A Comparative Study On The Supervision System And Effect Of Securities Market Between China And The United States

Under the background of economic globalization and integration,the linkage between the capital markets in China and the United States has become more and more obvious.The U.S.securities market has developed into a mature system with multi-level securities markets,diversified participants,rich products and derivatives,tight trading mechanisms and trading organizations,and strict regulatory and investor protection systems.The differences between the stock markets in China and the United States are quite obvious.The core of the regulatory difference is not only the difference between the approval system and the registration system on the IPO,The core of the regulatory difference is not only the difference between the approval system and the registration system,but whether it can recognize the characteristics of its market development,adhere to the market orientation,and insist on providing and maintaining a fair,just and open market environment.However,the function of the capital market is allocating the resources in all kinds of country.The stock markets in China and the United States are comparable and the latter can be used as reference.Under the above background,it has a great significance to explore the difference and connection between China and the United States on the securities regulatory system.Comparing the effects of the regulatory measures in security market between the two countries and learning from the experience of developed and mature financial markets will have extremely realistic significance for promoting the reform and improvement of China's securities regulatory system.The research content of this article mainly includes three parts.The first part compares the securities regulatory systems and methods between China and the United States.The second part makes a comparative study on the supervision effectiveness of the securities markets of the two countries,and analyzes the reasons.The third part proposes China's future regulatory reform proposals.From the perspective of securities regulation,if securities supervision is effective,the interests of investors are not infringed,and the market is fair,effective,and transparent.The number and type of cases of violations by listed companies in the securities market can reflect the regulatory effect to some extent.The research method uses statistical analysis and comparative research to compare the number and proportion of illegal penalties of listed companies in the two securities markets.Through the change of the number of various types of penalties in different years,the effect of supervision is analyzed as well as the reasons.The innovation of this paper is to compare the regulatory effects of the two countries from a macro perspective.The sixth chapter gives some suggestions on China's securities regulatory reform,and the last chapter points out the insufficiency of this article and the direction and value of further exploration.In the decade of the rapid development of China's securities market in 2001-2010,the number of listed companies doubled and the amount of funds increased rapidly.The regulatory authority has also taken many measures to continuously strengthen its regulatory capability.Judging from the overall number of penalties for non-compliance,the proportion of cases of non-compliance penalties in China continues to increase,while the proportion of violations of listed companies in the United States is low and stable.From the data of different types of non-compliance penalties,although there are many violations in China that are more serious than in the United States,the regulatory authorities have stepped up efforts to fight against such violations.The types of violations with obvious regulatory effects include insider trading violations,Unauthorized change of fund use,False records and misleading statements,and major omissions.At the same time,there is no obvious regulatory effect on violations such as manipulation of stock prices,illegal trading of stocks,etc.And it has been found that the role of the exchange' s penalties for non-compliance has not been fully realized.Although it is more comprehensive to analyze regulatory effects by counting punishment data of the whole market,how to measure different influencing factors in a comprehensive analysis is a problem.Only if to propose more targeted reform measures by digging through the influence of different factors,can we support capital market construction of our country better.