Supervision Of Securities Trading. "bounded Rationality" Under The Framework Of Research

As we know, China's securities markets have already reached a key turning point that means turning from developing to regulating. Developing under more and more perfect regulation will become the main trend in the future. However, because of lacking of proper viewpoint about securities regulation and systemic mechanism of it, the efficiency of securities regulation in the past was poor. So establishing a theoretic framework of securities regulation become pressing. While most of domestic research on this topic are confined to its practical operation or legislative framework, the author endeavors to approach the topic from an economic and psychologic point of view.Then, This dissertation chooses the most complicated and most importantpart------securities trading market regulation as its main topic, and uses uniqueways to elaborate it. For example, instead of "thin " bounded rationality, this dissertation uses "thick" bounded rationality as its premise hypothesis. Instead of basing on the traditional theories, that is, the Public Interest Theory, the Capture Theory and Economic Theory of Regulation, this dissertation bases on three new theories, Behavioral Finance Theory, Noise Trading Theory and Micro Structure Theory. This dissertation is organized as follows.Section 1 studies the theoretic support of securities trading market regulation. Besides the Public Interest Theory, the Capture Theory and Economic Theory of Regulation, this section discusses three new theories and their supports for securities trading market regulation.Section 2 elaborates the theoretic framework of securities trading market regulation, which includes the necessity of securities trading market regulation, the target system of it, the core of it, the "giver" and the "receiver" of it, the specific design of it, and etc.Section 3 analyses and assessed the efficiency of securities trading marketregulation in China. The aim is to find out the main reasons why the efficiency is poor.Section 4 points out some methods which can help optimize China's securities trading market regulation. These methods include establishing right viewpoint of securities trading market regulation , inducting appropriate prompting mechanism into the mechanism of securities trading market regulation and optimize the current micro-structure according to the demand of market surveillance.Section 5 summarizes the main opinions of this dissertation and puts forward a few research fields that need deeper studies.