场外股权交易市场自律监管之有效性——依据监管数据的对比分析

Self-regulation Efficiency in OTC Market: A Compared Analysis based on Regulatory Data

通过股转公司和证监系统对新三板市场参与者违法违规的监管实践进行对比分析,认为目前对场外股权交易市场政府监管执法依据的缺失及下沉、自律监管者的激励与约束手段不足、自律监管与政府监管的分工不明确降低了自律监管的有效性。因此,明确自律监管的执法依据,增加自律监管的激励与约束手段,政府激励自律监管的内生性、约束自律监管的冲突及局限,才能更好地提升场外股权交易市场自律监管的有效性。

Based on the compared analysis of practice of the NEEQ and CSRC＇ supervision to the participants in the new third board market, the article thinks that the missing and sinking of the government supervision according to law enforcement, the lack of self-regulator＇s incentive and restraint measures, the uncertainty of division between self-regulation and government supervision reduce the efficiency of self-regulation. Therefore, in order to enhance the efficiency of self-regulation in the OTC market, it is necessary to make clear the law enforcement basis of self-regulation, to increase the incentive and restraint measures of self-regulation, to make government regulation encourage the endogeneity of self-regulation, and to restrict the conflicts and limitations of self-regulation, in order to promote the efficiency of self-regulation in OTC market.