本文選題：證券　切入點：監(jiān)管　出處：《吉林財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：從92年以來，中國資本市場經(jīng)歷了從萌芽狀態(tài)到初步發(fā)展再到規(guī)范發(fā)展的階段。隨著中國經(jīng)濟和金融改革的逐步深化，中國證券市場的各項功能也逐步健全，在推動金融體制改革、促進國民經(jīng)濟增長方面起到了重要作用，證券市場對我國經(jīng)濟和社會的影響也日益增強。我國證券市場由于發(fā)展的時間并不長，即使在發(fā)展歷史悠久的歐美證券市場上也依然存在著市場失靈的現(xiàn)象，作為一個風(fēng)險因素特殊、對市場信息披露要求較高的市場來說，證券市場的失靈將帶來眾多的社會問題。如果沒有政府的監(jiān)管，市場自身的失靈是無法避免的，因此，證券市場本身的特點和市場發(fā)展的規(guī)律決定了政府監(jiān)管的現(xiàn)實必要性。 目前我國政府的監(jiān)管體制屬于政府主導(dǎo)型型集中監(jiān)管體制模式，中國證監(jiān)會作為事實上的行政機構(gòu)在監(jiān)管中占主導(dǎo)地位，滬深交易所與中國證券業(yè)協(xié)會的自律監(jiān)管只是對中國證監(jiān)會行政監(jiān)管的補充，證券市場的監(jiān)管結(jié)構(gòu)是由中央政府指定。這種政府主導(dǎo)的證券市場集中統(tǒng)一監(jiān)管的模式導(dǎo)致了行政監(jiān)管權(quán)力范圍過寬、自律性監(jiān)管組織獨立性差并且監(jiān)管職能薄弱的特點。與歐美市場相比，我國的證券市場發(fā)展還有待完善，所以歐美市場的監(jiān)管經(jīng)驗和監(jiān)管制度是非常值得我們借鑒的。從成熟市場的市場發(fā)展和監(jiān)管歷史來看，保護投資者利益始終是西方成熟市場證券監(jiān)管者的基本宗旨，因此，新興證券市場中的政府及監(jiān)管部門都更廣泛、更直接、更具體地干預(yù)和介入證券市場，，也更傾向于采取政府主導(dǎo)型監(jiān)管體制。 在加強政府監(jiān)管方面，我認為首先需要建立系統(tǒng)完善的證券監(jiān)管法律體系。完善的法律體系是資本市場健康發(fā)展的保障。目前我國已有大量的資本市場法律法規(guī)出臺，但我國的資本市場發(fā)展的速度非常之快，導(dǎo)致證券市場的法制建設(shè)滯后于市場發(fā)展的局面。其次，我國需要實現(xiàn)監(jiān)管機構(gòu)制度上的獨立性。再次，我國需要進一步強化證券自律監(jiān)管，以期通過監(jiān)管機構(gòu)責(zé)權(quán)的明細來提高證券市場的規(guī)范化以及信息披露的透明度，真正實現(xiàn)“政府監(jiān)管為主，自律監(jiān)管為輔”的模式。最后，要樹立以投資者保護為重點的監(jiān)管理念。保護證券投資者的利益，是證券市場健康發(fā)展的關(guān)鍵所在，也是衡量一個國家的證券市場是否完善的標準。我國可以借鑒國際慣例，從單純由投資者保護基金向投資者償付損失轉(zhuǎn)向償付損失和資助投資者發(fā)起訴訟來維護投資者的權(quán)益。
[Abstract]:Since 1992, China's capital market has gone through a period from infancy to initial development to normative development. With the gradual deepening of China's economic and financial reform, the various functions of China's securities market have been gradually improved. It has played an important role in promoting the reform of the financial system and promoting the growth of the national economy, and the impact of the securities market on the economy and society of our country has also been increasing day by day. Even in the European and American securities market, which has a long history of development, there still exists the phenomenon of market failure. As a special risk factor, it has a high requirement for market information disclosure. The failure of the securities market will bring a lot of social problems. If there is no government supervision, the failure of the market itself is inevitable. Therefore, the characteristics of the securities market itself and the law of market development determine the practical necessity of government supervision. At present, the supervision system of our country's government belongs to the mode of centralized supervision system of government leading type, and CSRC, as a de facto administrative organization, plays a leading role in supervision. The self-regulation of the Shanghai and Shenzhen exchanges and the China Securities Industry Association is only a supplement to the administrative supervision of the CSRC. The regulatory structure of the securities market is designated by the central government. This mode of centralized and unified supervision of the government-led securities market has led to a wide range of administrative regulatory powers. Compared with the European and American markets, the development of China's securities market needs to be improved. From the market development and regulatory history of mature markets, protecting the interests of investors has always been the basic purpose of securities regulators in western mature markets. The governments and regulators in the emerging securities market are more extensive, more direct, more specific to intervene and intervene in the securities market, but also more inclined to adopt the government-led regulatory system. In terms of strengthening government supervision, I think that first of all, we need to establish a systematic and perfect legal system of securities supervision. A perfect legal system is the guarantee for the healthy development of the capital market. At present, a large number of laws and regulations on the capital market have been issued in our country. However, the speed of the development of the capital market in our country is very fast, which leads to the legal construction of the securities market lagging behind the market development. Secondly, our country needs to realize the independence of the regulatory body system. Again, In order to improve the standardization of securities market and the transparency of information disclosure, we need to further strengthen securities self-regulation, so as to realize the model of "government supervision is the main, self-regulation is secondary". Finally, The key to the healthy development of the securities market is to protect the interests of the securities investors, which is also the standard to measure the perfection of a country's securities market. Instead of simply paying losses to investors by investor protection funds, it turns out to pay losses and fund investors to sue to protect investors' rights and interests.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;D630

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