本文選題：證券市場(chǎng)　切入點(diǎn)：政府監(jiān)管　出處：《吉林財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：我國(guó)證券市場(chǎng)近年來(lái)取得了長(zhǎng)足的發(fā)展，滬深兩市主板規(guī)模愈加龐大，股票、債券、期權(quán)期貨等金融衍生品種類(lèi)日益繁多。證券市場(chǎng)已成為我國(guó)現(xiàn)代市場(chǎng)經(jīng)濟(jì)體系不可替代的組成部分，其穩(wěn)定性直接關(guān)系到我國(guó)國(guó)民經(jīng)濟(jì)的健康發(fā)展。 雖然我國(guó)證券市場(chǎng)經(jīng)歷快速成長(zhǎng)并逐漸步入成熟，但市場(chǎng)內(nèi)仍存在著諸多問(wèn)題：如大規(guī)模的信息不對(duì)稱(chēng)、過(guò)度競(jìng)爭(zhēng)壟斷和經(jīng)濟(jì)外部性等，進(jìn)而引發(fā)公司財(cái)務(wù)報(bào)表被篡改和美化,內(nèi)幕交易、操控股價(jià)等諸多問(wèn)題，市場(chǎng)面臨失靈風(fēng)險(xiǎn)，市場(chǎng)已不能自發(fā)地實(shí)現(xiàn)高效平穩(wěn)的運(yùn)行。同時(shí)，我國(guó)處于經(jīng)濟(jì)轉(zhuǎn)軌期，資本市場(chǎng)的擴(kuò)張需求與日俱增，各種對(duì)比力量也在尋找最佳平衡點(diǎn)，市場(chǎng)矛盾較為突出。如股權(quán)分置改革的風(fēng)險(xiǎn)，市場(chǎng)資金違規(guī)操作等。面對(duì)現(xiàn)狀，我國(guó)政府監(jiān)管顯得尤為重要。如何保證市場(chǎng)穩(wěn)定，如何保護(hù)投資者利益，如何在市場(chǎng)化進(jìn)程中構(gòu)建更符合我國(guó)國(guó)情的監(jiān)管模式，成為我國(guó)政府的重要議題。 本文立足于我國(guó)證券市場(chǎng)監(jiān)管模式的現(xiàn)狀，以我國(guó)證券市場(chǎng)的發(fā)展為研究基礎(chǔ)，以證券市場(chǎng)失靈理論、市場(chǎng)有效論、投資者保護(hù)理論和公共利益論為研究依據(jù)，，總結(jié)出我國(guó)證券監(jiān)管主要存在著監(jiān)管目標(biāo)狹窄、監(jiān)管權(quán)限不清、法律系統(tǒng)缺陷三方面的問(wèn)題。借鑒國(guó)外成熟證券市場(chǎng)監(jiān)管體制的經(jīng)驗(yàn)，結(jié)合我國(guó)國(guó)情本文提出：應(yīng)積極轉(zhuǎn)變政府監(jiān)管管理理念，如以國(guó)際證監(jiān)會(huì)為基準(zhǔn)重置監(jiān)管目標(biāo)，明確政府規(guī)則制定者角色以及制定合理的具體發(fā)展路線；應(yīng)尋求政府監(jiān)管與市場(chǎng)機(jī)制的平衡，如預(yù)防多方面因素，保持市場(chǎng)穩(wěn)定，發(fā)揮市場(chǎng)能動(dòng)性，同時(shí)拓寬證監(jiān)會(huì)權(quán)限；應(yīng)強(qiáng)化證券監(jiān)管體制，協(xié)調(diào)監(jiān)管與司法對(duì)接并將證券監(jiān)管提高到制度安排的高度上來(lái)，同時(shí)注重對(duì)監(jiān)管機(jī)構(gòu)的再監(jiān)管。有理由相信經(jīng)過(guò)各方共同努力我國(guó)證券市場(chǎng)一定會(huì)健康持續(xù)發(fā)展。
[Abstract]:The stock market of our country has made great progress in recent years, the scale of the main board of Shanghai and Shenzhen stock market has become more and more large, and the kinds of financial derivatives such as stocks, bonds, options futures and so on have become more and more numerous.The securities market has become an irreplaceable part of our modern market economy system, and its stability is directly related to the healthy development of our national economy.Although China's securities market has experienced rapid growth and gradually matured, there are still many problems in the market, such as large-scale information asymmetry, over-competitive monopoly and economic externalities, which lead to the distortion and beautification of corporate financial statements.Insider trading, stock price manipulation and many other problems, the market is facing the risk of failure, the market has been unable to achieve efficient and smooth operation.At the same time, our country is in the economic transition period, the capital market expansion demand is increasing day by day, each kind of contrast force is also looking for the best balance point, the market contradiction is more prominent.Such as the risk of equity reform, market funds illegal operation and so on.In the face of the current situation, our government supervision is particularly important.How to ensure market stability, how to protect the interests of investors and how to construct a more suitable regulatory model in the process of marketization has become an important issue for our government.This paper is based on the current situation of China's securities market supervision model, based on the development of China's securities market, the securities market failure theory, market efficiency theory, investor protection theory and public interest theory as the research basis.It is concluded that there are three main problems in securities supervision in China, such as narrow supervision goal, unclear supervision authority and defects of legal system.Referring to the experience of foreign mature securities market supervision system and combining with the national conditions of our country, this paper puts forward that the concept of government supervision and management should be changed actively, such as resetting the supervision target based on the international securities regulatory commission.We should find out the balance between government supervision and market mechanism, such as preventing various factors, maintaining market stability, giving full play to market activity and broadening the authority of CSRC.We should strengthen the securities supervision system, coordinate the regulation with the judicature and raise the securities supervision to the height of the system arrangement, at the same time, we should pay attention to the re-supervision of the supervision institutions.There is reason to believe that through the joint efforts of all parties, China's securities market will be healthy and sustainable development.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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