后股改时代资本市场安全问题研究

尽管阻碍中国资本市场发展的最大障碍——股权分置问题已基本解决,但股改的结束并不代表就此解决了中国资本市场发展中存在的所有问题,一方面供给型制度安排与市场内在发展规律间的矛盾并不因股改得到根本所改变,另一方面股改后资本市场传统安全问题——公权私利、内幕交易、大股东滥用权力正以更为隐蔽、更具破坏性的形式存在。尤其是开放条件下政府面临着掌控金融安全工具的影响力趋于弱化,使市场高度繁荣与系统风险加速聚集同时并存。因此,必须从宏观和微观层面,从提升管理部门的监管责任,加大对违规者的处罚力度,尤其是财产利益上对大股东的行为进行有效的钳制,这样才能使资本市场安全稳定的发展!

Security Research of Capital Market at Era of Post Nontradable Share Reform

Even though the biggest obstacle, reform of nontradable shares, which impedes development of Chinese capital market, has been initially addressed, it does not mean that all the problems stick to Chinese capital market are tackled at one stroke. On one hand, at era of post nontradable share reform, the conflict between supply-side institution and internal law of market development is still there without any change, on the other hand, traditional agency problem at capital market such as abuse of public power for individual interests, insider trading and non-binding power of major shareholders, are becoming much more covert and destructive. Especially when policy becomes more open and market oriented, the government gradually loses its grip on influence of financial security instrument, resulting in mutual dancing of market boom and accelerated accumu-lation of systematic risks. Therefore, enhancing regulators' surveillance duty either from micro or macro point of view,increas-ing penalty to regulation infringers, as well as constraining major shareholder's behaviors are the key to stable development of capital market.