我国区域性股权交易市场监管的困境及其破解

畅通企业融资渠道是证券法立法的本源性问题,现代国家以满足不同类型的企业融资需求为目的构造多层次资本市场体系。区域性股权交易市场便是多层次资本市场体系中的重要环节。我国区域性股权交易市场的发展历程表明中国式行政权力结构衍生出的“一元化”集中形态导致区域性股权交易市场的监管带有浓厚的政府主导印记。随着区域性股权交易市场的改革进入深水区,政府主导型监管模式已与中小微企业的融资需求产生难以弥合的罅隙。重复博弈语境下的监管俘获与逆向选择引发的道德风险成为制约对区域性股权交易市场实现有效监管的制度藩篱,进而区域性股权交易市场的监管困境渐次显现。区域性股权交易市场监管困境的破解应遵循有序发展的理念,依托“一元化”集中形态的行政权力谱系展开,以明确监管权力配置的适应性为导向,从而实现监管效能的提升。

Unblocking the financing channels of enterprises is the fundamental problem of the legislation and revision of the securities law.Modern countries construct a multi-level capital market system for the purpose of meeting the financing needs of different types of enterprises.The regional equity trading market is an important link in the multi-level capital market system.The evolution of my country's regional equity trading market shows that political traditions can guide the directional flow of capital.The“unified”centralized form derived from the Chinese-style administrative power structure has led to the supervision of regional equity trading markets with a strong government-led imprint.This is in stark contrast to the decentralized capital market structure under Western populist political discourse.As the reform of the regional equity trading market has entered the deep-water area,the government-led regulatory model is limited by the lack of clear connotation of its own words,which has created a gap that is difficult to sew with the financing needs of small,medium and micro enterprises.The moral hazard caused by regulatory capture and adverse selection in the context of repeated games has become an institutional barrier that restricts the effective supervision of the regional equity trading market,and the regulatory dilemma of the regional equity trading market has gradually emerged.The solution to the regulatory dilemma of the regional equity trading market should be rooted in the concept of orderly development,relying on the“unified”centralized form of administrative power pedigree,and oriented by clarifying the adaptability of the allocation of regulatory power,so as to achieve the goal of improving regulatory efficiency.