中国证券市场监管有效性研究  

A Study on Effectiveness of the Regulatory Practice in Chinese Securities

作　　者：郝旭光[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《中国工业经济》2011年第6期16-25,共10页China Industrial Economics

基　　金：国家社会科学基金项目"中国资本市场监管有效性研究"(批准号05BJL028)

摘　　要：本文通过对监管部门等进行问卷调研,提炼和归纳了判别监管有效性的6个标准:综合性、针对性、严密性、前瞻性、权威性、及时性,从逻辑上论证了6个标准很好地满足了促进性、判别性、独立性、完整性这4个条件;引入并运用层次分析法对6个判别标准的重要性排序进行了实证研究,根据所有被调查者整体组合的综合权重向量,建立了监管有效性模型。论文分别运用七级标度、有效性模型,分两个阶段对中国证券市场监管有效性进行实证检验,一并加以比较。结论是二者结果相近,由此证明了6个判别标准及其有效性模型的适用性。研究发现,所有被调查者对中国证券监管效果的整体评价和对具体政策效果的评价都没有达到及格水平,得分最低的是前瞻性。Based on the analysis of questionnaires filled in by people from fields like regulators, experts, the concluded six criteria are comprehensiveness, problem-solving, foresighted, faultless, authoritativeness and timeliness, which are found to share four properties： promoting, differentiating, independent and intact. Based on such six criterions, we use the method of AHP to do an empirical analysis of their importance so as to explore the regulation effectiveness of China＇s securities market. All these findings help build a model of effective regulation. For the purpose of revealing the current situation of the regulation effectiveness and examining the adaptability of the six criteria, the empirical study of the regulation effective is carried out in two aspects, the overall and the specific measures, and in two ways, the subjective appraisals of the regulation effectiveness by the regulated and the scoring of the six criterion of the effectiveness. The total four results of the two-aspect-and-two- ways analysis are consistent with each other, which confirms the applicability of the six criteria. Regulatory practices in Chinese securities market failed to meet the minimum requirement, based on interviewees＇ feedback, and the Chinese regulator performed most poorly when foreseeing possible outcomes of a given regulative practice, among all the six criteria, subjects are below the pass-grade. The interviewees have the lowest opinion of the foresightedness on the regulatory work.

关 键 词：证券监管有效性 判别标准 重要性排序 

分 类 号：F124.1[经济管理—世界经济]