Research On Regulatory Efficiency Of China 's Securities Market

The stock market occupies an important position in the whole system of national economy. With the development of globalization, development degree of the stock market has attracted more and more attention. As an industry with high income and high risk, the government must strengthen the supervision on them. We have established a centralized securities supervision system. But there are still some shortcomings in the actual implementation process of supervision. It is the illegal behavior that results the securities market in a state of instability and against the interests of investors.In this paper, we analysis the supervision efficiency of securities market using the methods of literature research, theoretical analysis and empirical research. According to the transmission mechanism of the securities market supervision efficiency, it can be seen that the regulatory efficiency of the securities market is ultimately response by the regulatory objectives. So we can test the realization of the regulatory objectives to reflect the supervision efficiency of the securities market. In this paper, we illustrate the extent to achieve regulatory objectives of our securities market in microcosmic aspect by testing the validity of the information on the stock market. If the government regulation is effective, the securities market in the regulatory state will eliminate the market failure and the information on stock market will be effective. Otherwise, it shows that there is still some shortcomings in our securities market. The main reason is that the market exists serious information asymmetry problem, such as lack of self-discipline supervision efficiency. Based on the actual situation in our country, we can put forward the corresponding improvement measures by absorbing the successful experience of foreign securities regulatory system: to eliminate the problem of information asymmetry in the market; to strengthen the independence of the Commission and the self-discipline supervision; to improve the incentive and restraint mechanism of regulators and improve the regulatory measures to protect the interests of investors. We analyzed the current situation of securities market supervision and proposed some measures to improve the efficiency of the securities market in this paper. It plays an important role in the development of our securities market.