证券市场监管效率研究

证券市场监管主要是一种政府行为，而政府监管失灵的存在大大降低了证券市场监管的有效性。仅仅加大对违规者的处罚力度，只能在短期内抑止违规，却会使监管者在长期内有更多的不尽职，而加大对监管者不尽职的处罚，不仅可以在短期内使监管者尽职，而且在长期内可以抑止违规现象。加强对监管者的监管与约束，是提高监管效率的有效途径之一。

A Study on the Validity of Regulation in Securities Market

The regulation of securities market is a kind of government actions, but the government failure reduces the validity greatly. Grueling to the violator only can restrain them in short-term, but can enable supervisor not to fulfill responsibility in long-term. If there is a grueling to the supervisor that can not fulfill responsibility , it will not only enable supervisor to fulfill responsibility in short-term , but restrain the violator in long-term. It is one of the effective ways of the regulation to strengthen the supervision to supervisor.