| 证券市场零和博弈与监管有效性的法经济学分析 |
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| 引用本文： | 郑彧. 证券市场零和博弈与监管有效性的法经济学分析[J]. 法制与社会发展, 2011, 0(5) |
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| 作者姓名： | 郑彧 |
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| 作者单位： | 华东政法大学国际金融法律学院; |
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| 基金项目： | 上海市第三期重点学科——经济法学(S30902)的阶段性成果 |
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| 摘 要： | 为避免股市赌场论,我国主流学界一直否认证券市场的零和博弈特点,只是强调证券市场对优化资源配置的良好属性。然而在现实生活中,在证券市场优化配置的理论框架下我们却无法回避为什么证券市场会存在内幕交易、虚假陈述、操纵市场等私利性行为,我们在现有理论框架下也无法解释为什么现有的监管制度不足以有效监管市场。基于学界与监管层在观点上并不接受证券市场为彼之所得为我之所失的零和博弈观点,因此我们的监管实践并不是根据零和博弈的特点对症下药,这是导致目前我国证券市场处于监管不足与监管过度两难境地的根本原因。为此,我们试图从证券市场博弈的零和性分析出发,对我国证券市场监管的制度诉求、有效监管的制约因素及制度选择的有效性在法经济学层面作番讨论,以期对我国证券监管的制度重塑提供相应的理论依据。
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| 关 键 词： | 证券监管 有效性 零和博弈 制度选择 |
Law and Economics Analysis on Zero-sum Game of Stock Market and Supervision Effectiveness |
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| ZHENG Yu. Law and Economics Analysis on Zero-sum Game of Stock Market and Supervision Effectiveness[J]. Law and Social Development, 2011, 0(5) |
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| Authors: | ZHENG Yu |
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| Affiliation: | ZHENG Yu(School of International Financial Law,East China University of Political Science and Law,Shanghai,200042) |
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| Abstract: | In order to avoid stock market casino perspective,the mainstream academics in China always deny the zero-sum game characteristics of stock market and just emphasize the good attribute of stock market for optimizing allocation of resources.However,in the real life,we can neither avoid why stock market could exist expediency conducts,such as insider trading,false statements and market rigging within the theoretical framework of optimized allocation of stock market,nor explain why the current supervision syste... |
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| Keywords: | stock supervision effectiveness zero-sum game choices of system |
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