证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2012年
4期
23~29
,共null页
证券市场结构 证券市场参与者 证券市场监管
證券市場結構 證券市場參與者 證券市場鑑管
증권시장결구 증권시장삼여자 증권시장감관
stock market structure; securities market participants; securities market regulation
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。
本文主要探討瞭證券市場主要參與者間關繫及其變化。研究髮現,與國外證券交易所之間的競爭不同,我國滬深兩箇交易所之間的競爭主要錶現為鑑管競爭與對闆塊上市機會的主動爭取上;證鑑會與交易所之間的關繫是一種領導關繫而非鑑管、閤作關繫;就證鑑會與被鑑管者而言,除鑑管關繫以外,證鑑會與被鑑管者之間還存在著容忍、閤謀等關繫;上市公司與投資者之間的關繫主要是一種閤作與鑑督關繫。
본문주요탐토료증권시장주요삼여자간관계급기변화。연구발현,여국외증권교역소지간적경쟁불동,아국호심량개교역소지간적경쟁주요표현위감관경쟁여대판괴상시궤회적주동쟁취상;증감회여교역소지간적관계시일충령도관계이비감관、합작관계;취증감회여피감관자이언,제감관관계이외,증감회여피감관자지간환존재착용인、합모등관계;상시공사여투자자지간적관계주요시일충합작여감독관계。
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.
