上市公司监管合作问题研究

发布时间：2019-02-12 11:16

【摘要】：上市公司作为资本市场的基石,其健康发展直接关乎到资本市场的健康发展。上市公司监管是证券监管的重要组成部分,加强监管合作是实现监管目标,提高监管有效性,防范和化解证券市场风险的重要途径。上市公司监管合作与上市公司监管模式密切相关。我国资本市场发展二十多年来,形成了社会主义市场经济体制下的证券监管模式,与之相适应初步形成了具有一定特点的监管合作机制。具体表现为证券监管部门系统的内部合作(也称监管协作)和证券监管部门与其他相关部门或机构之间的监管合作。由于我国监管合作体系的独特性,以及国内外对这一领域的研究缺乏系统性,本文将上市公司监管合作作为研究对象。本文以我国上市公司监管合作的实践和演进历程为基础,借鉴西方证券监管、公共管理、政府治理、组织间网络理论、强化市场型政府理论的研究成果和不同视角,从上市公司监管目标和监管合作是一项多主体治理问题的本质特点入手,确定我国上市公司监管合作的目标,构建了纵向和横向两个层面的上市公司监管合作分析维度。在此基础上,结合上市公司监管实际,从内部和外部两个层面,分析加强监管合作的思路和具体方法。在内部合作方面,提出加强监管合作的着力点是：以保护投资者合法权益为工作核心,不断完善落实监管协作相关法规制度和工作规程,重视监管部门的内部治理,围绕重要监管领域,查找监管空隙,以监管实效评判监管合作的效果。并以此为主线,对当前内部监管合作需要加强的基础性机制和重点领域进行分析,提出加强合作的具体举措和建议。在外部合作方面,提出通过建立多部门联席会议制度,签发合作协议或文件,建立灵活的信息共享机制等方式强化外部合作,并结合实际对强化证券监管部门与公安部门的执法合作机制,与司法审判部门的执法合作机制,以及与其他金融监管部门及国资监管部门之间的监管合作进行探讨,还对新形势下综合监管面临的难点进行了分析。按照以监管实效评判监管合作效果的逻辑,本文通过对内外两个层面监管合作的典型案例进行分析,检验了监管合作在上市公司监管实践中的作用和意义,证明了以辖区监管责任制和“三点一线”监管协作机制为主要内容的内部合作和以综合监管体系为主要内容的外部监管合作是适合我国上市公司监管模式的监管合作体系。未来,应以此为基础,根据资本市场发展的需要,不断深化监管合作,以进一步提高上市公司监管的有效性。
[Abstract]:As the cornerstone of capital market, the healthy development of listed company is directly related to the healthy development of capital market. The supervision of listed companies is an important part of securities supervision. Strengthening supervision and cooperation is an important way to achieve the goal of supervision, improve the effectiveness of supervision, and prevent and resolve the risks in the securities market. The supervision cooperation of listed companies is closely related to the mode of supervision of listed companies. In the past twenty years, the capital market of our country has formed the mode of securities supervision under the socialist market economy system, and has formed a mechanism of supervision and cooperation with certain characteristics. It is manifested in the internal cooperation of the securities regulatory system (also known as regulatory collaboration) and the regulatory cooperation between the securities regulatory authorities and other relevant departments or agencies. Due to the uniqueness of the regulatory cooperation system in China and the lack of systematic research in this field at home and abroad, this paper takes the regulatory cooperation of listed companies as the research object. Based on the practice and evolution of regulatory cooperation of listed companies in China, this paper draws lessons from the research results and different perspectives of western securities supervision, public administration, government governance, inter-organizational network theory, and the strengthening of market-based government theory. Starting from the fact that supervision target and supervision cooperation of listed companies are the essential characteristics of a multi-subject governance problem, this paper determines the objectives of supervision cooperation of listed companies in China, and constructs the analysis dimension of supervision cooperation of listed companies at both vertical and horizontal levels. On this basis, combined with the actual supervision of listed companies, from the internal and external levels, this paper analyzes the ideas and specific methods of strengthening supervision and cooperation. In terms of internal cooperation, it is proposed that the key points of strengthening supervision and cooperation are: regarding the protection of the legitimate rights and interests of investors as the core of work, constantly improving and implementing the relevant regulatory and coordination laws and regulations, and attaching importance to the internal governance of the regulatory authorities. Around the important regulatory areas, look for regulatory gaps, and evaluate the effectiveness of regulatory cooperation. Based on this, the paper analyzes the basic mechanism and key areas that need to be strengthened in the current internal supervision and cooperation, and puts forward concrete measures and suggestions for strengthening cooperation. With regard to external cooperation, it is proposed to strengthen external cooperation through, inter alia, the establishment of a system of multi-sectoral joint meetings, the issuance of cooperation agreements or documents, and the establishment of flexible information-sharing mechanisms. It also discusses the mechanism of strengthening the cooperation between securities and public security departments, the mechanism of law enforcement cooperation with judicial and judicial departments, as well as the supervision and cooperation with other financial supervision departments and state capital supervision departments. It also analyzes the difficulties faced by comprehensive supervision under the new situation. According to the logic of judging the effectiveness of supervision cooperation, this paper analyzes the typical cases of supervision cooperation at both internal and external levels, and tests the role and significance of supervision cooperation in the practice of supervision of listed companies. It is proved that the internal cooperation with the supervision responsibility system of jurisdiction and the coordination mechanism of supervision with "3.1-line" as the main content and the external supervision cooperation with the comprehensive supervision system as the main content are suitable for the supervision mode of listed companies in our country. In the future, we should take this as the basis, according to the need of the development of the capital market, deepen the supervision cooperation continuously, in order to further improve the effectiveness of the supervision of listed companies.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6

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