证券市场监管的成本收益分析

The Cost-benefi t Analysis of Securities Market Regulation

确定证券市场监管的边界一直是个动态变化的过程,但是在确定边界时应当使用一个系统的分析方法。应用经济学中普遍采用的成本收益方法,可以建立一个比较系统的分析方法,由此适应动态变化的证券市场,确定证券市场监管的边界。由此,证券市场监管不以牺牲证券市场有效性为代价,反而在制定并执行直接或间接干预证券市场机制或证券市场活动时能够促进证券市场有效性提升。采用成本收益分析方法来确定证券市场监管的边界具有十分重要的现实意义。

It is a dynamic process to determine the boundaries of securities market regulation, in which we should adopt a systemic method thoroughly. The traditional cost-benefit approach in Economics could definitely meet these obligations, and would be very productive in analyzing the changing securities market and setting the boundaries of securities market regulation. Therefore, the regulation agency could increase the market efficiency while intervening in the market mechanism and activities directly or indirectly without sacrificing the market eff^ciency. The cost-benefit approach should also be carefully adopted to deal with the current market reform in China securities sector.