The Research On China's Securities Regulation System

Since Shanghai securities exchange was set up in Dec. 1990, China's securities market has made rapid progress at transaction scale, transaction deal, engaged company and staff quantity. According to the statistical information published on the website of China Securities Regulatory Commission, the number of domestic listed companies had reached l,378(including A> B shares) by the end of February, 2005.The listed total share capital had reached 722.525 billion shares while the total stock value had reached 3,844.312 billion yuan and circulating stock value had reached 1,216.118 billion yuan. From the numbers above, we can see securities market had become the important bridge of resource distribution, greatly promoting the reform and develop of the stated economy.In the meanwhile, it can't be denied that many problems that influence the normal running and resource distribution efficiency of the securities market still exist. For example, China's securities market regulation system is far from mature and ration and the regulation has not gone on the norm and legality orbit. Some questions has hindered the development of the securities market, such as: marketing function failure limited to the level of collecting capital but not optimizing resource distribution; fraudulent listing , insider transaction, false declaration, manipulating market, damaging the benefits of middle and small investors .This phenomenon can't be forbidden. The existence of such questions exposes the imperfection and the low efficiency of the regulation, expressing the big defect existing in China's securities market regulation system.The normal running of the securities market means much to the success of China's economic reform and joint-stock system transformation of stated enterprises. Furthermore, after joining in WTO, China's securities market will be taken in the global economic system without the slightest differences to meet the global chance and attack the global challenge. However, for some historical reasons, China doesn't go very deeper into securities market regulation research and valuable achievements are even less. Therefore, it has both theoretical value and highly realistic meanings to go deeper into the securities market regulation systemically.This paper is based on the discussion and analysis on the decision structure, information structure, motivation structure of China's securities regulation system including historical evolution, the present position and existing problems to study the system and put forward reformatting suggestions. In the end, analyze the environment factors influencing China's securities market regulation system and present the correlative ways out.The main contents and innovation of this paper:The first part is preface, in which the research background, research contents, research methods, the construction and innovation of this paper are briefly introduced.The second part is the main body, including Chapter 1, Chapter 2, Chapter 3 and Chapter 4. This part firstly expatiates on the three structures. Then suggestions aimed at the present situation and problems are put forward separately to improve separate construction. Analyze the outside environment factors that have effect on the regulation system in detail and put forward available suggestions to improve them in the last chapter.The third part is Chapter 5, which sums up the whole paper and puts out some prospects.The main innovation of this paper is to regard China's securities marketregulation system as a decision mechanism. By borrowing ideas from DIM method, research on China's securities market regulation systemically. At the same time, put forward correlative improving suggestions based on the thinking about macroenvironment factors that influence China's securities market regulation system.