Research On Securities Market Regulation

Securities market of China has developed rapidly during the past 20 years, but there are also many problems in the securities market. The existence of these problems exposes the imperfect of the regulation function and low efficiency of regulation, and it also reveals the defects of the securities regulations system. As China entered into WTO, the adjustment of economic structure, the globalization of finance and so on, securities market regulation will be confronted with greater challenges. Therefore, according to the situation, analyzing securities market regulation in the integral and systematical perspective, furthermore improving the regulation system will promote the development of securities market.The thesis discusses the securities regulation problems. It studies the theory of regulation, contrasts the domestic and foreign regulation system, analyzes the securities crime penalty, establishes the game model of securities market participators and studies the methods to perfect the regulation system, so it studies the defects of securities regulation system and gives some advices on how to overcome securities-market failures. As to the studying methods, the thesis takes on both theory research and practice analysis. It applies the quantitative analysis and the qualitative analysis, the comparison reference and explores the innovation, thus obtains the resolving solutions which have both theory basis and practice operational.The thesis first gives comprehensive discuss of the securities regulation theory; and it put forwards the regulation system which is fit to China'securities according to the contrast of existed regulation system; then this thesis analyzes the situation and the penalty of the securities crime, gives the perfect methods; And then, it applies the game theory to securities regulation, establish the game model on sponsor-the securities market entering rules, and sets up game model respectively when self-discipline supervision is adequate and inadequate, compares the expected utility value of listed company and CSRC, then analyzes the importance of strengthening self-discipline supervision, at last puts forth some policy suggestions; At the end, it gives some measures to perfect the securities regulation systems.