本文關(guān)鍵詞：國際股票市場監(jiān)管制度比較研究　出處：《吉林大學(xué)》2016年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股票市場 信息披露制度 退市監(jiān)管 法律環(huán)境 發(fā)行制度

【摘要】：世界剛剛經(jīng)歷一次較為嚴(yán)重的金融危機,盡管現(xiàn)在危機已經(jīng)過去,但是全球經(jīng)濟依舊在它的“余痛”中飽受折磨。在危機發(fā)生期間,人們努力找尋造成這場金融危機的本質(zhì)原因,試圖明確以往行為中存在的漏洞。當(dāng)前學(xué)術(shù)界已普遍共識造成這次危機的主要原因,即以往深受人們信任和依賴的金融監(jiān)管制度。當(dāng)政府意識到舊金融監(jiān)管體制有缺陷后,改革也隨之而來,監(jiān)管制度的改革和重塑便成為當(dāng)代金融市場的一大特征。而股票市場,作為最基本金融市場之一,其監(jiān)管制度也正在經(jīng)歷著重大變革。于是本文試圖在分析國際股票市場監(jiān)管制度的基礎(chǔ)上,助力描繪一幅我國股票市場監(jiān)管制度發(fā)展的新藍(lán)圖,促進我國股票市場逐漸走向完善。為了更具比較性地了解不同國家、地區(qū)的股票市場監(jiān)管制度,本文將監(jiān)管制度分成四個組成部分:即發(fā)行與上市制度、退出機制、信息披露制度和監(jiān)管法律體系。其中發(fā)行與上市制度是股票市場存在的先決條件,也是股票交易的起點。退出機制由于能為監(jiān)管者提供從股市中驅(qū)逐非理想企業(yè)的可能性,并給企業(yè)提供了在不傷害持股人的條件下自愿退市的機會,使得股票市場得以更加健康的運行。信息披露制度是監(jiān)管制度實現(xiàn)監(jiān)控功能的根本途徑,所有監(jiān)管舉措均基于信息披露制度,因此最為重大的監(jiān)管改革也通常發(fā)生在信息披露制度上。監(jiān)管法律體系是監(jiān)管制度的權(quán)力基礎(chǔ),賦予了監(jiān)管機構(gòu)執(zhí)法權(quán)力,保證了監(jiān)管規(guī)則能夠得到強制實施。本文在研究發(fā)行與上市制度時,采用了“兩步走”的研究方法。第一步,分別從信息披露文件、信息質(zhì)量控制與檢驗系統(tǒng)、審核程序、相關(guān)監(jiān)管者四個方面展示國際股票市場發(fā)行與上市監(jiān)管制度。經(jīng)過對比發(fā)現(xiàn)除中國香港采用單一交易所進行監(jiān)管外,成熟的股票市場普遍采用發(fā)行與上市分離審核的監(jiān)管方式,即政府負(fù)責(zé)發(fā)行資格審查,股票交易所負(fù)責(zé)上市審查。其中美國實行的多角色參與、多環(huán)節(jié)審查的最為復(fù)雜的審查系統(tǒng)對國際股票發(fā)行審查產(chǎn)生了深遠(yuǎn)的影響。第二步,陳述創(chuàng)業(yè)板市場與主板市場在該階段監(jiān)管的差異,比較得出了不同層級股票市場監(jiān)管制度差異性的表現(xiàn)與成因。本文對退出機制的研究,則從退市主體、退市標(biāo)準(zhǔn)、退市監(jiān)管者和退市流程四個方面來分析比較。就退市標(biāo)準(zhǔn)方面,美國、日本以數(shù)量化標(biāo)準(zhǔn)為基礎(chǔ),要求企業(yè)在持續(xù)上市階段滿足一定的有關(guān)財務(wù)狀態(tài)、股權(quán)分配、股票價格等數(shù)量標(biāo)準(zhǔn);英國、德國、中國香港則主要以人為判斷作為退市標(biāo)準(zhǔn)。通過對這兩種不同退市標(biāo)準(zhǔn)的特點分析,進一步發(fā)現(xiàn)了采用數(shù)量化標(biāo)準(zhǔn)的國家在上市標(biāo)準(zhǔn)與退市標(biāo)準(zhǔn)之間存在的極大關(guān)聯(lián)性。本文對信息披露制度的研究,是從信息披露規(guī)則、定期披露要求、臨時披露要求、懲罰措施和信息披露媒介展開分析。研究發(fā)現(xiàn)美國信息披露制度是信息披露質(zhì)量和信息披露負(fù)擔(dān)博弈下的產(chǎn)物�；凇禞OBS法案》對美國信息披露制度的重大影響,本文對該法案進行了詳細(xì)說明,并解析了免除新型發(fā)展公司大部分由《SOX法案》規(guī)定的信息義務(wù)的原因。此外還以英國和中國香港為例,指出創(chuàng)業(yè)板市場通常適用更為嚴(yán)厲的信息披露要求。并以英國另類投資市場上市信息披露制度為例,比較了歐洲私人監(jiān)管市場和公共監(jiān)管市場的區(qū)別。分析總結(jié)得出當(dāng)今成熟股票市場信息披露制度的發(fā)展改革趨勢,特別是在披露項目上,正在趨于統(tǒng)一,但由于法律系統(tǒng)、政治因素和文化傳統(tǒng)上的不同,各股票市場信息披露制度的差別和獨特性依舊存在。本文對監(jiān)管法律體系的研究,則以不同國家股票市場的基本法律為框架,在Chiou(2011)和La porta(2006)基礎(chǔ)上,研究法律環(huán)境與股票市場波動率之間的關(guān)系。本文與過往研究相比,進行了適度創(chuàng)新:第一,使用自行編制的以La porta指數(shù)為基礎(chǔ)的法律環(huán)境指數(shù)。該指數(shù)至少在兩個方面優(yōu)于La porta指數(shù),其一,它包含更多的法律要求。其二,它更適應(yīng)改革后的法律環(huán)境。第二,進行了多層次股票市場回歸分析,發(fā)現(xiàn)法律環(huán)境對主板市場和創(chuàng)業(yè)市場有不同的影響。同時實證研究發(fā)現(xiàn),在使用波動率和國際β系數(shù)衡量股市風(fēng)險的條件下,創(chuàng)業(yè)板市場股票風(fēng)險性高于主板市場。特別的,公共監(jiān)管市場的股票風(fēng)險相對低于私人監(jiān)管市場。據(jù)此得出在監(jiān)管法律體系中信息披露要求和司法有效性對股票市場的風(fēng)險程度影響力最強。最后,本文將中國股票市場監(jiān)管制度與國際股票市場監(jiān)管制度進行了橫向比較分析,發(fā)現(xiàn)發(fā)行階段中實施批準(zhǔn)式核準(zhǔn)制、退市階段中實施ST緩沖退市制度、不完善的信息披露要求、重疊的法律體系等是我國監(jiān)管制度與成熟監(jiān)管制度之間差異性的主要體現(xiàn)。本文認(rèn)為股票市場發(fā)展“超速”于監(jiān)管改革、盲目“移植”他國監(jiān)管標(biāo)準(zhǔn)以及政府對市場定位的差異等是造成我國與成熟監(jiān)管市場之間差異性的主要原因。通過借鑒國外制度,建議我國應(yīng)從提高投資者專業(yè)水平、轉(zhuǎn)換政府角色、加強市場中介信用、分市場轉(zhuǎn)換至注冊制、逐步取消ST緩沖退市制度等方面來提高股票市場的監(jiān)管水平。
[Abstract]:The world has just experienced a severe financial crisis, although the crisis is over, but the global economy is still in the "pain" of suffering. In the crisis period, people try to find the essence of the cause of the financial crisis, trying to clear the previous lines for loopholes. The main reason for the current academic circles the general consensus has caused the crisis of the past, namely by the people trust and rely on the financial regulatory system. When the government is aware of the old financial supervision system has defects, the reform also follow, reform and reshape supervision system has become a major feature of contemporary financial market. And the stock market, as one of the most basic financial market, the the supervision system is also undergoing significant changes. So this paper attempts to analyze the international stock market supervision system, help to paint a picture of China's stock market supervision A new blueprint of development, promoting China's stock market gradually perfect. In order to more understanding of different countries and regions of the regulatory system of the stock market, the regulatory system is divided into four parts: namely, issuing and listing system, exit mechanism, information disclosure system and legal supervision system. The issuing and listing system is a prerequisite for the existence of the stock market, is also the starting point of stock trading. Because the exit mechanism can provide the possibility of non ideal enterprise expelled from the stock market for regulators, and to provide a no harm to shareholders under the voluntary delisting of the opportunity, making the stock market to be more healthy. The information disclosure system the fundamental way to realize the monitoring function of the supervision system, all regulatory measures are based on the information disclosure system, and therefore the most important regulatory changes that usually occur in the information disclosure system with On the legal supervision system is the power foundation of the supervision system, given the regulatory enforcement powers, ensure regulatory rules can be enforced. Based on the study of issuing and listing system, adopts the research method of "two steps". The first step, respectively, from the information disclosure documents, information quality control and inspection system the audit procedures, the relevant regulators, the display of the four aspects, the issue of international stock market and listed supervision system. Through the comparison of Hongkong Chinese found that in addition to using single exchange regulation, mature stock market is generally used on isolated and issued the audit supervision, the government is responsible for issuing the qualification, the Stock Exchange listed for review. The multi role the United States has participated in the review section, polycyclic complex examination system have a profound influence on the international stock issuance examination. The second step, the entrepreneurial Chen Board market and main board market differences in the stage of regulation, comparing the performance and the causes of the different levels of the stock market supervision system. This paper studies the difference of the exit mechanism, from the delisting subject, delisting standards, four aspects of delisting regulators and the delisting process to analyze. The delisting standards, the United States, Japan the number of enterprises to meet the requirements of standards based on the financial condition, the continued listing stage equity allocation, stock price and quantity standard; Britain, Germany, Hongkong Chinese is mainly to human judgment as the standard. Through the back of the two different characteristics of the delisting standard analysis, further found great relevance with the number of the national standard exists between listing standards and delisting standards. This paper research on the information disclosure system, is from the information disclosure rules, periodic disclosure requirements, temporary disclosure For punishment and information disclosure media analysis. The study finds that the information disclosure system is the quality of information disclosure and information disclosure of product burden game under the influence of . In addition, the obligation of information to the UK and Chinese Hongkong as an example, points out that the GEM market is usually more stringent disclosure requirements of information. And to the information disclosure system of listed offbeat investment market as an example, the difference between the European private market supervision and public supervision market. Analyze and summarize the mature stock market the information disclosure system of the development and reform trend, especially in the Disclosure Project, is more unified, but because of the legal system, political factors and traditional culture The difference of the stock market information disclosure system and the unique differences still exist. This paper studies on the regulation of the legal system, the basic laws of different countries in the framework of the stock market, Chiou (2011) and La porta (2006) on the basis of the legal relationship between the environment and stock market volatility in this paper. Compared with the previous research, made some innovations: first, using a self-designed La porta index based legal environment index. The index of at least two is better than the La porta index, on the one hand, it contains more legal requirements. Secondly, it adapts to the legal environment after the reform of second. The multi-level stock market, regression analysis, found that legal environment have different effects on the main market and business market. At the same time the empirical study found that the measure of the stock market volatility and risk in the use of international beta coefficient under the condition of the gem The stock market risk is higher than the motherboard market. In particular, the public supervision of stock market risk is relatively lower than that in the private market. According to regulatory supervision in the legal system of information disclosure requirements and judicial effectiveness of the stock market risk degree had the strongest influence. Finally, the stock market supervision system in China and international stock market supervision system of comparative analysis, found that the implementation of approved type approval system to issue stage, the implementation of the delisting system delisting ST buffer stage, imperfect information disclosure requirements, overlapping legal system is mainly reflected the differences between China's regulatory system and mature supervision system. The author believes that the development of the stock market in regulatory reform, "speeding" blind "transplant" of his country and government regulatory standards on the market positioning of the difference is mainly caused by the differences between China and the mature market supervision By drawing lessons from the foreign system, it is suggested that China should improve investor's professional level, transform the role of the government, strengthen market intermediary credit, transform market to register system, and gradually cancel the ST buffer delisting system, so as to improve the regulation level of the stock market.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2016
【分類號】：F831.51
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本文編號：1364450

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