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	中国近代股市监管的兴起与演变:1873—1949年
	成九雁 ; 朱武祥 ; Cheng Jiuyan ; Zhu Wuxiang
	2010-06-07 ; 2010-06-07
关键词	监管结构 立法 监管机构 不完美的制度 Supervisory Framework Law Making Regulators Imperfect Institution F832.51
其他题名	The Evolution of Stock Market Regulation and Supervision in China:1873—1949
中文摘要	直观可以推测近代股市监管能力和效果都比较差,但是当时的真实情形究竟是怎样的呢?本文从监管机构的出现、股市监管立法、实际执法、政府对交易所的控制,以及市场危机处理这五个方面考察了这一阶段股市监管的特征与变迁。我们发现:在这70多年间,(1)各个时期的政府都能比较及时地移植外国的法律,纸面上的法律还是非常丰富、全面的,但是实际执法效果非常差;(2)专门的、中央集权的监管机构很快诞生,行政管理的力量在多层次监管体系中处于最重要的地位;(3)政府从来没有建立起完整而严格的信息披露制度,政府的有限力量被投放到了如何控制股市上,而不是提供公平的游戏规则。这种监管结构的成因或许可从一个“以毒攻毒”的制度三角形进行解释:随时可以剥夺企业财产的强势政府促成了企业在上市时藏匿各种重要信息的后果;上市公司信息披露不足又严重制约了监管执法的有效性;有效法治的缺失反过来又强化了政府的权力和对企业的任意掠夺。; Intuitionally,the effectiveness of the supervisory practice in China's stock market from 1873 to 1949 would be very poor.However,what was the real scene in that time,and to what extent would the weakness of the regulatory power be? From 5 dimensions including the emergence of regulators,law making,law enforcement,the state control of stock exchanges,and crisis management,this paper examines the supervisory history during this period.We find that,(1)by quick law transplant from other countries,the central government used to make relatively complete law system for the market while the effectiveness of enforcing these laws was rather bad all along,(2)the administrative management played a core role in the multi-layer supervisory framework,(3)there were never a complete and strict mandated disclosure to be set up during this period,and the limited attention was paid to how to control the market to ensure it works on the government's requests.This structural feature can be explained by an equilibrium analysis of fight-poison-with-poison institutions:powerful governmental force which can easily deprive enterprise's properties may promote many firms to go public with hidden information;serious information asymmetry in the stock market then affects negatively the effectiveness of rule of law;at last,the failure of rule of law enhances the governmental force again.
语种	中文 ; 中文
内容类型	期刊论文
源URL	[http://hdl.handle.net/123456789/39394]
专题	清华大学
推荐引用方式 GB/T 7714	成九雁,朱武祥,Cheng Jiuyan,等. 中国近代股市监管的兴起与演变:1873—1949年[J],2010, 2010.
APA	成九雁,朱武祥,Cheng Jiuyan,&Zhu Wuxiang.(2010).中国近代股市监管的兴起与演变:1873—1949年..
MLA	成九雁,et al."中国近代股市监管的兴起与演变:1873—1949年".(2010).

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