证券市场新干预主义监管理念探讨及体系构想

An Exploration on the Regulatory Philosophy and System Conception of the New Interventionism in China's Securities Market

后危机时代在对证券市场监管行为的检讨中发现,不恰当的政府干预并没有有效地改善市场失灵的状况,因而研究如何适度发挥政府在证券市场监管中的作用具有重要的意义。文章回顾了国家干预主义思想的历史演化过程,在分析我国现有证券市场监管体系缺陷的基础上,有针对性地界定了新干预主义监管的内涵、准则和监管体系的构建。新干预主义监管从微观主体角度出发,主张适度干预,旨在解决证券市场监管低效的情形,保证其持续健康高效的发展。

Through post-crisis era review, it has been found that inappropriate government intervention did not improve the situation of market failure. Therefore, research on how to play the moderately role of government in the securities market has important significance. Firstly, the article reviewed the historical evolution process of the state interventionism ideology. Then, through analyzing the regulatory system defects of the existing securities market, the article targeted on defining the construction of the connotation, the criterions, and the regulatory systems of the new interventionism. From the microscopic point of view, the new interventionism advocates appropriate intervention, aiming at resolving the inefficient securities market regulation, and ensuring the sustainable and healthy development of securities markets.