我国证券市场政府监管权与市场自治的边界探索——基于监管目标及监管理念的重新厘定

Study of the Boundary between Government Regulatory Power and Market Autonomy in China’s Securities Market--Based on the Redefinition of Regulatory Objective and Regulatory Philosophy

深入探讨我国证券监管中政府权力与市场自治的边界,需要我们尊重事物发展的内在规律,确立政府和市场双向回归的监管理念,紧紧围绕以投资者利益保护为主的监管目标,对政府与市场的互动关系进行细致的考察,在证券监管四种理论的适用之间不断地进行自我定位和选择,在此基础上结合特殊国情,提出我国证券监管中政府监管权和市场自治的边界划分原则。并在不同阶段对已有的证券监管手段和对应的市场运行机制健全程度进行对比探讨,进而决定各个环节证券监管向市场分权的深度和广度,通过分阶段、分步骤的市场放权,实现证券监管中政府和市场的双向回归与互相促进,在两者的互动中达到关系的最优,并最终达致投资者保护的监管目标。

In order to explore the boundary of securities regulation between the government power and the market autonomy in China,it is necessary to respect the inherent law of development of events,establish the regulatory philosophy of the two-way regression of government and market,stick to the regulation objective of investor benefit protection,inspect the interaction between the government and the market,and position itself and switch among the four theories of securities regulation.On that basis,with the special national conditions,the division principles of boundary between government regulation and market autonomy in securities regulation are proposed.The existing securities regulation and the corresponding market operation mechanism at different stages are compared to determine the depth and breadth of decentralization of securities regulatory power to the market.Through the decentralization to the market at different stages and by different steps,it is necessary to implement the two-way regression and promotion between government and the market in securities regulation to achieve the optimal relationship,and ultimately achieve the regulatory objective of investor protection.