Comparison And Reference, Of Securities Market Regulatory System

Stock market, which is closely related to the commodity economy, social economic system and culture traditions, is one of the key depaitnents of the western capital market. It is also an in- evitable outcome of the financial market of every country. Since Chinese stock market is a new de- veloping markct that is immature, an important problem confronting us at prcsent is how to m:rkc Full USC of the successful expenence of western stock market for reference so that tire Chinese one can develop healthily. Although the Chinese stock market came into being rather late, it has made a rapid progress. Shanghai Stock Exchange opened in December of 1990, which starts the Chinese stock market after the Liberation, and there ate lots of remarkable achievements made during these eight years. Take stocks for example, there hae been 932 stock companies that list shares in Shanghai and Shenzhen stock Exchange by December of 1998. The issued capital stock reaches RMB Y 400, 000 million. and the total market value is RMB Y 27, 949.56 million. In the secondary market that has 2, 500 agencies and 38 million investors, the transaction turnover of Shanghai and Slienzhen stock Exchange reaches RMB Y 3850, 005 million. One of the key functions of the stock supervision rlepartnient is to make the Chinese stock mar- ket develop with regulation, efficiency and order. The State Stock Supervision Committee set die Chinese stock market policy of legality, supervision, self ?restrain and standard?in 1997, which is practical and insures the healthy development of the Chinese stock market. however, strengthen- ing the market supervision is not easy because the supervision system construction falls behind the development of the Chinese stock market, and there is no unifie(I and high ?efficient market super- vision system or supervision measure at present. Up to now, many researchers have studied the f~ir- eign supervision theories and measures and introduced some of which to Chin, but there are few re- searches focusing on characterized supervision theories for die Chinese stock market. Therefore, it is both theoretical and practical to systematically study it accorrhing to the present development of Chi- nese stock market. My paper rescrachcs the supervision problems 0f Chinese stock market, it com- pares the supervision systems in and out of China, and searches for some experience that can be used by the supervision systems of Chinese stock market.