中国社会科学院研究生院学报
中國社會科學院研究生院學報
중국사회과학원연구생원학보
Academic Journal Graduate School Chinese Academy of Social Sciences
2014年
3期
74~78
,共null页
证券市场 反垄断 豁免
證券市場 反壟斷 豁免
증권시장 반롱단 활면
securities market; anti-monopoly; immunity
证券业作为金融体系的重要组成部分，担负着优化资源配置、拓宽投融资渠道和维护金融稳定等重任。从美国证券业反托拉斯实践来看，证券市场的限制竞争行为多发生在首次公开募股和交易所规则制定中，表现为联合投标、协助性限制和搭售等垄断协议行为。证券市场主体的多重性、市场结构和集中竞价交易模式最大限度避免了市场支配地位的产生。证券业监督管理机构依据法律规定，尽职履行职责的行为应当获得反垄断法豁免。上述经验对我国尚处起步阶段的反垄断执法具有重要的启示和借鉴意义。
證券業作為金融體繫的重要組成部分，擔負著優化資源配置、拓寬投融資渠道和維護金融穩定等重任。從美國證券業反託拉斯實踐來看，證券市場的限製競爭行為多髮生在首次公開募股和交易所規則製定中，錶現為聯閤投標、協助性限製和搭售等壟斷協議行為。證券市場主體的多重性、市場結構和集中競價交易模式最大限度避免瞭市場支配地位的產生。證券業鑑督管理機構依據法律規定，儘職履行職責的行為應噹穫得反壟斷法豁免。上述經驗對我國尚處起步階段的反壟斷執法具有重要的啟示和藉鑒意義。
증권업작위금융체계적중요조성부분，담부착우화자원배치、탁관투융자거도화유호금융은정등중임。종미국증권업반탁랍사실천래간，증권시장적한제경쟁행위다발생재수차공개모고화교역소규칙제정중，표현위연합투표、협조성한제화탑수등롱단협의행위。증권시장주체적다중성、시장결구화집중경개교역모식최대한도피면료시장지배지위적산생。증권업감독관리궤구의거법률규정，진직리행직책적행위응당획득반롱단법활면。상술경험대아국상처기보계단적반롱단집법구유중요적계시화차감의의。
As an essential part of financial system, security sector takes the responsibility of distributing resources efficiently, loosening the pressure of bank lending and stabilizing the finance. From the antitrust practice of America security sector, the anti-competitive behaviors mostly occur in IPO and regulation setting of stock exchange, which stand as the form of joint bidding, auxiliary restraints and tying. The multiplicity of members in securities market structure and bid pattern of securities transaction avoid the existence of dominant position. The supervision agency＇s duty performing by law should obtain anti-monopoly immunity. Such experiences are great enlightenment and reference for Chinese anti-monopoly practice.
