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证券市场失灵为国家监管权力介入市场的运行提供了理论上的依据,而且由于证券产品的特性导致了证券市场比一般商品市场有着更大的不稳定性,为各种证券违法行为的大量出现提供了条件。为此,证券市场的监管制度设计要有别于其他领域的经济管制,应当赋予监管者更多的手段来实现其监管目标,这样才能保障这一特殊市场的稳定运行。对于中国来说,市场机制自身要发挥作用所依赖的制度环境还很不健全,法律的不完备程度也较高,在这种情况下,现时的次优选择就只能是通过扩大证券监管机构的权力行使范围,丰富和强化监管者的执法能力来保障证券执法效率,进而为新兴加转轨的中国证券市场的逐步规范化成熟化创造条件。
The failure of the stock market provides the theoretical basis for the state regulatory power to intervene in the market, and because of the characteristics of the securities products, the securities market has more instability than the general commodity market and provides a large number of securities illegal acts Conditions. For this reason, the securities regulatory system should be designed to be different from the economic control in other fields. Regulators should be given more means to achieve their regulatory goals so as to ensure the stable operation of this special market. For China, the institutional environment on which the market mechanism itself has to play its role is still far from perfect and the law is incomplete. Under such circumstances, the current suboptimal choice can only be achieved through the expansion of the securities regulatory authority Of the exercise of power to enrich and strengthen the ability of regulators to enforce the law enforcement to ensure the efficiency of securities enforcement and thus create new conditions for the gradual standardization of China’s stock market maturity.