证券市场参与者之间关系及其变化的比较研究

本文主要探讨了证券市场主要参与者间关系及其变化。研究发现,与国外证券交易所之间的竞争不同,我国沪深两个交易所之间的竞争主要表现为监管竞争与对板块上市机会的主动争取上;证监会与交易所之间的关系是一种领导关系而非监管、合作关系;就证监会与被监管者而言,除监管关系以外,证监会与被监管者之间还存在着容忍、合谋等关系;上市公司与投资者之间的关系主要是一种合作与监督关系。

The Relationship Between the Securities Market Participants and its Changes

This paper studied the relationship and the changes between the major participants in the security market structure.The study found that unlike the foreign exchanges,the competition between the two Chinese stock exchanges,i.e.Shanghai and Shenzhen stock exchanges,is mainly manifested in two aspects: supervisory competition and taking the initiative to gain the opportunity for the listed boards.The relationship between the Securities Regulatory Commission(SRC) and the Exchange Stock is leading-lead rather than supervision or cooperation.As far as the SRC and the supervisees are concerned,except for supervision,their relationship contains tolerance,conspiracy and rent-seeking as well.The relationship between the listed company and investors is primarily one of cooperation and supervision.