谈我国资本市场的监管——一个法律经济学的视角

我国资本市场的发展关系到国有企业乃至整个国民经济发展。对资本市场进行有效的监管是提高资本运作的规范性和效率的必要和必然。文章运用法律经济学的观点从以下几方面进行了探讨：一是政府的监管应体现为制度化的规范；二是信息不对称使政府监管成为必然；三是立法上实现外部成本的内化，促进资本的最大效率利用；四是资本市场主体的行为最终要靠人的自我选择。

On the Supervision of Capital Market in China from the Perspective of Legal Economics

China's capital market is crucial for the development of state-owned enterprises and the national economy as a whole.Thus to standardize and increase the efficiency of capital operation,it is necessary to carry out effective supervision on the capital market.This paper probes into the issue from the angle of the economic analysis of law and draws the following conclusions.Firstly,the government's supervision should be embodied by institutional norms.Secondly,asymmetric information calls for the government supervision.Thirdly,the external costs should be internalized in legislation to promote the efficiency of capital utilization.Fourthly,the main bodies' behavior in capital market ultimately depends on their own choices.