证券市场风险监管发展取向研究

A Research on Securities Market Risk Regulation Developing Orientation

证券市场风险的最大特点是强烈的外部性,这种外部性主要是由系统性风险决定的。风险的外部性要求加强证券监管,但风险监管中存在的俘虏、寻租、时滞等原因,降低了证券市场的效率。我国的证券监管体制属于政府监管型,行业自律缺乏法律赋予的权力,因此,我国应借鉴国外经验,充分发挥自律组织在风险防范中的一线缓冲作用,避免证监会承受过大的社会压力,逐步向“以自律为基础,政府监管为主”的监管体系过渡。

The biggest feature of securities market risk is strong externality, which is determined by systematic risk. The externality of risk requires strengthening securities regulation, but such reasons as captive, seeking rental, time lagging, etc. existing in risk regulation decrease the efficiency of securities market. Securities regulation regime in China belongs to government regulation, self-discipline lack a power authorized by the law. Therefore, China should take foreign experience as reference, fully putting self-discipline organization’s front cache role in risk prevention, avoiding the CSRC’s bearing excessive social pressure and gradually transiting to a regulatory system “mainly consisting of government regulation, on basis of self-discipline ”.