brief introduction of different supervision model and combined with actual situation in China, it draws the conclusion that securities exchange self-discipline function is indispensable, no matter which supervision mode it applies. At last, I regard government and self-regulatory organization double line supervision monitoring system as the suitable supervision model for our country. Then, according to the questions raised in second chapter, I give the specific measures.The fourth chapter demonstrates the self-discipline supervision goals– centering on the social public interests protection from the relationship between securities exchange and the market main body benefit protection angle. First, it analyzes the "social public interest" meaning in general context, through the comparison between the "national interest" and "personal interest". Secondly, it analyzes the meaning of "social public interest" in the securities market context, expounding its connotation, formation cause, determination principle. At last, according to the questions raised in second chapter, I give specific measures for the protection of securities market multiple interests.The fifth chapter puts forward suggestions on the reconstruction of the securities exchange self-discipline system from the securities exchange itself organization form change angle, centering on the corporatization reform of securities exchange. According to the question put forward by Chapter Two, this chapter gives solution for the corporate reform of securities exchange. First, it gives a brief introduction for the background of corporatization reform, and then comes up with the corporatization reform cause. Secondly, I put forward the probable affect from the corporatization reform, mainly discussing the interest conflicts lead from corporatization angle. Finally, according to the question that corporatization reform may cause interest conflict, I give the specific measures to avoid this kind of interest conflict.