政府救市“工具箱”——对政府救市方法的评析与建议

“The Toolkit”of Government Intervention:Evaluation and Suggestions about the Methods of Government Intervention

2015年的股市异常波动引起了各方反思,市场无法自行调节,政府采取了多种手段救市。对公权力行使而言,法无规定即禁止,政府的救市行为应当符合法律规范。政府选择救市方案时,应当遵循依法救市、合理救市以及高效救市原则;在决策程序上,应当将概括授权、民主决策和民主问责相结合。在资本市场的日常监管中,应当发挥社会共治的作用,逐步建立起市场主体自治、行业自律、政府监管与司法监督相结合的多层次全方位监管体系。

Abnormal fluctuations in the stock market in 2015 caused all parties＇ rethinking. The market could not regulate themselves,therefore the government adopted a variety of bailout measures. Using public power cannot do anything without legal authorization. Government departments should obey the law. The government ＇s bailout must follow the rule by law,principles of rationality and high efficiency. The decision- making mechanism of government＇s bailout should combine general authorization,democratic decision- makingand democratic accountability. Capital market regulation should emphasize social co- governance. A multilevel and comprehensive regulatory system should be gradually established based on the combination of the full play of market entity,industry self-discipline,government regulation and judicial supervision.