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各国(地区)资本市场发展史就是一部金融危机史,也是一部金融监管体制变革史。每次危机爆发,都会揭示出市场内部运行机制与外部调节机制的诸多弊端和问题。2015年6月以来,我国股市出现异常波动,充分暴露了现行监管框架存在不适应金融业发展的体制性矛盾。本文重点梳理以美国、英国、中国香港地区、中国台湾地区、日本为代表的境外市场在历次股灾后的金融监管改革,为建立统筹协调、有力有效的现代金融监管框架提供借鉴。
The development history of capital markets in various countries (regions) is a history of financial crisis and a history of the reform of the financial regulatory system. Every crisis erupts, it reveals many shortcomings and problems in the internal operation mechanism and external adjustment mechanism in the market. Since June 2015, there has been an abnormal fluctuation in the stock market in our country, fully exposing the existing regulatory framework that is incompatible with the institutional contradictions in the development of the financial industry. This paper focuses on the financial supervision reform after the stock market strikes in the overseas markets represented by the United States, Britain, Hong Kong, China Taiwan and Japan, and provides reference for the establishment of a coordinated, effective and effective modern financial regulatory framework.