中国证券市场的惩戒机制失效的具体表现与原因分析

Failure of the Punishment Mechanisms in China's Securities Market:its Embodiment and Causes

证券市场惩戒机制一般分为法律惩戒机制、行政惩戒机制、自律惩戒机制、舆论惩戒机制、市场惩戒机制五个部分。在我国证券市场,这五种惩戒机制在不同程度上是失效的。造成这些惩戒机制失效的原因在于,我国上市公司与政府之间的联系还未被完全切断,国家依然为上市公司提供隐性担保。惩戒机制的失效也与我国经济作为处于转轨阶段的新兴经济体的性质紧密相关。

The punishment mechanisms in the securities market include law punishment mechanism, administration mechanism, self- discipline mechanism, public opinion punishment mechanism, and market punishment mechanism. In China＇s securities market, these five punishment mechanisms are failed in varying degrees. The reason for the punishment mechanisms to be failed is that, the most of the listed companies in China is still owned or controlled by the government, and the government still provides recessive guarantee to the listed companied with its own reputation. The failure of the punishment mechanisms is also interrelated with the characteristics of China＇ s economy as it is emerging.