证券市场风险监管发展取向研究

Analysis about the Direction of the Securities Market Risk Regulation

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。文章分析了证券市场风险监管的目标、取向和模式等,认为应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 externality of securities market risk is so strong that it is very difficult to make the social cost internal only by market. It is necessary for the government to regulate market. But the effect of regulation is not perfect because of many reasons such as capture, rent seeking and time lag. Unfit regulation might aggravate the SMR. The article analyzes the tropism, object and pattern of securities risk regulation. Learn from international experience, China should exert the cushion role of the self-discipline and avoid the Security Supervision Committee endure excessive social pressure and construct the supervision system of 'The government being principle at the base of self-discipline'.