我国证券监管模式的实践矛盾与改革——以上市公司收购资金来源的实证分析与监管为研究路径  

Practical Contradictions and Reform of China's Securities Supervision Mode——Taking Empirical Analysis and Supervision of the Source of Capital Acquisition of Listed Companies as the Research Path

作　　者：吕晓蕾 

机构地区：[1]中国政法大学法学院,中国北京100088

出　　处：《上海商学院学报》2017年第6期86-94,共9页Business Economic Review

摘　　要：我国上市公司收购乱象频发,其中收购资金来源问题一直受到关注。自2015年之后,我国的上市公司收购市场已明显步入历史的上行期,收购需求倍增,但是收购资金来源单一、信息不透明、股市投机等问题依旧存在。在随着资本市场的发展,收购资金来源日益复杂的背景下,监管对收购资金的限制随之作出了改变,但仍落后于资本市场的发展,因此需立足实践并结合西方经验,在证券监管方面选择双层次的政府主导型监管模式发挥自律监管作用,并在整体金融监管模式上改革分业监管模式、实现各监管机构的协调得以解决。Chaos of acquisition occurs to China’s listed companies frequently.The source of the acquisition of funds has been subject to concern.Since 2015,the takeover market of China’s listed companies has obviously stepped into the historical uprising period.The demand for acquisitions has doubled.However,there still exist problems related to a single-source of acquisition funds,information opacity as well as stock market speculation.With the development of the capital market and the increasingly complicated source of funds for acquisition,the regulatory restrictions on acquisition funds have subsequently changed,but still lag behind the development of the capital market.Therefore,based on practice and combined with the Western experience,we need to choose a dual-level government-led regulatory model to play the role of regulation and self-regulation,and reform the segregation regulatory model in the overall financial regulatory model so that the coordination among various regulatory agencies can be resolved.

关 键 词：上市公司收购 资金来源 实证分析 政府主导型监管模式 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济] F832.51