A股市场机构投资者违规交易行为防范机制构建

相对于成熟的资本市场,我国A股市场机构投资者并没有起到应有的稳定、正确引领市场的作用,却利用资金优势、持股优势、信息优势、人才优势进行市场操纵、内幕交易,加剧了市场的动荡,扰乱了市场秩序.在现有的市场成熟度、法律环境无法短期改善的前提下,监管层应坚持A股支持实体经济发展与保护投资者并重、事后处罚与事前防范并重的原则,优化机构投资者市场结构,建立多层次的中间组织并实行行业自律,促进投资者参与公司治理,尝试引进竞争性做市商制度等,从源头上防范机构投资者违规交易行为的发生.

A Study on the Construction of the Mechanism to Prevent the Illegal Trading Behavior of Institutional Investors of the A-shares

Compared with the mature capital market, institutional investors in A - share market of China has not played a proper role to stabilize and lead market, but engage in market manipulation, insider trading by using of advantage of funds , ownership and information. They exacerbate the market turmoil, disrupt the market order. Under the premise that the existing market maturity and legal environment can not be improved in a short -term, regulators should adhere to two principles which lay equal stress on both A -shares supporting the real economy development and the pro- tection of investors, lay equal stress on ex post punishment and advance prevention, optimize the structure of institutional investors in the market, establish a multi - level intermediate organizations so that to implement industry self - discipline, promote investors to participate in corporate governance, attempts to introduce competitive market maker system, and so on, to prevent illegal trading behavior of institutional investors from the