“三公”理论再认识与证券监管制度重塑

Re-understanding of the theory of “openness,fairness and justice” and reconstruction of the securities regulatory system

证券监管之目的性决定证券监管所需的理论,由于对证券监管目的的认识偏差,导致证券监管理论争议长存、证券监管实践效果不佳。从20世纪初以来,证券监管理论主要有公共利益理论、监管者被俘获理论、监管供需理论、法律不完备性理论等。上述理论尽管有其合理因素,但不足和缺陷也很明显。从证券监管之合目的性伊始,“公开、公平、公正”理论才是证券监管的核心指导理论。基于“三公理论”,有必要对于证券监管制度进行重新塑造,其主要涉及监管公开的标准及配套系列制度、监管信息公平制度及交易规则公平、监管公正的激励和约束条件。

The purpose of securities regulation determines the theory required by securities regulation.The misunderstanding of the purpose of securities regulation leads to its long-term disputes and the poor practical effects of securities regulation.Since the beginning of the twentieth century,the theories of securities regulation have mainly included the public interest theory of regulation,the capture theory of regulators,the supply-and-demand theory of regulation,and the theory of legal incompleteness.Although the above theories are quite reasonable,their defects are obvious.At the very beginning for realizing the goal of securities regulation,the theory of“openness,fairness and justice”is the guiding theory of securities regulation.Based on the above theory,it is necessary to remodel the securities regulatory system,which mainly involves the standards of regulatory disclosure and its supporting systems,the regulatory system of information fairness and the fair trading rules as well as the incentive and constraint conditions of regulatory justice.