监管理论变迁与证券监管制度完善的路径选择

监管理论对证券监管体制完善有着重要指导作用,而一个国家证券监管体制是否完善,又会影响证券市场健康有序发展。文章在考察监管理论的变迁中,发现证券监管及其理论受约束于主流经济思想,危机是监管理论发展的重要推动力,理论受约束于其前提条件,具有自身局限性,结果可能导致市场失灵或监管失灵,从而影响证券市场的有效性。通过对国内外监管理论优缺点的分析,借此选择完善我国证券监管制度路径。

Changes in Regulation Theories and Approaches to Improvement of Securities Regulation System

Regulation theory has an important role in guiding the improvement of securities regulation system,and a national securities regulation system whether is perfect or not,will affect the healthy and orderly development of securities markets.This paper,by examining the changes in regulatory theory,discovers the securities regulation and its theory are bound by the economic mainstream thought.The crisis is an important impetus to the development of regulation theory,and the theory is restricted by its precondition which has its own limitations.This may lead to market failure or regulation failure,which would affect the validity of the securities market.By analysing the advantages and disadvantages of domestic and international regulation theory,this paper hope to improve China’s securities regulatory system.