中国证券市场监管有效性评价——基于问卷调研数据的实证分析

An Evaluation on the Regulation Effectiveness in Chinese Securities Market——An Empirical Analysis Based on the Questionnaire Survey Data

以往对中国证券市场监管有效性的认识多局限在现象描述上,或对违规行为处罚的效果上,现有文献鲜见对中国证券市场监管有效性进行全面的实证分析。通过向监管部门、基金公司、券商、上市公司等进行问卷调研,对我国证券监管有效性整体和对证监会发布的《上市公司解除限售存量股份转让指导意见》这项具体政策进行了评价。结果表明,所有被调查者对证券监管有效性的整体评价和对具体政策效果的具体评价都没有达到4分(满分7分)的水平。

Since the past understanding of the actual situation of supervision effectiveness is limited to phenomena descriptions or to the result of punishment on violation behavior,there are few literatures doing comprehensive empirical analysis on this issue.This paper sends questionnaires to regulators,funds security companies,listing companies,managers of companies and etc.The participants are required to evaluate the comprehensive effect of China’s supervision on security market and the specific policy released by the CSRC with the name of ＂the guidance for the listed company to remove limited sales stock share transfers＂.Based on the comprehensive evaluation of the supervision effectiveness,this paper carries out empirical analysis.The quantitative conclusion of this paper is all the surveyors’ evaluation on the effectiveness of security market and the specific policy are less than 4 score（7 is the highest score）.