中国证券市场的监管失灵与治理对策

The Chaotic Circumstances in the Stock Market of China:Regulatory Failures and Countermeasures

市场监管是现代政府的基本职能之一,证券市场是中国政府监管失灵的标本。证券市场监管失灵的症结,除了执法体制机制的不完善,更重要的还在于长期以来政府与市场定位的双重缺失,监管者自身的角色定位错误,资本市场为融资服务的扭曲定位,法治缺陷和监管体制不健全,社会信用体系缺失以及地方保护主义的干扰。根治证券市场监管失灵的顽疾及其负效应,需要重新认识资本市场在现代经济中的作用,重新定位股市功能,明确证监会的监管角色和作用,实行监、审分离,健全市场监管体制,使证监会在证券市场的权威与地位至高无上;通过强化监管重建市场秩序,完善市场法律体系,对违法行为做到"零容忍";建设市场诚信机制,大幅度提高失信违法违规成本;推动法治中国和法治政府建设,克服地方保护主义。通过全面深化市场体制改革和政府体制改革,破解证券市场的监管失灵难题。

Market regulation is one of the basic roles of modern government. The stock market can be a sample of Chinese governmental regulatory failures,at the core of which lies the long term dual deficiencies of governmental and market positioning,the wrongly positioning of the role of the regulators,the misunderstanding of the capital markets' role as financial service,the shortcoming of law and regulatory system,the weakness of social credit system,and the disturbances of local governmental protectionism,in addition to the imperfection of executive system. In the face of the stock market's regulatory failures and its side-effects,it is important to reevaluate the role of capital market in modern economy,reassess the function of stock market,and rediscover the regulatory role of the Securities R egulatory Commissions by establishing its authority and superb position in the process of regulating stock market in the way of separating the roles of regulation and ratification,and improving the market supervision system. And it's also important to pose a 'zero tolerance'attitude to w rong doings by improving law system in order to effectively regulate and reorganize market's orders,increase the infringing cost to a large degree by establishing a series of market credit mechanisms,defeat local protectionism by promoting the rule of law and the legitimacy of government in China. In conclusion,in order to resolve the difficulties in the stock market regulatory failures,it necessitates the process of deepening the all-round reform of market and government system.