本文關(guān)鍵詞： 證券監(jiān)管 立法 證券法　出處：《上海交通大學》2014年碩士論文　論文類型：學位論文

【摘要】：對于金融市場而言，建立一個良性競爭的市場秩序非常不容易，，可能需要幾十年甚至上百年的時間。這既需要監(jiān)管方長期的努力和精心的培育，也需要運氣——長期穩(wěn)定的政治和法治環(huán)境。在良性競爭的市場秩序之中，隨著國民（市場參與者）的素養(yǎng)和自律水平不斷的提高，商業(yè)秩序和商業(yè)道德才能慢慢的在一個經(jīng)濟體中沉淀下來。然而這一切破壞起來卻很容易，很可能就是一夜之間的事情。一件嚴重的舞弊或內(nèi)幕交易事件就能讓好不容易建立起的商業(yè)秩序蕩然無存，導(dǎo)致所有人都陷入瘋狂的投機和非法牟利中。 大多數(shù)對于內(nèi)幕交易和限制財務(wù)舞弊，以及強制信息披露方面的法律論述，都著眼于公平性，似乎隱含一種論點：公平和效率總存在權(quán)衡和取舍。證券法中對于證券監(jiān)管的一些規(guī)定，例如對內(nèi)幕交易的禁止，對強制信息披露義務(wù)的規(guī)定，以及對財務(wù)舞弊和市場操縱的限制，似乎都是出于公平的需要。本文的分析則表明，即使從提高金融市場效率，優(yōu)化經(jīng)濟體中資源配置的角度而言，上述的監(jiān)管措施都是很有必要的。 證券法的修訂將在年底完成，IPO注冊制改革將在明年開始。本文希望能通過一些粗淺分析，為立法者提供一點參考。
[Abstract]:For financial markets, it is not easy to establish a healthy competitive market order, which can take decades or even hundreds of years. This requires the long-term efforts and careful cultivation of regulators. Also need luck-long-term stable political and rule of law environment. In a healthy competitive market order, with the national (market participants) literacy and self-discipline level of continuous improvement. Business order and business ethics can slowly settle down in an economy. Yet it is easy to destroy them. Probably overnight. A serious fraud or insider trading event can wipe out a business order that is not easy to build, causing everyone to plunge into wild speculation and illegal profit-making. Most of the legal discourse on insider trading and financial fraud restrictions, as well as mandatory disclosure of information, is focused on fairness. There seems to be an implicit argument that fairness and efficiency always have trade-offs and trade-offs. Some provisions of securities law on securities regulation, such as the prohibition of insider trading, mandatory disclosure of information obligations. The analysis of this paper shows that even from the point of view of improving the efficiency of financial markets and optimizing the allocation of resources in the economy. All these regulatory measures are necessary. The revision of the securities law will be completed by the end of this year and the reform of the IPO registration system will begin next year.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：D922.287;F831.51

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