论股票市场政府监管的必要性、局限性及其定位

对于股票市场政府监管的必要性，可以利用市场失灵论、交易成本论、信息不完全论、利益冲突论、法律不完备论来解释。尽管在股票市场政府监管是不可缺少的，但是它并非万能的。政府监管的局限性主要是，政府监管存在过度倾向以及被俘获的可能。政府监管的局限性还表现在，政府监管可能带来寻租活动，监管效应具有滞后性，监管部门存在利己倾向，政府监管不能解决外在性。此外，微观主体的理性行为抵消了政府的监管意图，致使政府监管无效。为了发挥政府监管的积极作用、抑制其消极作用，政府监管应被控制在适度和必需的范围之内。把握政府监管的适度性应当遵守三项原则：将政府监管严格限制在市场失灵的领域；将政府监管限定在对市场缺陷干预能起积极作用的领域；将政府监管限定在能产生效益的范围内。

The Essentiality,Limitations, Orientation of Government Regulation of Stock Market

The essentiality of government regulation of the stock market can be explained as follows：the failure of the market, the cost of transaction,the incompleteness of information,the interest conflicts,and the imperfection of law. Although the government regulation is imperative in the stock market, it isn＇t omnipotent. The main limitations of government regulation are that, they may be excessive and captured. The government regulation also confronts the following limitations：it may result in rent-seeking activities, the effects of regulation may be lagged, the regulation agents may be egoistic, and it may not resolve the problem of externalities. Furthermore,the rational activities of the microcosmic economic entities may offset the purpose of the government regulation, and make the government regulation invalid. The government regulation should be controlled within moderate and necessary confines in order to play the positive role of government regulation and to suppress its negative impact. To ensure the government regulation in an appropriate way,the following principles should be observed：to limit the government regulation strictly in the constraints where the markets fail to work;to restrict the government regulation in the area where it can resolve the problem of market imperfection;to confine the government regulation in the field where it＇s efficient.