论巴西证券监管改革对我国监管转型的借鉴

Brazilian Securities Regulatory Reform and Its Reference for Chinese Supervision Transformation

在市场化改革背景下,如何推动我国证券监管转型是亟待解决的关键问题。本世纪初,巴西证券监管的市场化改革成绩卓著,促进了其国内金融体系和资本市场的快速发展。由于我国与巴西同为"新兴加转轨"国家,且两国有着相似的市场发展模式、市场结构、发展瓶颈,及监管的"路径依赖"问题,巴西监管改革的实践对我国证券监管转型具有重要借鉴意义。巴西的证券监管改革主要从在证券交易所推出"新板市场"、增加巴西证监会自主权和执法力量,以及加强监管合作的"多重执法模式"这三方面展开。据此,我国应该利用多层次资本市场的上市规则,强化公司治理水平;赋予证券监管部门更多的独立性,以加强监管执法力度;并积极与其他政府部门和自律组织开展监管合作,以提高监管执法效率。

On the background of market-oriented reforms, it＇s essential to promote the Chinese regulatory transformation. At the beginning of this century, the market-oriented reform of Brazilian securities regulator has acquired outstanding achievements, which promoted the rapid development of its domestic financial system and capital markets. China and Brazil both are the ＂Emerging and Transitional＂ countries, and they also have similar market development patterns, market structures, development bottlenecks, and problems of supervision ＂ Path Dependence＂. Therefore, the practice of the Brazilian securities regulatory reform has significant meaning for Chinese regulatory transformation. Accordingly, China could draw lessons from the Brazil＇s reform, for instance： taking advantage of the listing rules of the multi-level capital market to strengthen corporate governance; establishing the independence of securities regulatory authorities to enhance law enforcement; actively carrying out regulatory cooperation with other government departments and self-regulatory organizations to improve regulatory enforcement efficiency.