| As the common objective of the regulators in all countries, effective regulation of the securities market is the key resolution to "under-the -table" trading, stock price controlling and misleading information disclosure, and it is also helpful to foster the healthy development and globalization of securities market.China's securities market experienced great progress in institutional innovation and securities regulation due to the constant efforts in the past few years. However, under the situations of economic restructuring, financial globalization, China's WTO entry and information technology progressing, China has still a long way to go to fulfill the tough task of further perfecting its securities regulation system. The year 2001 can be called "the regulating year" of China's stock market. From the beginning of the year on, China Securities Regulatory Commission (CSRC) has adopted a series of measures to look into "black banker", improve the governance structure of public corporations, establish market exiting system and fight with security crime. Regulation toughening is largely due to the increased risks in securities market. On one hand, large amount of ill-regulated credit capital swarmed into stock market. On the other hand, some banks and financial institutions got involved with the increased market risk. These risky factors will probably raise the risk of the entire financial system. It is under such severe circumstances that the author intends to do some analysis on the regulation of securities market with the regulatory theory in industrial economics. The thesis covers four parts:Part one is an introduction to securities regulation. At the beginning of this part the author clarifies the concept of securities regulation on the basis ofregulatory theory. And then the objectives and means of securities regulation are introduced. The author points out the short- term objective of securities regulation is to overcome the malfunction of securities market and protect the investors' interest, while the ultimate objective is to foster the steady development of the national economy through securities market. And securities market can be regulated with law means, economic means, administrative means and self-regulation. To the end of this part, the author puts forward the five principles of securities regulation, based on which the regulatory objects are classified. Part two is about the theoretical foundations of securities regulation. At the beginning the author presents the five basic functions of securities market, and points out that the workings of these functions requires a perfect and effective market system. Then the author analyses the market malfunction and government regulation using regulatory economics and theory of public choice. It is pointed out as a conclusion that in reality securities market also has the problem of market malfunction, thereby to provide a theoretical foundation of securities market regulation.Part three is concerned with the institutional alternative of securities regulation. Firstly it is pointed out that security regulation is still a necessity although it, as securities market, is also prone to malfunction. Sixteen measurements of the security regulatory system are presented to analyze how to choose a sound security regulatory system. Toward the end of this part, the author discusses the governmental intervene in emerging markets, with the conclusion that governmental regulation tends to be weakened in the transformation from emerging markets to mature markets.Part four deals with the past, status quo and future of China's securities regulation. First is the historical perspective of the securities regulation system. The author analyzes the feasibility and existing problems of current securities regulation system in China, and then briefly reviews the history of the securitiesregulation in China in three stages. In the end a detailed analysis on the features and weaknesses of current securities regulation system is presented. And some... |
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