| It is a crucial period of Chinese economic system transition, when Chinese trust industry is developing more quickly. Under the trend of mixed operation, the drawbacks of separated regulations have been exposed. Supervisor absence and over-supervisor problems get bad with serious information asymmetry. This paper is based on increasing the level of trust regulation.The internal mechanisms of supervision will be revealed through trust supervisor game model. On this basis, many constructive advices will be proposed according to introducing good experience from abroad and the actually situation in Chinese security market. These proposals will improve the regulatory system, and promote the ability to withstand risks in securities market, and keep its grown healthy and fast.The main research methods used in this paper include game model analysis and causal analysis ways, which are based the combination of logical positive approach and normative approach, and the combination of qualitative and quantitative methods. Principal research achievement of this paper include two aspects. One lies in revelation in internal mechanisms of supervision through establishing trust supervisor game model. For example: financial innovation is the way to avoid regulation; conflicts of regulators interest group reduce effectiveness of supervision; reducing regulatory costs and improving the efficiency of supervision have great significance; increasing penalties and reducing the extra income from illegal operations are the main factor influencing game results; information transfer will contribute to healthy market, etc. The other lies many constructive suggestions to regulations of trust proposed. Particularly, in establishing diversified supervision structure, improving regulatory coordination, strengthening industry self-regulation, encouraging out-supervision and the regulators'regulations, increasing penalties for violations and set up communication channels, etc. |
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