第十四讲 证券法律监管

全学期思考题
三、论述题 1、简述美国次级债危机的成因。它对中国金融业 的法律监管有什么样的启示？ 2、人民银行法、银监法及相关规章和规范性文件 是如何对中国银行业进行监管？ 3、试述证券法有关对上市公司信息披露的规范. 4、试用信息不对称理论论述中国保险监管方式的 选择。
证券法律监管
一、证券监管的理论前沿 二、证券监管的国际趋势 三、中国证券法修改的意义 四、中国证券法的基本框架和主要内容 五、证券法涉及的几个重大问题
一、证券监管的理论前沿



The first aspect covers the basic attributes（属性）of the Supervisor, and its independence. An effective Supervisor may need to be focused on securities markets, rather than on both these markets and banking, so that his success is more closely tied to that of the securities market. The second issue is whether the power to regulate securities markets be delegated（委派） to the Supervisor, rather than remain with the legislature or the Ministry of Finance . The third aspect covers the investigative powers of the Supervisor. Such powers can in principle enable the Supervisor to ascertain（确定） the reasons for inaccuracy (错误)which can then—as a public good—become the basis for sanctions, or for criminal or civil litigation.
来自百度文库
一、证券监管的理论前沿


Private stock exchanges can mandate optimal disclosure and monitor compliance by listed firms to facilitate trading (Miller,1991).私营的证券交易所为促进交易 会要求并监督上市公司最优的信息披露。 The optimal government policy is to leave securities markets unregulated.（Coase， 1960；Stigler，1964)
一、证券监管的理论前沿

证券法：政府监管的必要性 A public enforcer such as a SEC is needed to support trade. Public enforcement might work because the enforcer is independent and focused and thus can regulate markets free from political interference（干涉）, because the enforcer can introduce regulations of market participants, because it can secure information from issuers and market participants—through subpoena（传票）, discovery（揭 示）, or other means—more effectively than private plaintiffs（起诉）, or because it can impose sanctions（制 裁）. （LLS，2006）
一、证券监管的理论前沿


In the context of securities markets, a public enforcer can be a securities commission, a central bank, or some other supervisory body. For concreteness, we call the main government agency or official authority in charge of supervising securities markets the Supervisor. Focus on five broad aspects of public enforcement：
一、证券监管的理论前沿


私人证券发行的效率和自我信息披露 99个苹果/箱 VS 100个苹果/箱 的例子-Issuers of securities have an incentive to disclose all available information to obtain higher prices simply because failure to disclose would cause investors to assume the worst (Grossman，1981).—证券发行人有主动 揭示信息的动机以获取较高的发行价格。 When verificationis costly, issuers of ―good‖ securities can resort to additional mechanisms to signal their quality (Ross,1979). --- 当举证自身是“好”证券困难的时候，发行 者可以诉诸其他机制来表明其证券价值。
一、证券监管的理论前沿


私人证券发行的不足之处：信息不对称问题 The promoter wants to sell the shares at the highest possible price while concealing bad information about the company and diverting its cash flows and assets to himself. Both the adverse selection and the moral hazard problems are severe, and if not addressed can undermine and possibly stop fund-raising in the stock market.--推销者尽可能以高价销售证券并隐藏坏的信息，逆 向选择和道德风险的存在有可能使得在证券市场筹 资行为中断。
一、证券监管的理论前沿




引入成文的证券法：解决私人证券发行的问题 To reduce the enforcement costs and opportunistic behavior, the government can introduce a securities law that specifies the contracting framework.（LLS，2006） The government can standardize the private contracting framework to improve market discipline（规则） and private litigation. (Easterbrook and Fischel, 1984) The security law can reduce the uncertainties and the costs of private litigation, in turn benefiting markets. (Hay, Shleifer, and Vishny ,1996) 政府介入的标准化私人合同可以降低诉讼成本，证券法部分 地解决前述的信息不对称问题。
一、证券监管的理论前沿


私人证券发行的不足之处：信息不对称问题 Both reputations and contract and tort law are insufficientto keep promoters from cheating investors because the payoff from cheating is too high and because private tort and contract litigation is too expensive and unpredictableto serve as a deterrent. （LLS，2006） 仅仅靠声誉、合同和侵权法（这些成本都很高且不 可预知）不足以威慑证券发行的欺骗行为---这些行 为的成本很低，而所得甚高。
一、证券监管的理论前沿


The fourth covers noncriminal sanctions for violations（违 反） of securities laws. These sanctions may involve ordering the directors of a public firm to rectify(矫正) noncompliance with disclosure requirements, to institute changes recommended by outside reviewers, and/or to compensate（赔偿） investors for their losses. Such sanctions could be imposed separately on issuers, distributors, and accountants, and we keep track of each category. We then average the scores for the sanctions against the various parties to create a subindex of ―Orders.‖ Finally, the fifth aspect covers criminal sanctions for violations of securities laws.
一、证券监管的理论前沿



LLS’s Conclusion First, the answer to the question of whether securities laws matter is a definite yes. Financial markets do not prosper when left to market forces alone. 金融市场的繁荣需要证券法的监督和保护。 Second, our findings suggest that securities laws matter because they facilitate private contracting rather than provide for public regulatory enforcement. 证券法在提供公共监管的基础上，更有利于私人合同的 执行。
第十四讲 证券法律监管
中国政法大学法与经济学研究中心 胡继晔
全学期思考题
一、概念： 逆向选择 道德风险 信用风险 市场风险 货币供给乘数 购买力平价 二、简述题 1、简述弗里德曼货币需求理论的主要内容。 2、凯恩斯理论中对总产出的决定因素有那些？ 3、三个货币政策工具是如何作用的？ 4、何为中央银行的独立性？它如何体现？ 5、简述中国银监法的监管理念和基本框架。