【摘要】：證券交易市場日益成為現(xiàn)代市場經(jīng)濟中的典型代表之一,尤其在經(jīng)濟發(fā)展中發(fā)揮著重要的作用。2017年是我國“十三五”規(guī)劃的第二年,也是重要的一年,新常態(tài)下我國金融領域特別是證券交易市場領域遇到了新困難和新風險,正如習近平總書記在2017年4月25日的中央政治局會議中所總結的金融與經(jīng)濟的關系:“金融活經(jīng)濟活,金融穩(wěn)經(jīng)濟穩(wěn)”,在當前日趨復雜的形勢下,如何維護金融安全、防范和化解金融風險,如何對證券交易市場有效監(jiān)管,保障證券市場高效地服務于我國的供給側結構性改革和經(jīng)濟發(fā)展,這些都給我國證券交易市場的監(jiān)管提出了更高的要求。面對新常態(tài)下我國證券交易市場出現(xiàn)的新情況、新問題,以證監(jiān)會為主的證券監(jiān)管機構背負的責任巨大,正如證監(jiān)會劉士余主席在2017年多次公開講話中提及:“證監(jiān)會將依法履行一線監(jiān)管職責,服務實體經(jīng)濟發(fā)展,依法全面從嚴監(jiān)管”,這種全面監(jiān)管利弊并存,難免會讓證監(jiān)會顧此失彼,在進行證券監(jiān)管過程中出現(xiàn)理念偏差、干預過多、輕視程序化等問題便伴隨而生。內幕交易一直是證券交易市場的頑疾和毒瘤,是維護我國金融安全、防范證券風險所必須堅決打擊的。進入2017年的證券市場,IPO逐漸提速,預計2017年全年核發(fā)IPO數(shù)量達500家,然而截至2017年5月24日,證券市場“退市”公司僅有一家,這種嚴重不對等數(shù)量的入市退市現(xiàn)象,也是我國證券監(jiān)管不容忽視的風險。針對我國證券交易市場存在的上述問題,全文在實證分析的基礎上,結合我國證券監(jiān)督管理機構針對我國證券交易市場2016-2017年度A股市場所采取的一系列監(jiān)管措施,引申出這些監(jiān)管所暴露出來的問題。本文分以下四部分。第一部分對證券交易市場“證監(jiān)會監(jiān)管職責”、“內幕交易監(jiān)管”、“退市機制監(jiān)管“三大問題的現(xiàn)狀進行分析。第二部分從明確證監(jiān)會法律屬性、合理配置其監(jiān)管職能、規(guī)范行使監(jiān)管手段、建立監(jiān)督證監(jiān)會監(jiān)管體制等方面來探討完善證監(jiān)會監(jiān)管職責存在的問題。第三部分通過完善內幕交易監(jiān)管法律體系、保障證券監(jiān)管機構獨立性、中在查處內幕交易力度、完善信息披露制度入手來探討完善內幕交易的監(jiān)管問題。第四部分從完善上市制度、完善退市標準體系、弱化政府干預、構建多層次平臺等方面入手探討完善退市機制監(jiān)管問題。
[Abstract]:The stock exchange market is increasingly becoming one of the typical representatives of the modern market economy, especially playing an important role in economic development. 2017 is the second and important year of the 13th Five-Year Plan of China. Under the new normal, China's financial sector, especially the securities market, has encountered new difficulties and new risks. Just as General Secretary Xi Jinping summed up the relationship between finance and economy at the meeting of the political Bureau of the Central Committee on April 25, 2017: "Finance is alive and well." How to maintain financial security, prevent and defuse financial risks, and how to effectively supervise the securities trading market, "he said. To ensure that the securities market can efficiently serve the supply-side structural reform and economic development of our country, all of these put forward higher requirements for the supervision of China's securities exchange market. In the face of the new situation in the securities exchange market of our country under the new normal, the new problems, the securities regulatory bodies, which are dominated by the Securities Regulatory Commission, bear enormous responsibilities. As Chairman Liu Shiyu of the Securities Regulatory Commission mentioned in a number of public speeches in 2017: "the SFC will perform its front-line supervisory duties in accordance with the law, serve the development of the real economy, and conduct comprehensive and strict supervision in accordance with the law." there are both advantages and disadvantages of such comprehensive supervision. It is inevitable that CSRC will ignore one another and have some problems such as concept deviation, too much intervention and contempt for procedure in the process of securities supervision. Insider trading has always been a stubborn disease and cancer in the securities trading market, which must be resolutely combated in order to safeguard our financial security and prevent securities risks. As the stock market enters 2017, the number of IPOs is expected to reach 500. However, as of May 24, 2017, there is only one delisting company in the stock market, which is a serious phenomenon of unequal number of delisting. It is also a risk that can not be ignored in China's securities regulation. In view of the above problems existing in China's securities exchange market, based on the empirical analysis, this paper combines a series of regulatory measures adopted by China's securities regulatory bodies to deal with the A-share market in 2016-2017. The problems exposed by these regulations are extended. This paper is divided into four parts. The first part analyzes the current situation of the three major problems in the securities market, such as the supervision duty of the Securities Regulatory Commission, the supervision of the insider trading and the supervision of the delisting mechanism. The second part discusses the problems existing in perfecting the supervision duty of CSRC from the aspects of clarifying the legal attributes of CSRC reasonably allocating its supervisory functions standardizing the means of exercising supervision and establishing the supervisory system of CSRC. The third part discusses how to improve the supervision of insider trading by perfecting the legal system of insider trading, ensuring the independence of securities regulatory agencies, investigating and dealing with insider trading, and perfecting the information disclosure system. The fourth part discusses how to improve the supervision of delisting mechanism from the aspects of perfecting the listing system, perfecting the standard system of delisting, weakening the government intervention, and constructing a multi-level platform.
【學位授予單位】：鄭州大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.287

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