CAJ | 학술논문

在市场化改革背景下,如何推动我国证券监管转型是亟待解决的关键问题。本世纪初,巴西证券监管的市场化改革成绩卓著,促进了其国内金融体系和资本市场的快速发展。由于我国与巴西同为＂新兴加转轨＂国家,且两国有着相似的市场发展模式、市场结构、发展瓶颈,及监管的＂路径依赖＂问题,巴西监管改革的实践对我国证券监管转型具有重要借鉴意义。巴西的证券监管改革主要从在证券交易所推出＂新板市场＂、增加巴西证监会自主权和执法力量,以及加强监管合作的＂多重执法模式＂这三方面展开。据此,我国应该利用多层次资本市场的上市规则,强化公司治理水平;赋予证券监管部门更多的独立性,以加强监管执法力度;并积极与其他政府部门和自律组织开展监管合作,以提高监管执法效率。
재시장화개혁배경하,여하추동아국증권감관전형시극대해결적관건문제。본세기초,파서증권감관적시장화개혁성적탁저,촉진료기국내금융체계화자본시장적쾌속발전。유우아국여파서동위＂신흥가전궤＂국가,차량국유착상사적시장발전모식、시장결구、발전병경,급감관적＂로경의뢰＂문제,파서감관개혁적실천대아국증권감관전형구유중요차감의의。파서적증권감관개혁주요종재증권교역소추출＂신판시장＂、증가파서증감회자주권화집법역량,이급가강감관합작적＂다중집법모식＂저삼방면전개。거차,아국응해이용다층차자본시장적상시규칙,강화공사치리수평;부여증권감관부문경다적독립성,이가강감관집법력도;병적겁여기타정부부문화자률조직개전감관합작,이제고감관집법효솔。
On the background of market-oriented reforms, it＇s essential to promote the Chinese regulatory transformation. At the beginning of this century, the market-oriented reform of Brazilian securities regulator has acquired outstanding achievements, which promoted the rapid development of its domestic financial system and capital markets. China and Brazil both are the ＂Emerging and Transitional＂ countries, and they also have similar market development patterns, market structures, development bottlenecks, and problems of supervision ＂ Path Dependence＂. Therefore, the practice of the Brazilian securities regulatory reform has significant meaning for Chinese regulatory transformation. Accordingly, China could draw lessons from the Brazil＇s reform, for instance： taking advantage of the listing rules of the multi-level capital market to strengthen corporate governance; establishing the independence of securities regulatory authorities to enhance law enforcement; actively carrying out regulatory cooperation with other government departments and self-regulatory organizations to improve regulatory enforcement efficiency.