Empirical Analysis On Self-regulatory Of Stock Exchange

As a place provider for security deals,the stock exchange possesses plenty of functions,such as arranging for listing,organizing and overseeing deals,supervising listed companies and members,and etc.There are numerous violations in immature market where needs the self-regulatory of the stock exchange to be more functional under the background of streamlining administration in order to advance the market development.The paper is aimed to research the status quo of self-regulatory by analyzing the statistics of supervisory means and find problems during the process of executing rules as well.According to the Measures for Disciplinary Sanctions and Supervisory Measures of SSE,there are two kinds of regulatory means---the supervisory measures and the disciplinary sanctions.Based on that framework,the paper is divided into three parts except the introduction.The first part analyzes the implementation of the supervisory measures.The measures can be classified into three kinds of sorts and three independent measures(correspondence of supervisory attention,requirement of holding explanation session and mandatory suspension)are chosen from different sorts.Following conclusions can be drawn from the analysis: 1.The emphasis objects of the supervision are listed company and its board directors,supervisors,senior managers,shareholders and actual controller.The asymmetrical issue of supervision resource hasn't solved via supervising by sector.2.The sufficiency of disclosure is improved by combination of explanation session and inquiry correspondence.3.There is gap between the immature and mature market in the view of mandatory suspension.The second part analyzes the implementation of the disciplinary sanctions.It can be divided into three kinds as well.In the perspective of the admonition sanction,it is the most commonly used sanction and violation of disclosure is the primary cause of being sanctioned.In the perspective of the qualification sanction,the supervision of members is not taken seriously.In the perspective of the behavior sanction,SSE should pay more attention to the shareholders and actual controller due to an increment of their violations.In general,the procedure of implementing sanction is not perfect,by the mean time,over-reliance on two disciplinary sanctions result in idling others and lacking intensity.The third part is a summary.It is easily found that SSE has been trying all the time to perfect the supervision system,for example,it keeps updating the regulation system and innovating supervision mode.Comparing the two parts above,we find that there is a same problem in implementing supervisory measures and disciplinary sanctions which is asymmetrical issue of supervision resource caused by lack of independence of stock exchange.To solve the issue,dealing with the relations between different measures is an efficient way.