证券市场政府规制的特殊成因及规制强度的选择

对于是否需要政府规制历来存在争议,其赞成者的依据是公共利益理论、代表理论和法律不完备性理论;反对者则从法律最优阻吓模型理论、规制的俘获理论及从理论和实践等方面展开论述.证券业规制的产生是为了弥补和矫正市场失灵问题,具体说就是因为证券市场存在信息不对称、外部性、垄断和金融体系的内在脆弱性理论等.对于证券市场进行政府规制在国内外的理论界已达成共识,实践上也是世界各国的普遍做法,关键是如何把握政府介入的度,理性的规制应该兼顾效率与公平,将规制强度确定在合理的区域内.

Government Regulations System in Stock Market: Special Causes and Choices

There exists dispute whether government regulations system is needed or not. The basis of those assentients is public benefits theory, representation theory and incomplete theory with the law. The opponents then argue from the optimal law model theories, regulations system capturing theory in theory and practice. The creation of the regulations system in stock industry is for making up and rectifying the market failure especially in the following aspects such as the information asymmetry, exterior and monopolization in the stock market, with inside and weak theories of the financial system, etc. The government regulations system in the stock market has achieved the mutual recognition in domestic and international theories field. From the widespread way all over the world the key is to control the degree the government involved. The proper attention to both efficiency and fair should be paid in rational regulations. The strength of regulations system should be restricted in reasonable areas.