摘要
随着科创板的推出及制度完善,全面注册制的时代已经越来越近,证监会应及时转换其角色定位,从事先监管逐渐向事中、事后监管转变。证券市场多元治理的核心在于关键治理变量的识别并与具有相应优势的治理主体优化组合。比较而言,规则制定能力、调查能力、惩罚能力、信息技术能力、信息监察能力和证券专业能力是塑造证券市场治理效率的关键变量,而政府监管机构、自律组织、市场机构和投资者针对不同变量实际上具有不同的治理优势,如果相应治理主体能够获得其所擅长的关键治理变量的监管权限和资源,市场治理效果将得到提升。因此,证监会应借助于多元治理的框架,在其具有治理优势的规则制定能力、调查能力和惩罚能力维度继续深化努力,而在其相对不具有比较优势的监管领域,则应积极与自律组织、市场机构等合作治理,最终成为一个有所为、有所不为的证监会,提高证券市场的经济效率和治理效果。
With the launch of the SSE STAR Market Board and the improvement of its system,the era of full registration system is approaching.Against this background of full registration system,China Securities Regulatory Commission(hereinafter “CSRC”)shall promptly render a progressive role-transformation from pre-supervision to interim and ex-post supervision.The core of the multilateral governance of the securities market lies in the identification of key governance variables,and the optimal combination of key governance variables and governance entities with corresponding advantages.Rule-making,investigation,penalty,information technology,information supervision,securities professional competence are key variables determining the efficiency of securities market governance,in which government regulators,self-regulatory organizations,market institutions,and investors actually have different and respective governance advantages.If the governance entities can obtain the regulatory authority and resources in respect of the key governance variables in which they have an advantage,the market governance efficiency will undoubtedly be enhanced.Hence,resorting to the multilateral governance framework,the CSRC shall continue to make further efforts to improve the capabilities of rule-making,investigation and penalty,in which it literally has an advantage,and actively implement governance in cooperation with self-regulatory organizations and market institutions in the regulatory fields where it lacks comparative advantage.Ultimately,the CSRC is expected to be a smart regulatory commission,facilitating the economic efficiency and governance effect of the securities market.
出处
《财经法学》
2019年第4期113-125,共13页
Law and Economy
基金
2017年度教育部人文社会科学研究青年基金项目“中国证监会内幕交易监管行为研究:1994—2017”(17YJC820035)的阶段性成果
关键词
证监会
科创板
注册制
多元治理
证券市场规制
the CSRC
the STAR Market Board
registration system
multilateral governance
regulation
