证券监管、监管套利与资本市场发展

Securities Regulation, Regulatory Arbitrage and Capital Market Development

证券监管套利是市场主体为规避监管的主动性市场行为。本文结合我国证券市场监管的实际,从原因、形式、积极意义与合法性等方面对证券监管套利进行了深入分析,认为不应简单否定证券监管套利行为,而应当充分利用证券监管套利行为的激励作用,促进证券监管制度不断完善,规范证券监管套利行为,推动多层次资本市场的发展。

Securities regulatory arbitrage is a market behavior of market players to avoid regulations. This paper analyzes the reasons, forms, legitimacy, and the roles of security markets regulation arbitrage, pointing out that the securities regulatory arbitrage should not be simply denied, but be used as incentive factors. Besides, the securities regulatory system needs continuous improvements, and a multi-level capital market should be established.