中国新兴证券市场的均衡监管模式解析

经济转轨时期的中国证券市场,新兴市场制度不完善的市场属性,导致严重的市场失灵,从而使得市场达不到帕累托效率,政府对证券市场进行有效监管以实现帕累托改进成为一种必然.由于存在信息非对称性和监管部门有限理性,政府部门的过度监管同样可能存在"政府失灵".针对新兴市场上证券监管的特定属性和使命,本文提出了新兴市场均衡证券监管的思路,进而优化证券监管体制,提高证券监管效率.

An Analysis of the Equlibrium Regulation Model in China's Securities Market

During the economic turn period, the underdeveloped attributions of the emerging market may result in the failure of market mechanism, and prevent the Pareto efficiency from optimizing. So how to execute the effective regulation and improve the Pareto efficiency is a necessary challenge of the government. However, because of the asymmetry information in stock market and the limited rationalization of the supervision department, excess regulation also can bring out the problem of "government failure." Based on the attributions and tasks of the securities supervision in the emerging market, this paper puts forward some suggestions on optimizing the supervision system and enhancing the regulation efficiency.