论政府与市场关系视阈下证券监管权限的配置调整——动态演进论的视角

On the Configuration Adjustment of Securities Supervision Authority from the Perspective of the Relationship Between Government and Market——Perspective of Dynamic Evolotion Theory

政府与市场的双重变奏主导着证券监管的步调与逻辑,二者之间的权利组合对于思考监管模式甚具要义。证券监管关乎市场稳定与政府公信力,其运作过程应当有自身的规律和符合市场发展的特定要求,我国实证法在对证券监管的规范设置方面难以跟上商事活动的创新步伐,故而在保持对传统集聚型风险进行强化规制的机构监管之下,需合理调整监管布局,厘清政府与市场之于证券监管的事权分配界限,形成有效的监管体系,并在此基础上对政府与市场的边界做重新检省。从中央与地方(区域)、发行与上市/事前与事后(过程)、自律与他律(主体)三个维度理解证券监管的权限分配并主张放宽中央与他律监管,弱化事前审查,加强地方与自律监管,重视事中事后追责,以制度竞争为手段,从而构筑更为有效的监管格局。

The dual variation of government and market dominates the pace and logic of securities regula- tion. The combination of rights between the two is very important for thinking about the regulatory model. Securities supervision is related to market stability and government credibility. Its operation process should have its own laws and meet the specific requirements of market development. The current empiri- cal law in China is difficuh to keep up with the pace of innovation in commercial activities in terms of the standardization of securities supervision. Under the supervision of institutions that focus on agglomeration- related risks for intensified regulation, it is necessary to rationally adjust the supervisory structure, clarify the boundaries between the government and the market for the distribution of securities regulatory power, form an effective supervision system, and on this basis, renew the boundaries between the government and the market. Understanding the power distribution of securities supervision from the three dimensions： central and local （regional）, issuance and listing/pre- and post-mortem （process）, self-discipline and heteronomy （subject） , it is advocated to relax central and heterodox supervision while strengthening local and self-regulatory supervision, weaken pre-examination while paying attention to the follow-up responsibil- ity in the event and use institutional competition as a means to build a more effective regulatory structure.