中国证券市场监管均衡与适度性分析

多年来中国证券市场的监管模式变迁并非遵循节约交易费用和增进资源配置的路径,而是按照国家偏好进行制度安排,这种强制性变迁路径没有考虑到效率和成本因素。文章从证券市场监管的成本收益分析出发,推导出针对单个被监管对象的监管均衡点,在此基础上构造整个市场监管的适度监管线,以寻找最优的监管边界。这种适度监管模式实际上是处于最强监管边界和最弱监管边界的一种中间状态,同时它的实施有赖于充分发挥自律监管和加强证券市场执法力度。

Analysis on Equilibrium and Moderation of Securities Supervision in China

Over the years,the model of China securities market supervision did not follow the economy in the transaction costs and resource allocation,but the path of the state system for country's preferences,and the compulsory arrangements for transition path didn't consider the efficiency and cost factor.The paper deduces the equilibrium point of individual objects from revenue and cost analysis,based on this the paper also structures the appropriate supervision line of the whole market,and tries to find the best b...