作者：张红
作者介绍：北京师范大学法学院副教授，法学博士
出版日期：2017年12月9日
内容提要 通过分析我国证券监管机构2010年至2016年间各类监管执法手段的数据,可以看出我国证券监管执法侧重于威慑式执法策略。结合规制有效性和规制成本来分析,这一执法策略并未达至理想的监管效果。我国证券监管执法应当引入"精明规制"理念,调整执法策略。证券监管机构应减少对威慑式执法策略的依赖,增加顺从式执法策略的运用;实现事前监管向事中事后监管转移;实现与监管对象的合作规制;尊重证券交易所和行业自律组织的自律管理。
关键词 证券监管 执法策略 精明规制
Abstract: The conclusion that the China Securities Regulatory Commission adopts the deterrence enforcement strategy can be made through analyzing the data of all regulatory enforcement measurements from 2010 to 2016. Considering the effect and the cost of the CSRC regulation, the deterrence enforcement strategy did not realize the ideal regulatory effect. The CSRC should accept the Smart Regulation theory and adjust its regulatory enforcement strategy. The CSRC should pay more attention to the persuasive enforcement strategy, cooperate with the regulated firms and respect the self regulation of the Stock Exchange and self-regulation organizations.