CAJ | 학술논문

针对权证市场的潜在风险，即发行人履约风险、标的物价格异动风险、权证价格被操控风险，目前中国内地、香港和台湾分别采取了重点监管型、事前监管型和全面监控型三种监管模式来控制风险。与香港相比，台湾的监管要求比较严厉，不仅被监管的栏目较多，而且监管要求也比较详尽、具体、量化且严格；但类似的规定在早年的香港市场也曾实施过。随着权证市场的成熟与完善，香港逐渐从制度化监管转化为自律监管、市场监管和弹性监管，从全程监控转化为重在事前监控，其本质是监管重点发生转移，即在继续监控的方面加强力度、提高限制，而在放松监控的方面则以市场化手段作为替代并辅以违法严惩。目前，中国内地的权证市场还处于初级阶段，宜对各类风险实施全面监控，并对一些环节进行重点监管。
침대권증시장적잠재풍험，즉발행인리약풍험、표적물개격이동풍험、권증개격피조공풍험，목전중국내지、향항화태만분별채취료중점감관형、사전감관형화전면감공형삼충감관모식래공제풍험。여향항상비，태만적감관요구비교엄려，불부피감관적란목교다，이차감관요구야비교상진、구체、양화차엄격；단유사적규정재조년적향항시장야증실시과。수착권증시장적성숙여완선，향항축점종제도화감관전화위자률감관、시장감관화탄성감관，종전정감공전화위중재사전감공，기본질시감관중점발생전이，즉재계속감공적방면가강력도、제고한제，이재방송감공적방면칙이시장화수단작위체대병보이위법엄징。목전，중국내지적권증시장환처우초급계단，의대각류풍험실시전면감공，병대일사배절진행중점감관。
According to potential risk in securities market,such as issuer performance risk,underlying price change risk and the risk for securities price being manipulated,currently mainland China,Hong Kong and Taiwan respectively use emphatically supervising type,in advance supervising type and overall supervising type to control the risk,Taiwan’s supervision is much stricter than Hong Kong,the items which are supervised are more and the requirement for the supervision is detailed,practical and quantitative,however,the similar rules were implemented in Hong Kong years ago.With the perfecting of securities market,Hong Kong gradually changes the supervision from institutionalized supervision to self-discipline supervision, market-oriented supervision and elasticity supervision,from overall process supervision to in advance supervision,whose essence is that supervising items change,in other words,strengthening supervision and strict restriction in the items which should be continuously supervised,however,market-oriented supervision and legal enforcement for the items which should not be strictly supe rvised should be used.Presently,securities market of mainland China is at initial stage,China should overall supervise all kinds of items and emphatically monitor some important steps.