The Legal Regulation Of Government Bailout In Securities Market Crisis

In the securities market crisis,the government tends to intervene in the market to ensure the normal development of the capital market.However,the government should ensure the moderation of the bailout,to stabilize the macro economy and avoid the psychological dependence of investors.Therefore,the paper is about legal regulation on moderation of government bailout in the securities market crisis.Government bailout is the behavior of the government to exercise public power,some specific bailout measures also take the form of private law,but its nature should be consistent with the principle of proportionality of administrative law.At the same time,the government bailout as the behavior of the government exercising economic macro-control functions,should also be procedural justice.Therefore,the moderation of government bailout should be from the four aspects on rescuing the objectives,means,procedures and legal effects of legal regulation.However,in view of China's previous government bailout practices,the government bailout still exists problems in these four aspects,mainly reflects the existence of functions dislocation between government and market in China's securities market,which lack of appropriate legal norms.Therefore,this article from four aspects of target,means,procedures and legal effects to analyze the realization way of the moderation of government bailout legal regulation,the government bailout should take restoring the normal order of the securities market as a target,rich rescue means,take targeted measures to ensure the procedures of justice,the effectiveness of the assessment of the rescue.And then put forward in order to really ensure the moderation of the government bailout,should develop a financial emergency law,improve the coordination of regulatory mechanisms to build a decentralized government legal regulation system.