论证券法的地方竞争体制

On the Local Competition Mechanism for the Securities Law

证券法的权力配置存在三种类型:单一监管者、私人合同和地方监管竞争体制。中国二十多年来形成与不断强化的证券监管体制是单一监管者垄断权力,但其问题已经暴露出来了,它使得发达地区与非发达地区的公司能进入资本市场的数量非常不平衡。提出中国证监会系统内部自上而下向地方分权的地方监管竞争方略,不仅可能拥有监管竞争理论所预测的优势,而且是治理当代中国金融体制弊病的一剂药方。

The allocation of power in securities law is classified into three types： the singular regulator; the private contract and local competition mechanism. The securities regulation system in China has developed according to the first type for more than 20 years. However, problems caused by this singular regulator system have arisen; such as the ratio of listed companies from developed areas and from under - developed areas is rather imbalanced. Therefore, it is suggested to adopt a strategy of local competition mechanism within China Securities Regulatory Commission （CSRC） in a top - down order to disempower from central regulator to local regulation agencies. Such mechanism bears the advantages predicted by regulation competition theories and of- fers a better solution to governance deficiency of China＇ s financial system.