Research On The Interaction Between The Security Administration And The Security Self-Regulation

With the industrialization wave after the economic reform, the stock market as a new type of financing beside bank lending, have play an increasingly important role in China's marketization reform. As the core areas of financial markets, stock market set up a "Bridge of capital" Which help the investors and listed companies: the one hand it allows the listed companies to get money quickly, and it also provides investors with a higher return on capital. These advantages make the stock market in which companies and investors involved in got an increasing development. The stability and sustainable development of the stock market has become involved in the interests of the majority of companies and investors, which are an important issue, call for higher requirements on the China's stock market regulatory system. However, as one of the main areas of the virtual economy, stock market has a more complicated trading patterns and products than the real economy. Its high liquidity, high leverage and high risk securities market regulation determines the breadth, professional and complexity of the security administration. Face on the complex and volatile stock market, China's current securities market regulatory system, which is mainly rely on administrative supervision, was unreliable. Hand over a part of supervision power to the industry associations and exchanges is the future development of China's securities market regulatory system trends. In this process, how to configure the administrative regulatory agencies and self-regulatory organizations and regulatory responsibilities between the supervisory relationships, to achieve the positive interaction between the both, is the next step which the securities market regulatory reform urgent subject. The first section of this paper will introduce the need for securities regulation, the basic approach and model. The second part describes the administrative regulation and self-regulation of the rules and practice, pointing out its shortcomings and reviewed. The third part will focus on U.S. and British stock market supervision system, which focuses on the self-regulatory organizations and functions. The last part will based on the exposition of the previous three parts and the experience of Europe and America developed securities market regulation, proposed building the future administration of the securities market regulation and self-regulatory mechanism of interaction which is needed.