International Comparison Of Multi-level Capital Market Regulation And Its Implications For China

Since Some decisions of the Center of the People's Republic of China about consummation socialism market economic system had passed, scientific community probed into multi-level capital markets deeply, but there's not enough achievement in the field of capital market regulation. This paper referred to the advanced theory of capital market regulation, and the international experience of capital market regulation, offered the way that the regulation of Chinese multi-level capital markets should follow. To develop the capital market, SEC should carry out different policies corresponding to the different level of the capital market.This article is divided into five chapters. Chapter 1 introduces what is the multi-level capital market and the meaning of regulation, which includes its significance, purposes, principles and approaches as well as supervisory institutions and their objects. Strengthened regulation schemes can protect investors' benefits, maintain market order, increase efficiency and facilitate market's sound growth. Chapter 2 expounds the theories concerning securities regulation. The cause of regulation is showed, including the securities market malfunction and the incomplete law theory. The market malfunction focuses on monopoly, behind-the-scene manipulation, information mismatch and excessively competition, which bring the instability and the assignment unfair. The incomplete law theory is based on two aspects, one is the "free ride", and the other is "the cost and information about the appeal". The theories concerning securities regulation consist of "The Public Interest Theory of Regulation", "The Capture Theory of Regulation", "The new Economic Theory of Regulation" and "Incomplete Law". In Chapter 3, the article introduces three typical securities regulation modes abroad, and comparing these modes. Generally speaking, security regulation divides for government regulation model, self-regulation system and comprehensive regulatory system and so on. These three kinds of systems have its historical background and...