Empirical Research On The Effect Of Securities Fraud Supervision

At present,there is a lack of empirical research on the regulatory effect of securities fraud violations by the SFC in recent years based on regulatory law enforcement data.In this paper,through sorting out and analyzing the "Administrative Penalty Decision" and "Market Ban Decision" made by the SFC from 2015 to 2018,I will make an empirical study on the Supervision Effect of the Securities Regulatory Commission on Securities Fraud,comprehensive evaluation of the overall and specific classification of securities fraud cases,analyses the new characteristics of the current securities fraud violations and the problems existing in the supervision of the securities fraud violations by the SFC,and puts forward specific suggestions to improve the supervision effect of the SFC.Firstly,this paper explains the sample to be studied and the research methods to be adopted;secondly,it will analyze the new characteristics of securities fraud cases from the aspects of the number of cases and their changing trend,the characteristics of the subject of violation,and the stage of occurrence,and evaluate the overall supervision effect of securities fraud cases from the aspects of supervision intensity,supervision timeliness and supervision effectiveness.It analyses and evaluates the characteristics and supervision effect of three kinds of specific cases of information disclosure violation,insider trading and market manipulation,and finds out the problems existing in the supervision of various kinds of securities fraud violations by the SFC.Finally,it puts forward some suggestions to improve the problems existing in the supervision of the SFC.The results of empirical analysis of the data show that there are serious regulatory failures in the information disclosure violations committed by issuers and listed companies by the SFC,as well as insufficient supervision intensity in the insider trading violations committed by institutions and the market manipulation violations committed by individuals;the SFC's supervision of securities fraud violations is on the whole.There are problems of inefficient supervision;in the actual operation of supervision,the SFC still has the problem of not enforcing the law strictly in accordance with the provisions of the law;there are also many loopholes in the Securities Law itself,which seriously restricts the effectiveness of the SFC supervision.As for the above problems,this paper holds that,firstly,we should amend the provisions of the law on the calculation method and application multiple of fines and strengthen the implementation of the application of market prohibition measures,so as to increase the intensity of supervision;secondly,we should improve the efficiency of supervision from the two aspects of "open source" and "throttling";thirdly,we should correct the illegal situation existing in the supervision process of the SFC;fourthly,we should deal with the law.The vagueness of the law is regulated in detail.Finally,according to the new characteristics of securities fraud cases,the pertinence of the supervision of the SFC is increased.