The Research On The Supervision Of Chinese Securities Market

Since the establishment of the Shanghai Stock Exchange in late 1990,China’s securities market has marched forward tenderly. In the course of the continuous development of the securities market, insider trading cases, violations of information disclosure, "Rat" and the event of major shareholders holding the capital power against minority shareholders, the fraudulent conduct of listed companies occur frequently, and even repeat. Violations emerging endlessly in the securities market indicate that the supervision power is inadequate, the supervision effort is weak and the supervision efficiency is unsatisfactory. Accompanied with the occurrence of violations, the securities regulatory measures will be strengthened, perfected and improved continuously on the basis of the successful regulatory experience of supervision on the securities market in developed countries of Europe and America. However, we still can not effectively stop the securities violations, so we need to further strengthen the study of the effectiveness of securities market regulation, and strengthen the regulatory measures to improve the effectiveness of securities market regulation. This thesis attempts to apply the theory of economics and finance law to the analysis on the presence of regulation issues in the securities market from multiple perspectives and dimensions. The thesis studies or explores continuously how to further reconstruct the regulatory systems of securities market, how to standardize the regulation of securities market, how to further improve the regulation quality of the securities market, how to further strengthen the effectiveness of the supervision of securities market. The first part of this thesis discusses the theoretical basis for securities market regulation. The second part analyzes the existential problems in supervision,standardization of regulations and the effectiveness factors that influence the effective supervision. The third part briefly summarizes the successful experience of market regulation all over the world. The fourth part tries to put forward the orientations of reforms in China’s securities market by learning from effective regulatory measures from other countries and considering the current situations of China’s securities market. This thesis advocates toestablish a new supervision system composed of diverse supervision agencies, various and multi-dimensional supervision measures under the principle of justice. Meanwhile, we timely bring in the system of securities regulation regime and actively perfect the system of public welfare litigation in order to establish a securities supervision regulation consistent with our basic national conditions and international trend of the securities regulations, and continuously improve the level of securities regulation as well as national economic development.