由行政主导走向法治主导的政府救市模式研究——以美国、中国香港特区政府救市法治化经验为借鉴  

A Study on the Mode of Government Rescue from Administrative Leading to Rule of Law

作　　者：赵树文[1] 郝丹丹 Zhao Shuwen;Hao Dandan(School of Political Science and Law,Hebei University,Baoding,Hebei,071002,China)

机构地区：[1]河北大学政法学院,河北保定071002

出　　处：《河北经贸大学学报》2018年第4期100-109,共10页Journal of Hebei University of Economics and Business

基　　金：2016年河北省社会科学基金项目"公司管理层信义义务法律制度研究"(HB16FX002)

摘　　要：由于证券市场的剧烈波动极易引发金融系统风险,严重冲击实体经济,甚至危害整个国家经济安全,因此政府必须对证券市场进行及时、主动、有力的干预,以克服证券市场的失灵。但是,以行政主导为路径的政府救市模式不仅实际收效甚微,而且会导致证券市场风险后移、投资者理性弱化,甚至诱发严重的机会主义行为与道德风险。因此,政府救市法治化势在必行,有必要借鉴美国以及我国香港特区政府救市法治化经验,通过对证券立法、执法、司法以及法治监督环节的完善,将政府救市纳入系统的法治化轨道,以期更好地维护证券市场的稳定与繁荣。Due to the volatility of stock market can easily lead to risk in the financial system,severely impact the real economy,even endanger the safety of whole national economy,so the government must carry out a timely manner,active,strong intervention on the stock market,to overcome the failure of the securities market.However,government bail-out model taking administrative dominant as the path not only produce very little effect,but also cause the securities market risk weakening ward,investors are less rational,and even induce serious opportunistic behavior and moral hazard.So the legalization of government bail-out is imperative,it is necessary to draw lessons from the United States and Hong Kong regional government rescue experience under the rule of law,through the securities legislation,law enforcement,justice and the rule of law supervision perfection,government bailout should be brought into the legalization orbit of system,in order to safeguard the stock market's stability and prosperity better.

关 键 词：行政主导 法治主导 证券市场 危机 救市 

分 类 号：F832.5[经济管理—金融学] DF438.7[政治法律—经济法学]