The Analysis Of The Regulation On The Issue Of The Validity In China's Securities Market

As we know, there are many irregularities of the securities market that have happened again and again in recent years, which expose the lack of supervision of the China Securities market. So we have noticed that the effectiveness of the efforts that the Government has made to intensify to monitor the securities market are not satisfied. How should we form the regulatory system of the securities market ? Where are the appropriate boundaries of the securities regulation ? How to achieve the standardization of securities regulation? How to improve the quality of securities regulation and efficiency? How to achieve the effectiveness of securities regulation? Sustainable development in the securities market is inseparable from the improved effectiveness of the securities market, to improve the effectiveness,to give full play to the allocation of resources in the securities market have always been an important goal of legislative and regulatory roles in all countries of the world. This paper tries to make discussions from the institutional arrangements and rational perspectives on these issues.At present, the researches of securities regulation mainly concentrated in two areas. Firstly, they focused on the operational level. For example, to discuss the problems that happens in the process of China's securities market regulation and the reasons for the problems; Made a number of measures to improve or enhance securities companies regulation; Made analysis of the securities regulation of international collaboration , just as the trends, and so on. Secondly, they payed much attention to the areas of legal norms. For example, the legal statutory issues of securities regulation bodies and the government, the emphasis of government's management of standardized criteria, and so on. This paper attempts to treat the studies have mentioned above as a basis for further reseaches, from the perspectives of the theory of law and economics, make macro-analysis of the securities market regulation system. To discuss the theoretical basis for securities regulation, the problems that exist, the standardization of the system and the effectiveness,to learn regulatory approaches from other countries in the world, combined the present development of China's securities market, to try to raise the reform orientation of how to improve the effectiveness China securities regulation.The full text is divided into four parts:Introduction: This part starts from the current situation of China's securities regulation, triggers to think the main topices of this paper, then put forward the viewes, research methods and general ideas clearly.Part I: The overview of the securities regulations. Fisrtly, define the connotation of the securities, the securities market, the securities industry and securities regulation and explaine the basic theory and the reality causes of securities regulation. Government securities regulation, an important component of the Law and Economics sphere of economic supervision , has a profound theoretical basis and practical necessity and lay a strong theoretical foundation to securities regulation, as well as to provides a lot of new pathes and the starting point to test the theory. So we can conclude that government regulation is also very necessary in the society the level of legal system is not high, in addition to relying on the courts, law enforcement and private litigation.Part II: Analysis of the effectiveness of securities regulation. This part makes a feasibility study on the law and economics theory of the effectiveness of the securities regulation. From the cost - benefit analysis perspective, we can make expectation and evaluation of the effect of the securities regulation, help the governmen supervision provide appropriate regulatory policies and make the effective implementation of regulatory. Try to make the rationalization proposals to achieve the securities regulation effectiveness .Part III: The mode selection and enlightenment about securities market regulation of countries in the world. Some of the world's major national securities market regulation models are analyzed, then we can draw the conclusion that the selection of securities market regulation modes depend on each country's historical traditions and the development of the securities market. No matter what type does the Government belong, centralized supervision,self-regulation or regulation system of intermediate type, as long as the system is in line with their own cultural traditions and the specific development of the securities market, the regulation arrangements are reasonable.Part IV: At the end ,I analyse the changes of China's securities regulation system and the existing problems of the system, make some recommendations about enhancing the effectiveness of securities regulation in China, combined with the above discussion about securities regulation effectiveness and rationalization . Then we will have a clear understanding about roads to standardization,market-orientation,legislation of China's securities regulation system, and about the importance of playing a self-regulation role fully and the creating economic assessment of the system.