星云棋牌官网下载

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                    证券服务方自律自治问题探析

                    时间:2019-02-06 来源:法商研究 作者:侯东德 本文字数:18751字

                      摘    要: 以往的治理主要指的是“他律治理”,随着社会治理形态的发展,“自律治理”逐渐成为国家治理体系的重要组成部分,资本市场中证券服务机构的自律治理可谓其中之典型。证券服务机构的内部治理规则涉及律师事务所、会计师事务所和评级机构等诸多相关方,证券服务机构已经居于治理角色的位置。中国资本市场治理亟须证券服务机构承担治理者角色,在国家治理之外,发挥好证券服务机构自律治理的功能。鉴于国家治理与资本市场治理存在局限,证券服务机构参与治理成为必要,但目前其自律治理也因主体定位不明等原因存在明显不足,故有必要重思证券服务机构自律机制的构建。以投资者保护及有限政府理论为逻辑基础,引申出实质保护、辅助监管以及严格审核三项治理功能,据此着力构建完备的作用发挥保障体系。一方面要探寻证券服务机构自律治理作用发挥的可能性,另一方面要保障自律治理作用发挥的可行性,从双重维度构建证券服务机构自律治理机制的良性运行模式。关键字:

                      关键词星云棋牌官网下载: 证券服务机构; 自律治理; 资本市场; 金融监管;

                    星云棋牌官网下载   WOGUOZIBENSHICHANGDEFAZHANCONGWUDAOYOUYILI30YUNIAN,YOUJINGJICONGSHENGDAOXIANHUAMANDI,BUKEWEICHENGGUOBUXIANZHE,DANYIJIUMIANLINZHUDUOWENTIHETIAOZHAN。ZAIZHENGCECENGMIAN,XUYAO“JIAQIANGTONGCHOUXIEDIAO,GAIGEBINGWANSHANSHIYINGXIANDAIJINRONGSHICHANGFAZHANDEJINRONGJIANGUANKUANGJIA”;1ZAISHICHANGCENGMIAN,XUYAO“FANGFANHUAJIEJINRONGFENGXIAN,JIAKUAIXINGCHENGRONGZIGONGNENGWANBEI、JICHUZHIDUZHASHI、SHICHANGJIANGUANYOUXIAO、TOUZIZHEQUANYIDEDAOCHONGFENBAOHUDEGUPIAOSHICHANG”,2ZHEIXIEDOUSHIJIDAIJIEJUEDEZHONGYAOWENTI。ZIBENSHICHANGDEJIANSHEZAIJINGJIFAZHANHESHEHUISHENGHUOZHONGZHANJUZHONGYAODIWEI。ZUOWEIZHENGQUANSHICHANGJIQIZHONGYAODEZUCHENGBUFEN,YANGEYOUXIAODEJIANGUANSHISHIXIANZHENGQUANXINGYEFAZHANMUBIAODEBAOZHANG,ZHENGQUANFUWUJIGOUDE“ZUODAZUOQIANG”,BUJINXUYAOWAIZAIDEQIANGZHIJIANGUAN,GENGXUYAOYOUNEISHENGDONGLIZHICHENGDEZILVJIANGUAN。XIANGJIAOYUZHENGFUJIANGUANDEDUANZANXINGKONGZHI,ZILVJIANGUANDUIQIYEDEYINGXIANGGENGWEISHENYUAN,BINGQIESHOUDUANGENGWEIDUOYANG。HONGGUANJINGJIZHENGCEBENSHENJUYOUHENQIANGZHENDUIXING,YAOXIANGBAOCHIZHENGQUANSHICHANGJIANKANGFAZHAN,CHONGFENFAHUISHICHANGJIZHIDIAOJIEZUOYONG,JIUBIXUJIAQIANGJICHUZHIDUJIANSHE,JIAQIANGSHICHANGJIANGUAN,BAOHUTOUZIZHEQUANYI。“YAOBAFANGKONGJINRONGFENGXIANFANGDAOGENGJIAZHONGYAODEWEIZHI,QUANMIANSHULIZIBENSHICHANGGEXIANGFENGXIANDIAN,ZIJUEWEIHUHEYIKAOJINRONGJIANGUANXIEDIAOJIZHI,LAOLAOSHOUZHUBUFASHENGXITONGXINGFENGXIANDEDIXIAN,LAOLAOBAWOZIBENSHICHANGLAIZHIBUYIDEFAZHANJIYU。”3

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                      一、证券服务机构参与治理的现实需求

                      (一)我国资本市场的治理现状

                      1.国家治理与资本市场治理的局限

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                      现代资本市场需要健全的规则体系,国家治理主要体现在国家法的治理,依靠国家的制度供给为资本市场良性运行提供行为准则。国家法治理具有整齐划一和令行禁止的优势,但从另一个角度思考,其面临治理规则粗放、治理模式僵化、治理方式机械等劣势。也正因为如此,国家法治理在资本市场治理的过程中显露出的缺陷亟须弥补。具体而言:(1)国家治理的规则缺位。国家治理主要依靠立法,我国立法程序繁复,一部法律的制定周期通常都需要3到5年。9且国家治理的规则供给无法做到事无巨细,也存在模糊不清。国家法的制定严格遵循法定程序,且法律条文囿于语言表达的限制,使得在对某一制度进行规制时难以做到详尽的规范,在很多地方会留下立法空白。而这些立法空白在短时间内又是无法被填补的。(2)国家治理模式无法适应外部市场环境的变化。随着市场主体认识市场规则、适应市场规则能力越来越强,市场主体与市场之间的关系也变得日益复杂。不论是国际还是国内的资本市场丑闻,都使得人们不得不全面反思之前的市场管制理念与方法,迫使人们重新考量国家法的治理缺陷。封闭性、单向度的治理模式本身无法回应和提升治理对象的价值诉求。随着经济社会主体范畴以及权利内容的快速发展,单一向度、封闭性的治理模式已然无法真实回应监管对象提升权益的诉求。监管对象的程序性权益诉求因应现代经济社会中主体的全面复苏而与日俱增,权益诉求更为积极、主动,广泛表现为要以主体身份广泛参与规则的制定,寻求治理过程正当与结果正义的统一。(3)国家法治理的实质是管制思维,强制性因素较大,缺乏沟通性。国家法实施依靠国家强制力,这就导致在治理过程中,国家法治理强调“管制”,在面对新问题的时候,往往采取“是”或“否”的认定方式。在“否”的论断下,则是一禁到底的高压手段,没有协商的余地。这种治理手段在资本市场发展初期是必要方法,因为市场初立,雷霆手段能够禁止“擦边球”式的违法行为。但是,我国资本市场经历了几十年的发展,规则层次丰富,认定标准清晰,之前的管制手段已然不适应现实需要。而更为重要的是,治理手段“一禁了之”的单一形态已经损害到市场本身的发展壮大。
                     

                    证券服务方自律自治问题探析
                     

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                      2.证券服务机构需要自律治理

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                      (二)证券服务机构自律治理存在不足

                      1.证券服务机构治理主体定位不明

                    星云棋牌官网下载   CONGWOGUOZIBENSHICHANGDEXIANZHUANGGUANZHI,ZHENGQUANFUWUJIGOUZAIZHENGGEZIBENSHICHANGDEZHILITIXIZHONGSHANGCHUYUBIANYUANDIDAI,BINGWEIYIZHILIZHUTISHENFENYOUXIAODICANYUDAOZIBENSHICHANGDEZHILIZHONGLAI。ZHIDUANPAIYUFALVSHIJIANZHIJIANDEJULIHUOZHESHILIXIANGYUXIANSHIDECHAJU。MUQIANZILVJIGOUZAIZIBENSHICHANGZHILIZHONGZHUYAOFAHUIXIEDIAOGONGNENG,ZILVZHILINENGLIDEFAHUIFEICHANGYOUXIAN,SHENZHIYOUZILVZUZHIYUQIYEGONGMOUDEQINGKUANG。YUANYINZHUYAOZAIYU,YIFANGMIANCONGWAIBUYUESHUJIZHILAIJIANG,MUQIANZILVZHILIJIZHIBUCHENGSHU,BUWENDINGDESHEHUIYULUN、FEILIANGUANDEZHENGFUJIANGUANDENGJUNBUGOUCHENGYOUXIAODEKEZHIXINWEIXIE,ZILVZUZHIZUOWEIYIZHONGFALVZHIWAIDECHENGCHUJIZHIHECHENGXUSHANGWEIJIANQUAN。LIRU,MUQIANDEZHONGGUOZHUCEHUIJISHIXIEHUI,QIXINGZHIJIUJINGSHISHIYEDANWEIHAISHISHEHUITUANTI,YIJUBUTONGDEGUIDINGSUODECHUDEJIELUNJIERANBUTONG,NEIMEDUIZHUCEHUIJISHIYUZHUCEHUIJISHISHIWUSUODEZILVJIANGUANZUZHIJIUWEIHERENZEWUDINGLUN,ZILVZUZHI、ZILVXIANDUYIJIZILVGUIFANDENGWENTIJUNSHIWOMENSHIXINGZILVJIANGUANXUYAOXIANGJIATANJIUDE。MUQIANDUIZHUCEHUIJISHIXINGYEDEGUANZHIYINGSHUYUZHENGFUGUANZHIHUOYIZHENGFUGUANZHIWEIZHUDEMOSHI,ERBUNENGRENDINGWEIZIWOGUANZHIHUOYIZIWOGUANZHIWEIZHUDEMOSHI。11LINGYIFANGMIAN,CONGNEIBUZILVDONGLILAIJIANG,ZILVGUIFANMUBIAODESHIXIANDUOXUYAOJIEZHULIYIYOUDAOJINXINGJILI,QIYEZUOWEIZHUIQIULIYIZUIDAHUADEZUZHI,NENGFOUSHOUYISHIQIPANDUANSHIFOUJINXINGZILVDESHOUYAOYINSU,ERDUIZILVZUZHIRUXINGYEXIEHUISHIFOUYOUZUGOUDEHUAYUQUANLAIJUEDINGLIYIDEHUAFEN、JIANGCHENGLIDUDENG,SHIJUEDINGQINEIBURENTONGDU、WAIBUHEFAXINGDEZHONGYAOQIANTI。LIRU,ZHONGGUOZHUCEHUIJISHIXIEHUIZUOWEIMUQIANLVEDAIZILVJIANGUANSECAIDEZILVZUZHI,QIZHIZEZHIYISHI“ZHIDINGXINGYEGUANLIGUIFAN”,DUIHUIYUANDE“WEIGUIXINGWEIYUYICHENGJIE”,12QIDUIHUIYUANWEIGUIXINGWEIJIYUCHENGJIEDEZHONGLEIYOUXUNJIE、TONGBAOPIPING、GONGKAIQIANZEZHEI3LEI,13JINWEISHENGYUFANGMIANDEKAOLIANG,WEIYOUJIXIAOSHOUYI、SHENFENSHOUYI、ZHENGCESHOUYIDENGNEIRONG,LIYIDEDUOYANGXINGNANYIBAOZHENG,QIEJINYOUFANXIANGDECHENGJIEJIZHI,ZHENGXIANGDEJILIJIZHIMINGXIANQUEFA。

                    星云棋牌官网下载   ZHENGQUANFUWUJIGOUSHIDANGQIANZIBENSHICHANGDECANYUZHEYULIANJIEZHE,QICHENGDANDUIJIEMUBIAOGONGSIYUZIBENSHICHANGDEDABUFENGONGZUO,DUIZIBENSHICHANGZHONGDEZHONGYAOZHUTI——SHANGSHIGONGSI——ERYAN,ZHENGQUANFUWUJIGOUDEYAOQIUJUYOUYIDINGDEDAOXIANGXING。ZHENGQUANFUWUJIGOUZUOWEIZHILIZHUTI,SHOUXIAN,QIYONGYOUZHONGYAODESHENGYUZIBEN,JISHIZAIQUEFAYOUXIAOFALVSUSONGJIZHIDEQINGKUANGXIA,ZHENGQUANFUWUJIGOUYEHUIYOUDONGLIQUJUJUEKEHUDE“GONGMOU”YAOQIU。QICI,ZHENGQUANFUWUJIGOUKENENGSHOUDAOTOUZIZHEFALVSUSONGJIUJIJIZHIDEZHIYUE,NEIMEJIBIANSHIZAIMEIYOUZHONGDASHENGYUZIBENDEQINGKUANGXIA,TAMENYETONGYANGMIANLINQIANZAISUNSHIDAYUTONGLIUHEWUDEKEQIDAISHOUYI。ERCONGZHENGQUANFUWUJIGOUDEWEIFACHENGBENJIAODUGUANZHI,YIKEDECHURUXIAJIELUN:ZHENGQUANFUWUJIGOUBUYUANYI“WEIWUDOUMIZHEYAO”BINGQIEXUYAOYIZHILIZHEDESHENFENCANYUDAOZIBENSHICHANGDEZHILIZHONGLAI。

                      2.证券服务机构治理效果欠佳

                      ZHENGQUANFUWUJIGOUNENGFOUHUODEZIBENSHICHANGZHILIZHEDESHENFEN,ZHEIZHONGSHENFENRENTONGDUNENGYOUDUOGAO,RUHEFAHUIQIZILVZHILIDEZHINENG,DOUSHIJIDAIZIBENSHICHANGJIANYANDEZHONGYAOWENTI。ZAIZIBENSHICHANGDEYUNXINGZHONG,BIXUYAOHUIDAYIGEWENTI,NEIJIUSHIZIBENSHICHANGYIZHIYILAI“KANMENREN”JIZHISHILINGDEYUANYINSHISHENME?SHENZHIXUYAOHUIDAYIGEGENGWEIYANJUNDEWENTI,“KANMENREN”JIZHIJITISHIBAIDEYUANYINSHISHENME?ZHENGQUANFUWUJIGOUZAIZIBENSHICHANGZHILIZHONGYOUHEQIANQUE,ZIBENSHICHANGZHILIYOUNAXIENEIRONG,ZHENGQUANJIANGUANSHIQIZHONGYAONEIRONGMA?

                      SHOUXIAN,ZAIZHUDUOSHANGSHIGONGSICHOUWENZHONG,ZUOWEIZHENGQUANFUWUJIGOUDEZHENGQUANGONGSI、HUIJISHISHIWUSUO、LVSHISHIWUSUONANCIQIJIU。YIMEIGUOWEILI,DAGUIMODESHANGSHIGONGSICHOUWENBAOLUCHULEZUOWEI“KANMENREN”DEZHENGQUANFUWUJIGOUDEZHONGZHONGLIEJI。MEIGUO2002NIANCHUTAIDE《SABANSI—AOKESILIFAAN》SHIDUIANRANGONGSICHOUWENJIGAIGONGSIDESHENJIZHEANDAXINHUIJISHISHIWUSUOMEINENGZUZHIQIZHAXINGWEIDEZHIJIEFANYING。GAIFAANZAICIQIANGDIAOLEZAIZHENGQUANFUWUJIGOUZHONGSHENJIZHEBAOCHIDULIDEZHONGYAOXING,BINGZHUZHANGJIADADUISHENJISHIBAIDECHENGFALIDU。QIZHONG,FAANDI404ZHANGJIEGUIDINGGUANLICENGHESHENJIZHEBIXUTIJIAOYIGENEIBUDEKONGZHIQUANBAOGAO,BINGDUICAIWUNEIBUKONGZHIBAOGAODEYOUXIAOXINGJINXINGPINGGU。ERYOUMEIGUOQIANZONGTONGAOBAMAYU2010NIAN7YUE21 RIQIANSHUDE《DUODE—FULANKEFAAN》MUBIAOGENGWEIJINGZHUN,ZHIJIEMIANDUIDEJIUSHIHUAERJIEGAIGE,MUDEZAIYUJIANGUANZHENGQUANFUWUJIGOU,TIGAOJINRONGCHANPINHEFUWUDEXIAOFEIZHEBAOHUSHUIPING。14ZAIZHONGGUOZIBENSHICHANGZHONG,ZHENGQUANFUWUJIGOUDEWEIFAXINGWEICHENGXIANCHUJITIXINGTEDIAN。BIZHECENGDUIZHONGGUOZHENGQUANJIANDUGUANLIWEIYUANHUI(YIXIAJIANCHENGZHONGGUOZHENGJIANHUI)GONGBUDEXINGZHENGCHUFAJUEDINGSHUJINXINGKAOCHA,QIZHONGZHENDUIZHENGQUANFUWUJIGOUDEXINGZHENGCHUFAJIHUNANGKUOLESUOYOUFUWUJIGOUZHONGLEI,QIZHONGDUI42MINGBAOKUOQIANZIZHUCEHUIJISHI、QIANZILVSHIYIJIBAOJIANRENDENGGERENJINXINGLECHUFA。ZHENGQUANFUWUSHICHANGDEJITILUANXIANGCONGSHENG,XUJIACHENSHU、ZHONGDAYILOU、XUJIAJIZAI、XINXIPILUWEIFADENGXINGWEILVJINBUZHI,QIPIANTOUZIZHE、FENSHIFAXINGREN、GUIBIFALVDEXIANXIANGLVLVFASHENG。ZHENGGEZHENGQUANFUWUSHICHANGCUNZAIYIWUBUMING、ZERENBUQUAN、CHUFABUYANDEWENTI。15

                    星云棋牌官网下载   QICI,XIANXINGZIBENSHICHANGDEZHENGQUANJIANGUANTIXIYIZHONGGUOZHENGJIANHUIJIANGUANWEIZHU,JIANGUANSUIRANLIDUMINGXIANJIADA,DANYIJIUNANYIMANZUZIBENSHICHANGPANGDADETILIANGYAOQIU。DANSHI,JIANGUANQUANDEJIZHONGXINGSHISHIDERUJIAOYISUO、XINGYEXIEHUIDENGJIGOUDOUNANYIYOUXIAOFAHUIJIANDUZUOYONG,ZHENGQUANFUWUJIGOUDEJIANDUZUOYONGWUCONGTANQI。CONGZHENGQUANFUWUJIGOUBENSHENDEXINGZHILAIKAN,QIDUIWENDINGSHICHANGBENKEFAHUIJUDAZUOYONG。DANSHI,MUQIANFALVFAGUIDUIZHENGQUANFUWUJIGOURUHEYOUXIAOSHISHIJIANGUANBINGWUZHUANMENGUIDING,ZHEIJIUSHIDEZHENGQUANFUWUJIGOUDEZHILIXIANDE“SHICHUWUMING”,QUEFAZHENGDANGXINGJICHU。

                      ZHENGQUANFUWUJIGOURUHEYOUQIYEZAOJIABANGXIONGZHUANBIANWEIZHONGGUOZHENGJIANHUIDEJIANGUANBANGSHOU,JINJINZHISHIZENGJIAZERENHAISHIFAHUIQIZHILIGONGNENG,YAOXIANGSHIXIANLIANGXINGJIANGUAN,JIUBIRANXUYAODIAODONGZHENGQUANGONGSIDENENGDONGXING,BUNENGZHIYIKAOZHONGGUOZHENGJIANHUIDEXINGZHENGJIANGUAN。

                      二、证券服务机构自律治理的博弈论分析

                    星云棋牌官网下载   ZAIXIANXINGFALVKUANGJIAXIA,ZHENGQUANFUWUJIGOUCHENGDANDERENWUSHIDUISHANGSHIGONGSIDEGELEIXINXIJINXINGKEGUANPILU。ZHENGQUANFUWUJIGOUCANYUZIBENSHICHANGZHILIYISHIDASHISUOQU;ZHISHIZHIGU,QICANYUZHILIDECHUNCUIXINGJIANGJIESHOUSHICHANGHEFAZHIDESHUANGZHONGKAOYAN。ZAICI,BIZHENITONGGUOBOYILUNYANJIUZAIBOYIGUIZEXIAZHENGQUANFUWUJIGOUYINGRUHEZUOCHUXINGDONGJUECE,ZAIBUTONGDEHUANJINGZHONGZHEIXIEXINGDONGHUIXIANGYINGDAOZHIBUTONGDESHEHUIJIEGUO,HELIDESHEHUIZHIDURANGZAIZHEIGEZHIDUXIADEBOYIJIEGUOJINLIANGCHUYUHUOJIEJINSHEHUIMUBIAOJIHE。16BOYILUNJUTIHUALEXINXICHENGBENHEDUICECHENGBEN,YOULIYUXINGWEIDEJUNHENGFENXI。17JUTIERYAN:

                      (一)博弈分析的前提

                    星云棋牌官网下载   ZAIBOYIDEKUANGJIAXIA,KEYIDECHUYIZHONGBOYIJUNHENGYUJUNHENGDUIYINGDEJIEGUO,CONGERDUIZHENGTIJINXINGPINGJIA。18DANGBOYICANYURENWEISHANGSHIGONGSIHEZHENGQUANFUWUJIGOUSHI,SHANGSHIGONGSIKEYIXUANZEWEITUOHUOZHEBUWEITUOZHENGQUANFUWUJIGOU,ZHENGQUANFUWUJIGOUKEYIXUANZEJIESHOUWEITUOHUOZHEBUJIESHOUWEITUO,SHANGSHIGONGSIYUZHENGQUANFUWUJIGOUDEWEITUOYUBEIWEITUOGUANXIKEYIZHANGQICUNZAI。ZAIZHENGQUANFUWUJIGOUJIESHOUWEITUODEQINGKUANGXIA,QIKEYIXUANZEHEGUICELVEHUOZHEFEIHEGUICELVE。JUTIERYAN:(1)DANGZHENGQUANFUWUJIGOUXUANZEHEGUICELVESHI,QIYESHOUYIWEIZHENGQUANFUWUJIGOUSUOTIGONGDEFUWUWEIQIYEDAILAIDEJIAZHIYUZHENGQUANFUWUJIGOUCONGQIYEHUODEDEBAOCHOUZHICHA。RUGUOQIYEBUWEITUOZHENGQUANFUWUJIGOU,QIYEDESHOUYIWEILING。ZHIYOUDANGQIYEWEITUOZHENGQUANFUWUJIGOUBIQIYEBUWEITUODESHOUYIGENGDASHI,DUIQIYEERYAN,WEITUOZHENGQUANFUWUJIGOUJINXINGHEGUIXINGWEICAISHILIXINGXUANZE。(2)DANGZHENGQUANFUWUJIGOUXUANZEFEIHEGUICELVESHI,ZHENGQUANFUWUJIGOUDEJINGSHOUYIWEI,CONGQIYEHUODEDEBAOCHOUYUZHENGQUANFUWUJIGOUXUANZEFEIHEGUICELVEEREWAICONGQIYEHUODEDEXUNZUSHOUYIZHIHEZAIJIANQUQIYINFEIHEGUICELVEERKENENGZAOSHOUCHUFAERDAOZHIDEWEIFACHENGBEN。(3)RUGUOWEIFACHENGBENGAOYUHUOZHEDENGYUXUNZUSHOUYI,ZHENGQUANFUWUJIGOUJIUBUHUIXUANZEFEIHEGUICELVE。ZAIDANQIBOYIZHONG,RUGUOWEIFACHENGBENDIYUXUNZUSHOUYI,ZHENGQUANFUWUJIGOUYOUKENENGHUIXUANZEFEIHEGUICELVE;ZAIZHANGQIZHONGFUBOYIZHONG,JISHIWEIFACHENGBENDIYUXUNZUSHOUYI,ZHENGQUANFUWUJIGOUYOUKENENGXUANZEFEIHEGUICELVE,YEYOUKENENGZILVDIXUANZEHEGUICELVE。QIYEKEYICONGZHENGQUANFUWUJIGOUDEFEIHEGUICELVEZHONGHUODEEWAISHOUYI。DANGEWAISHOUYIDAYUXUNZUCHENGBENSHI,QIYEKEYICONGZHENGQUANFUWUJIGOUDEFEIHEGUICELVEZHONGHUODEJINGSHOUYI。

                      (二)单期博弈分析

                      ZAIDANQIBOYIZHONG,RUGUOCONGQIYEHUODEDESHOUYIBINGWEIGAOYUSHICHANGBAOCHOUSHUIPING,ZHENGQUANFUWUJIGOUDECELVEKENENGSHIBUJIESHOUWEITUO。FANZHI,DANGCONGQIYEHUODEDESHOUYIJIAOWEIKEGUANSHI,ZHENGQUANFUWUJIGOUZEHUIXUANZEJIESHOUWEITUO,ERCISHIDEZHENGQUANFUWUJIGOUMIANLINLIANGGEXUANZE:CAIQUHEGUICELVEHUOZHEFEIHEGUICELVE。RUGUOZHENGQUANFUWUJIGOUJIESHOUWEITUO,DANZAIMOUYIQIXUANZEFEIHEGUICELVE,NEIMECONGXIAYIQIKAISHI,ZHENGQUANFUWUJIGOUJIANGCHENGDANYOUYUSHENGYUSHOUSUNERDAOZHISHICHANGBAOCHOUSUNSHIDEHOUGUO。CISHI,QIANYIQIZHENGQUANFUWUJIGOUFEIHEGUIXINGWEIDESHENGYUSUNSHIYUEDA,ZEQIXIAYIQINENGGOUCONGQITADIFANGHUODEDESHICHANGBAOCHOUYUESHAO。

                      (三)多期博弈分析

                      BUTONGZHANGDUDEBOYIGUANXIDAIJIXINGWEIRENDEXINGDONGJILIBUTONG,DANGCHUYUZHANGQIBOYISHI,LIXINGDEXINGDONGZHEZONGSHIDUIXIANGDUIFANGYUYIHEZUOXINGDEHUIYING。19DANQIBOYIYIJINGJIESHILEFEIHEGUICELVECHUXIANDEKENENG,RANER,HENDUOSHIHOUBOYIDECANYUZHEWANGWANGBINGBUKANZHONGCONGOUFADE、YICIXINGDEJIAOYIZHONGHUOQUDUANQILIYI,ERSHIZHUIQIUZHANGQIDE、CHIXUDEWENDINGSHOUYI。20ZAIDUOQIBOYIZHONG,ZHENGQUANFUWUJIGOUJIMIANLINFEIHEGUICELVEDAILAIDEDUANQISHOUYIYUHEGUICELVEDAILAIDEZHANGQISHOUYIZHIJIANDEQUANHENGBIJIAO。JIADINGZAIDIYIGEZHOUQI,ZHENGQUANFUWUJIGOUJIESHOUWEITUODANXUANZEFEIHEGUICELVE,NEIMECONGDIERGEZHOUQIKAISHI,ZHENGQUANFUWUJIGOUYINWEISHENGYUSHOUSUN,CONGSHICHANGSHANGHUODEDEBAOCHOUSHUIPINGJIANGDI。YIFANGMIAN,DANGZHENGQUANFUWUJIGOUDEFEIHEGUICELVESUODAILAIDEXUNZUSHOUYIGAOYUQISUOXUYAOCHENGDANDEWEIFACHENGBENSHI,ZHENGQUANFUWUJIGOUYOUXUANZEFEIHEGUICELVEDEQUDONGLI。YINCI,ZAIZHEIZHONGQINGKUANGXIA,FEIHEGUICELVEDEDUANQISHOUYIZENGLIANGWEIZHENG。LINGYIFANGMIAN,XUANZEFEIHEGUICELVEYIWEIZHEQITALIANGGEFANGMIANDESUNSHI:CONGQIYEHUODEZHANGQISHOUYIDESUNSHIHESHENGYUSUNSHI。

                    星云棋牌官网下载   ZHENGQUANFUWUJIGOUJIESHOUQIYEWEITUOBINGXUANZEHEGUICELVETIGONGFUWU,ZHEIJIANGDAILAIZHANGQIBAOCHOUTIEXIANJIAZHIDEZENGZHANG。DANSHI,SHANGYIZHOUQIDEFEIHEGUICELVEJIANGDAOZHIXIAYIZHOUQIZHENGQUANFUWUJIGOUMIANLINSHENGYUSUNSHI,CONGQITADIFANGHUODEZHANGQISHICHANGBAOCHOUDEXIANZHIJIANGJIANSHAO。YINCI,DANGZHENGQUANFUWUJIGOUFEIHEGUICELVEDEDUANQISHOUYIZENGLIANGXIAOYUHUOZHEDENGYUHEGUICELVEDEZHANGQISHOUYIZENGLIANGZHEIYITIAOJIANMANZUSHI,ZHENGQUANFUWUJIGOUJIANGHUIZIJUEXUANZEZHANGQIHEGUICELVE。CONGZHEIYITIAOJIANKEYIKANCHU,ZAIQITATIAOJIANBUBIANDEQINGKUANGXIA:(1)DANGZHENGQUANFUWUJIGOUYINXUANZEFEIHEGUICELVEERCONGQIYEHUODEDEXUNZUSHOUYIYUEXIAOHUOZHEYINFEIHEGUICELVEDAOZHIDEWEIFACHENGBENYUEDASHI,DUANQISHOUYIZENGLIANGYUEXIAO,ZHENGQUANFUWUJIGOUZILVDEKENENGXINGYUEDA。(2)DANGZHANGQIHEGUICELVEDESHOUYIYUEDAHUOZHEYINWEIFEIHEGUICELVEDAOZHIZHANGQISHENGYUSUNSHIYUEDASHI,ZHENGQUANFUWUJIGOUZILVDEKENENGXINGYUEDA。(3)DANGWEILAISHOUYIDETIEXIANXISHUBUZUGOUDASHI,ZHENGQUANFUWUJIGOUJIANGGENGZHONGSHIDUANQILIYI,CONGERKENENGXUANZEFEIHEGUICELVE,JIDUANQINGKUANGXIAJIANGWANQUANHUSHIZHANGQISHOUYIYUSHENGYUSUNSHI。ZAIZHEIZHONGTIAOJIANXIA,ZHIYAOXUNZUSHOUYIDAYUWEIFACHENGBEN,ZHENGQUANFUWUJIGOUBIANYOUXUANZEFEIHEGUICELVEDELIYIDONGLI。(4)DUIYISHANGTUILUNJIAYIKUOZHAN,ZHANGQIDEHEGUICELVENENGDAILAISHENGYUZENGJIA,ZHEITIXIANZAIWEITUOBAOCHOUDEZHUQIZENGJIASHANG, ERSHENGYUZIBENJIDIANDAILAIDEYIJIAYETONGYANGHUIZHUQITIXIAN。YINCI,RUGUOKAOLVSHENGYUZIBENJIDIANDAILAIDEYIJIA,ZHENGQUANFUWUJIGOUZHANGQIXUANZEHEGUICELVEDEZHEXIANSHOUYIYEJIANGCHUXIANXIANGYINGDEZENGZHANG。DANGFEIHEGUICELVEDEDUANQISHOUYIZENGLIANGXIAOYUHUOZHEDENGYUHEGUICELVEDEZHANGQISHOUYIZENGLIANGZHEIYITIAOJIANMANZUSHI,ZHENGQUANFUWUJIGOUJIANGZIJUEXUANZEZHANGQIHEGUICELVE。JINYIBULAIKAN,DUANQIFEIHEGUICELVEBUJINJINSHICONGHUODEXUNZUSHOUYIDEJIAODULAIDINGYI,TONGYANGKEYILIJIECHENGWEILEJIANSHAOTOURUCHENGBEN。YINCI,ZHENGQUANFUWUJIGOUDUANQISHOUYIZENGLIANGWEI,XUNZUSHOUYIJIASHANGQIWEIJINQINMIANYIWUHUOZHEWEIJINZHIDIAOCHAERJIANSHAODETOURUCHENGBEN,ZAIJIANQUYINFEIHEGUICELVESHOUCHUFADAOZHIDEWEIFACHENGBEN。ZAIZHEIYIJICHUSHANGTONGYANGKEYITUIDAOCHUQIANSHUJIELUN,DANGFEIHEGUICELVEDEDUANQISHOUYIZENGLIANGXIAOYUHUOZHEDENGYUHEGUICELVEDEZHANGQISHOUYIZENGLIANGSHI,ZHENGQUANFUWUJIGOUJIANGZIJUEXUANZEZHANGQIHEGUICELVE。

                      三、证券服务机构自律治理欠缺的原因

                      (一)缺乏自律思维

                      MUQIANWOGUOZHENGQUANFUWUJIGOUDEZILVZHILIXIANGDUIQIANQUE,YUYINGGUO、MEIGUODENGJIANGUANTIZHIFADAGUOJIAYIZILVJIANGUANHUOYIZIWOJIANGUANWEIZHUDEJIANGUANMOSHIXIANGBI,WOGUOMUQIANDUIZHENGQUANFUWUJIGOUDEJIANGUANRENGRANYIZHENGFUJIANGUANWEIZHU,CONGZHENGGEJIANGUANTIXIWANZHENGXINGJIAODULAIKAN,ZHUTIRENGYIZHENGFUWEIZHU,DUISHICHANGZUOYONGDEFAHUILIYONGBUZU,CUNZAIJIANGUANSHIHENGDEWENTI。JIUQIYUANYOU,YIFANGMIAN,WOGUODESHICHANGJINGJISHIYOUJIHUAJINGJIFAZHANERLAI,YUFADAGUOJIAZHENGQUANFUWUJIGOUZILVCHUANTONGXIANGBI,WOGUOZHENGQUANFUWUJIGOUDUIWAIBUYUESHUJIAOWEIYILAI,DUIZIWOYUESHUQUEFACHUANTONGYUXIGUAN。DANSHI,SUIRANWOGUOZHENGQUANFUWUJIGOUZILVDEFENWEIJICHUANTONGYUFADAGUOJIAXIANGBIJIAORUO,DANZHENGQUANFUWUJIGOUDUISHENGYUZIBENDEZHONGSHISHICUNZAIGONGXINGDE,ZHEIGEGONGXINGWEIWOGUOJINYIBUFAHUIZILVZHILIZAIZHENGQUANFUWUJIGOUJIANGUANZHONGDEZUOYONGDIANDINGLEJICHU。21LINGYIFANGMIAN,DUIZHENGFUYUSHICHANGDEJIEXIANHUAFENYIZHIWEIYOUDINGLUN,DANGDESHIBAJIESANZHONGQUANHUITONGGUODE《ZHONGGONGZHONGYANGGUANYUQUANMIANSHENHUAGAIGERUOGANZHONGDAWENTIDEJUEDING》ZHICHU,JINGJITIZHIGAIGEDEHEXINWENTISHICHULIHAOZHENGFUYUSHICHANGDEGUANXI,SHISHICHANGZAIZIYUANPEIZHIZHONGQIJUEDINGXINGZUOYONGHEGENGHAOFAHUIZHENGFUZUOYONG。ZUOWEIYIGEZHONGDADELILUNTUPO,TAJIANGSHICHANGDEZUOYONGYOU“JICHUXING”TISHENGZHI“JUEDINGXING”DEGAODU,YIDINGCHENGDUSHANGSHIDUIGUOQUZHENGFUZAILIANGZHEGUANXIZHONGQIANGSHIDIWEIDEYIZHONGJIAOZHENG。ZUOWEITOUZIRENYUFAXINGRENDEZHONGJIE,SHENGYUSHIZHENGQUANFUWUJIGOULIYUZHENGQUANSHICHANGDEZHONGYAOZICHAN,YINCIWULUNSHILVSHI、HUIJISHIHAISHIQITAZHENGQUANFUWUJIGOU,ZUOWEISHICHANGZHONGDE“LIXINGREN”JUNHUIXUANZECHENGXINJINZE,YIWEIHUZISHENYUSHICHANGZHIDIWEI,CONGERQUDEGENGDUODESHICHANGDIWEIHESHICHANGLIYI。YINCI,ZILVJIANGUANJISHIZISHENZHIYEFAZHANDEYAOQIU,YIYOUSHICHANGQULIXINGDEQUDONG。

                      (二)监管理念落后

                    星云棋牌官网下载   WOGUOZIBENSHICHANGDEJIANGUANLINIANYIJIUSHIYIXINGZHENGJIANGUANWEIZHU。DANSHI,XIANDAIZIBENSHICHANGDEJIANGUANLINIANGENGWEIKANZHONG“XINREN”。XINRENSHIJINRONGSHICHANGYUNXINGDEJICHU,PEIYUXINRENZESHIJINRONGJIANGUANDEZHONGXINZHIZESUOZAI。HAODEJIANGUANMIQIELIUYIQIYEDEWENJIANXING,CONGERBAOHUXIAOFEIZHELIYI,TONGSHICUJINZHENGGEJINRONGTIXIDEWENDINGHEJIANQUAN。22ZAIZHENGQUANSHICHANGZHONG,YOUYUXINXIBUDUICHENG,TOUZIRENDUIXINXIDEXUQIUZUIPOQIE,YINCI,XINXIPILUZHIDUSHIXIANDAIZHENGQUANSHICHANGZHIDUDEHEXIN,JIANGUANYEZHUYAOWEIRAOXINXIPILUJINXING,HEXINGONGZUOJIZHONGYUXINXIPILUDEZHENSHIXINGYUWANZHENGXING,YIBAOZHENGZHENGQUANSHICHANGXINXIDEGONGKAITOUMING。YIGEWENDINGJIANQUANDEZHENGQUANJIANGUANTIXIJIBAOKUOZHENGQUANFAXINGXINXIPILU,YEBAOKUOCHIXUXINGXINXIPILU。CONGJIANGUANZHUTIDEJIAODULAIKAN,JINJINYIKAOZHONGGUOZHENGJIANHUIDENGXINGZHENGJIGUANJINXINGJIANGUANBUJINCUNZAIRENLISHANGDEKUNNAN,TONGSHIYOUYUSHANGSHIGONGSIZHONGLEIFANDUO、XINXIMINGMUFUZA,JINKAOZHONGGUOZHENGJIANHUIYIJIZHILINANYISHENGRENJIANGUANZHIZE。DANSHI,ZONGGUANXIANXINGJIANGUANSHIJIAN,RENGRANTINGLIUZAIXINGZHENGJIANGUANDECENGMIAN,JIANGUANDUOYANGXING、SHICHANGHUACHENGDUBUGAO,ZAIDANGQIANZHENGQUANSHICHANGGAIGEXINGSHIXIA,ZHENGQUANFUWUJIGOUZUOWEIJIANGUANZHUTIDEJIERUFEICHANGYOUBIYAO。ZAIZHENGQUANFUWUJIGOUJINXINGXINXIPILUSHI,SHANGSHIGONGSIHETOUZIRENYEZAIDUIQIJINXINGJIANDU,YISHIXIANSHICHANGCANYUZHUTIZHIJIANDEHUXIANGJIANDU。TONGSHI,YINGZHONGSHIFALVZHUIZEZHIDU,TONGGUOYANLICHENGJIEWEIFADESHANGSHIGONGSIHEZHENGQUANFUWUJIGOU,YONGMINSHIPEICHANGDESHOUDUANSHOUJIAOQIWEIFASUODE,RANGSHICHANGZHUTIRENSHIDAOLIYONGBUZHENGDANGSHOUDUANCHENGDANDESUNSHIFENGXIANYUANYUANCHAOGUOKENENGHUODEDELIYI,JINERZIFAZUNSHOUJIANGUANDEYAOQIU。23

                      SHIYINGXINGJIANGUANSHIJIANYUQINRUXINGJIANGUANSHIJIANDEZHOUQIXINGXUNHUANSHIJIANGUANWENTIZHONGDENANTI。24SUOYI,ZAIBOYILUNKUANGJIAZHONGDANSHENGDEJIANGUANHUDONGMOXINGJIUCHENGWEIBUERXUANZE。YIDANJIANGFALVSHIWEIYIGEHUIYINGXINGDEJIANGUANTIXI,ZIBENSHICHANGZHONGDETOUZIZHEJIUZHIDAOHUIYOUJIHUIZHENGLUNBUGONGZHENGDEGUIZE。AODALIYAXUEZHEYUEHAN·BULEISIWEITEYINGXIANGJIANGUANDE“JINZITA”LILUNBIAOMING,JIANGUANZHENGCEYINGGAIDUIBULIANGXINGWEICAIQUYIZHONGFEIZHENGSHIDEDUIHUA,ZAISHOUDAOZUNZHONGDEFANGFASHIXIAOSHIYINGSHENGJIDAOGENGWEIYANLIDECHENGFA。TONGGUOZHEIYANGDEGUOCHENG,RUGUOYANLIDEKONGZHIQUESHIZAISHIJIANZHONGFAHUILEZUOYONG,NEIMEJIUKEYIBEISHIWEIHEFA:“JIANGUANXUNQIUDESHIQIANHOUGUANXI、WANZHENGXINGHELIANJIECELVEDEXIETONGXIAOYING”。25HUDONGJIANGUANDEMUBIAOSHIHUODEGONGZHENG,QITONGGUOGONGMINSHEHUIDEZIWODIAOJIELAISHIXIAN,FALVYINGGAIYUANLIZHEIGEKONGJIAN。26SUOYI, ZAIZHENGQUANSHICHANGJIANGUANLINGYU,GENGYINGGAI“YIQIANGHUAJINRONGJIANGUANWEIZHONGDIAN,YIFANGFANXITONGXINGJINRONGFENGXIANWEIDIXIAN,JIAKUAIXIANGGUANFALVFAGUIJIANSHE……JIAQIANGGONGNENGJIANGUAN,GENGJIAZHONGSHIXINGWEIJIANGUAN”。27ZHEIJIUYAOQIU“JIEHEWOGUOSHIJI,XUEXIHEJIEJIANGUOJISHANGCHENGSHUDEJINRONGJIANGUANZUOFA,BUQIZHIDUDUANBAN,WANSHANZIBENJIANGUAN、XINGWEIJIANGUAN、GONGNENGJIANGUANFANGSHI,QUEBAOJIANGUANNENGLIHEDUIWAIKAIFANGSHUIPINGXIANGSHIYING”。28

                      四、证券服务机构自律治理的基本规则

                      (一)证券服务机构自律治理转型的逻辑基础

                      GENJUZHIDUJIANSHEDEXUYAO,WOGUOYAOJIANCHENGDUOCENGCIZIBENSHICHANGTIXI,ZHEIQIZHONGBAOHANDEDUITOUZIZHETEBIEBAOHUSHIFEICHANGZHONGYAODEKETI。YINYINGZHEIYIXUYAO,ZHENGQUANFUWUJIGOUDEZILVXINGZHUANBIANPOZAIMEIJIE。ZHENGSHIZAIZHEIZHONGJIANGUANZHUANXINGDEJIYUXIA,BULUNSHIZHUDONGHAISHIBEIDONG,ZHENGQUANFUWUJIGOUDEZHUANXINGDOUYINGDANGXIANGZHENGQUANTOUZIZHEQINGXIE,YINGDANGJIANGZIJIDEJIAOSEDINGWEIWEIXIEZHUFAXINGFANG,WEIQITIGONGFUWU。JIAQIANGTOUZIZHEBAOHU,BIRANHUIJIAZHONGZHENGQUANFUWUJIGOUDEZEREN,ZHEIZHONGZERENBUJINTIXIANZAICHENGCHUJIZHIDEWANSHANSHANG,HAIJIANGTIXIANZAIZHUIZEJIZHIDEJIANQUANSHANG。ZHEIXIEJIZHIYUGUIZETIXIDEJIANLIMIQIEXIANGGUAN,ZAISHENHUAJINRONGGAIGEDEDABEIJINGZHIXIA,ZIBENSHICHANGDUIZHENGQUANFUWUJIGOUDEFANKUIHUIBIYIQIANGENGLINGMINHEZHIJIE。ZHENGQUANFUWUJIGOUZHENZHENGDERENWUSHIYAOSHIKEDINGJINNEIXIEKENENGCHENGXUERRUDEZHUTI。ZERENYULIYISUQIUDEZHUANBIANCONGGENBENSHANGGAIBIANLE“KANMENREN”DEJIAOSEYUZHINENG,YUANXIANZHUANSIXIEZHUFAXINGRENDEJIAOSEXUYAOZHUANXING,XIANGZHENGQUANTOUZIZHEFUZE、WEIZHENGQUANSHICHANGFUWU,ZHEISHI“KANMENREN”YINGJINZHIYIWU。

                      (二)证券服务机构自律治理的法律内涵

                      ZHENGQUANFUWUJIGOUZILVZHILIGONGNENGZHUYAOBAOKUOYANGESHENHE、FUZHUJIANGUAN、SHIZHIBAOHUSANGEFANGMIAN。

                      1.严格审核:审核分权的逻辑与展开

                      YANGESHENHEYIYOUXIANZHENGFULILUNZUOWEILUOJIJICHU,SHENHEQUANDEXINGSHIBUSHIXINGZHENGQUANLIYANHUADEBIRANJIEGUO,ZAIMINZHUJUECE、HELIFENQUANDELUOJIJICHUSHANG,DANSHENGYIZHENGQUANFUWUJIGOUWEIYOUXIAOBUCHONGDESHENHEZHUTI,CHENGDANYUANYOUZHONGGUOZHENGJIANHUICHENGDANGDEHECHA、YANZHENG、SHENHEYIWU。ZAISHENHEFENQUANDELUOJIZHUXIANZHONG,ZHENGQUANFUWUJIGOUYOUBEIDONGJIESHOUJIANGUANDEDUIXIANGZHUANHUAWEIZHUDONGXINGQUANDUIXIANG,ZHIQIANYOUZHENGQUANFUWUJIGOUCEYINGSHANGSHIGONGSIZAOJIAYIYINGDUIZHONGGUOZHENGJIANHUIJIANCHAHEYANDEQINGXINGJIANGYOUSUOGAIBIAN,YINWEIZAIHUODEQUANLIDETONGSHI,ZHENGQUANFUWUJIGOUYEJIANGCHENGDANGENGDUOYIWU。YIDANSHENHEBUHEGE,JIANGMIANLINGENGWEIYANKEDECHUFA。

                      2.辅助监管:监管职能的再造与勃兴

                      FUZHUJIANGUANZHUYAOSHIZHIZHENGQUANFUWUJIGOUZAICHENGDANHECHA、YANZHENG、SHENHEYIWUDEJICHUSHANGXIANGYOUYIDINGJIANGUANQUANLI,YIDINGYIYISHANGSHIXIANQUANLIYIWUDEYIZHIXING。ERFUZHUJIANGUANJIFEIQUANMIANJIANGUAN,YIFEIQUANCHENGJIANGUAN,JINDUIQIHECHA、YANZHENG、SHENHEDEGONGSIXIANGYOUHOUXUZHENGGAI、SHANGSHIDENGFANGMIANDEJIANGUANQUANLI。ZHENGQUANFUWUJIGOUBINGFEIQUANMIANJIANGUANDEZHUTI,QISUOCHENGDANDEJIANGUANZHIZEYINGDANGPIANZHONGYUJISHUXINGYUCHENGXUXING。ZAIJISHUXINGHECHENGXUXINGJIANGUANLINGYU,YINGDANGZHUYAOYOUZHENGQUANFUWUJIGOUFUZE,SHIXIANGONGSIZHENGGAIYIJISHANGSHIHOUXUGONGZUODECHIXU、YOUXIAOKAIZHAN。ZHENGQUANFUWUJIGOUDEFUZHUJIANGUANYEJIANGSHIXIANQUANLIYUYIWUDEDUIDENGSHEJI,QIANGHUAZHENGQUANFUWUJIGOUDEJIANGUANZHIZE。

                      3.实质保护:投资者的实质保护与理念更新

                      SHIZHIBAOHUSHIYITOUZIZHEBAOHUWEILUOJIJICHU,ZHENDUIMUQIANZHENGQUANSHICHANGTOUZIZHEYOUQISHIZHONGXIAOTOUZIZHELIYINANYIDEDAOQIESHIBAOZHANGDEXIANZHUANG,ZHENGQUANFUWUJIGOUZAISHENHE、JIANGUANDEGUOCHENGZHONGFAXIANSUNHAITOUZIZHELIYIDEWENTISHI,YINGDANGJISHITIXINGBINGTIGONGJIEJUEFANGAN。ERCONGSHIZHIBAOHUDEJIAODUKAOLV,ZHEIXIEJIANYIYUYIJIANDOUYINGDANGJILUZAIANBINGGONGGONGKAISHICHANGJIANYAN。CONGBAOHUZHONGXIAOTOUZIZHEDEJIAODUCHUFA,QIANGHUAZHENGQUANFUWUJIGOUDUIZHONGXIAOTOUZIZHEDEZERENJISHILINIANWENTI,TONGSHIYESHILIYIWENTI。QIANGHUAZERENSHIZUDUANGUYOULIYIGONGTONGTIDEFANGSHIZHIYI,RUGUOBAOHUJINTINGLIUZAIXINGSHICENGMIAN,NEIMEYIJIUXINGTONGXUSHE。ZAIZHONGXIAOTOUZIZHESHIZHIBAOHUDECENGMIAN,JIAQIANGZHENGQUANFUWUJIGOUDEZERENYISHIRENZHONGERDAOYUAN。

                      (三)自律型路径的治理蓝图

                      QIANWENYIJINGCONGGUOJIAZHILI、ZIBENSHICHANGZHILIYIJIZILVZHILI3GECENGMIANFENXIZHENGQUANFUWUJIGOUZIBENSHICHANGZILVZHILIDEZHONGYAOXING。GUOJIAZHILITIXIDEXIANDAIHUAFUYUSHICHANGZHUTIGENGDUODEZIZHUQUANLI,ZAIXIANDAIZIBENSHICHANGZHILITIXIXIA,ZIBENSHICHANGDEGAIGETONGYANGSHIDUISHICHANGZUOYONGDEJINYIBUKENDING,ZHENGQUANFUWUJIGOUZISHENZUOWEISHICHANGZHUTI,ZAICIGAIGEBEIJINGZHIXIAWULUNSHICONGZISHENFAZHANZHEYAN,HAISHICONGZUIDAXIANDUFAHUIZHUTIZUOYONGJIAODUFENXI,DOUYINGDANGSHIXIANCONGXIAOJIFUWUXIANGZILVZHILIDEZHUANBIAN。

                    星云棋牌官网下载   NEIME,YAOQIUZHENGQUANFUWUJIGOUZILVSHIFOUKEXING?CONGYUWAISHIJIANKAOCHA,XUYAOJIAQIANGRUXIALIANGGEFANGMIANDEGUIDING:(1)DAODEYAOQIU。JIEJIAN《SABANSI-AOKESILIFAAN》QUELIDEDAODESHOUZE,BAOKUO“CHENGSHIDE、HEHUDAODEDEXINGWEI,ZAICHULIGERENGUANXIJIZHIYEGUANXIZHONGDELIYICHONGTUHUOZHEQIANZAIDELIYICHONGTUSHICAIQUFUHEDAODELUNLIDEXINGDONG”。29(2)ZILVZHILIBAOKUOLIYICHONGTUSHIDEZILV,ZUNSHOUFALV、GUIZEYIJIJIANGUANGUIZHANGDEZILV,JINZHIBUHEFA、BUDAODEXINGWEIDEZILV。ZHENGQUANFUWUJIGOUCONGSHIDESUOYOUHUODONGDOUYINGDANGSHIFUHEDAODEDEXINGWEI。YINGDANGGULIZAINANYIDINGDUOTEDINGQINGXINGXIANAZHONGXINGDONGZUIJIASHI,XIANGJIANGUANZHEHUOQITAHESHIRENYUANBIAODAYILV。RUGUOFAXIANYOUWEIFANFALVGUIZE、JIANGUANZHENGCEYIJIGONGSISHANGYEXINGWEISHOUZEDESHIXIANGSHI,YINGXIANGYOUGUANRENYUANBAOGAO。

                      五、推动证券服务机构自律转型的法治路径

                      (一)多主体监管制度的完善

                      ZHENGQUANFUWUJIGOUZILVZHILIGONGNENGDEFAHUIXUYAOJIESHOUCHIXUDEJIANDU,QUESHAOCILEIJIANDUZEJIYIZAIXINGYENEIBUXINGCHENGLONGDUAN,YUZILVXINGZHILIGONGNENGZHUANBIANMUBIAOXIANGBEI,YINCIYAOYILAIJIANGUANZHEYUTOUZIZHEDEJIANDU,WANSHANXIANGYINGDEJIANDUJIZHI。

                      1.针对证券公司的监管

                      SHENZHENZHENGQUANJIAOYISUOTICHU,ZHUBUJIANLI“YIJIANGUANHUIYUANWEIZHONGXIN”DEJIANGUANMOSHI,CONGTOUZIJIAOYIXINGWEIDEJIANGUANMOSHIZHUBUZHUANXIANGJIANGUANTOUZIZHEYUJIANGUANHUIYUANBINGZHONG。30ZHEIYAOQIU:(1)ZHENGQUANGONGSIYAOCHENGDANQIDUIZHENGQUANTOUZIZHEJINXINGJIAOYUDEZEREN,ZAIZHUANBIANJIANGUANMOSHIZHIQIANGUANNIANDEZHUANBIANCAISHIQIANZHITIAOJIAN,MIANDUIWOGUOZHENGQUANSHICHANGTOUZIZHEJIAOWEIFENSANQIEZHONGXIAOTOUZIZHEJUDUODEXIANSHIQINGKUANG,DUITILIANGPANGDADETOUZIZHEJINXINGJIANGUANCUNZAIYIDINGNANDU,JINXINGTOUZIZHEJIAOYU,NIUZHUANJIANGUANLINIANCHENGWEISHIZAIBIXINGZHIJUCUO。(2)JIANGUANMOSHIXUYAOZUOCHUDIAOZHENG,GUANZHIQIANYIYOULIYUGOUJIANBUTONGYUZHIQIANSHIHOUJIANGUANDEXINXINGMOSHI,YIQITUIDONGQIANZHIJIANKONG、ZHONGDUANKONGZHIDEJIANGUANXIAOGUO。(3)GAIBIANJIANGUANJIGOUDEDANYIJIANGUANMOSHI,GOUJIANDUOWEILITIDEJIANGUANMOSHI,GAIBIANZHIQIANYIWEIFAWEIGUIJIEGUOWEIZHUDESHIHOUJIANGUANMOSHI,CONGDONGTAIFANGKONGDEJIAODUCHUFA,ZHENDUIYICHANGXINGWEIZHUDONGCHUJI。GAIBIANZHIQIANZHANGQIGUANZHUGETIFENGXIANDEZUOFA,GUANZHUBINGYOUXIAOYUFANGXITONGXINGFENGXIANDECHUXIAN。

                      2.针对律师事务所的监管

                    星云棋牌官网下载   LVSHISHIQIANZHIJIANGUANZHONGDEZHONGYAOYIHUAN,ZUOWEIXINXIPILUZHE,LVSHIDEZHUANYEZHISHIHEFENGXIANYUPANNENGLIDOUYOUZHUYUZAIJIECHUYEWUXINXISHIJISHIFAXIANKENENGCUNZAIDEWEIFAWEIGUIWENTI,ERLVSHITONGYANGYOUZERENDUIQIPILUDEXINXIDEZHENSHIXINGHEZHUNQUEXINGYUYIHESHI。ZHENDUILVSHIZHIYEGUOCHENGZHONGDEJIANGUANXUYAOGENGWEIXIHUA。LVSHISHUYUDULIDEZHENGQUANFUWURENYUAN,GENJUGUIZESHEJI,KEYIGONGZHENGDULIDIPILUXINXI,JIANGSUOLEJIEDAODEGONGSIQINGKUANGYIZUIZHIGUANDEFANGSHIFANKUIJISHICHANGHETOUZIZHE。DANSHIJIANZHONG,LVSHIXUYAOCONGFAXINGGONGSICHUHUOQUBAOCHOU(HUOQITASHOUYI),NANMIANHANGXIEYIQI,SUOYILVSHIZAIZHIYEDAODEYULIYIZHIJIANMIANLINXUANZEDESHIHOUNANMIANHUIZAOSHOUKAOYAN。RUHECUJINLVSHIZUOCHUZHENGQUEXUANZEYIJIRUHESHEJIGUIZE,DOUSHIJIANGUANXUYAOKAOLVDENEIRONG。MEIGUODEJIANGUANMOSHIJINGLILEDUONIANSHICHANGJIANYANBINGBUDUANWANSHAN,JITIXIANCHUDUILVSHICANYUZHENGQUANSHICHANGHUODONGDEKENDING,TONGSHIYEQIANGHUALELVSHIZAICONGSHIZHENGQUANYEWUGUOCHENGZHONGSUOYINGCHENGDANDEZEREN。ZAI《SABANSI—AOKESILIFAAN》ZHONG,DUILVSHIDEBAOGAOYIWUGENGQUYANGE,ZHENDUIGONGSIDEZHONGDAWEIFAXINGWEI,LVSHIXUYAOLVXINGCONGSHOUXIFAWU(HUOSHOUXIZHIXINGGUAN)DAODONGSHIHUISHENJIWEIYUANHUI(HUOQITAWEIYUANHUI)ZHUJIBAOGAODEYIWU。31ZHENDUILVSHIHAIGUIDINGLESUOWEI“SHENCHIQUAN”,32JIZANSHIXINGHUOYONGJIUXINGJINZHIQIZAIMEIGUOZHENGQUANJIAOYIWEIYUANHUIZHIXIAZHIYE。ZHEIXIEDOUSHIZHENDUILVSHIDEJIANGUANGUIZE,MUDEZAIYUTONGGUOQIANGHUAYIWUDUCULVSHIJINZHIJINZE。ZAIWOGUOZIBENSHICHANGDEJIANGUANMOSHIXIANGZILVXINGJIANGUANZHUANBIANDEGUOCHENGZHONG,TONGYANGXUYAOZHUZHONGCONGZHIDUSHEJICENGMIANFANGZHIZHENGQUANFUWUJIGOUHEFUWURENYUANSHUYUPILUXINXI,YIGUIZEDUCUQIXIANGSHICHANGJINZE,XIANGTOUZIZHEJINZE。

                      3.针对会计师事务所的监管

                    星云棋牌官网下载   WOGUODEHUIJISHISHIWUSUOTONGYANGMIANLINZAISHENJIJIEGUOYUHUODEBAOCHOUDEMAODUNZHIJIANDEJINGYU,RUGUOSHENJIJIEGUOBUNENGMANZUKEHUDEXUYAO,NEIMEJIANGSUNSHIJUESHOUYI,DANRUGUO“WEIQUQIUQUAN”MANZUKEHUBUHELISHENZHIBUHEFADEXUYAO,ZEJIANGSUNHAIZHENGGESHICHANGYOUQISHIZHONGXIAOTOUZIZHEDEQUANYI。CISHI,BAOGAODEZHENSHIXINGHEDULIXINGRUHEBAOZHANG?ZAIMEIGUOGENJU《SABANSI—AOKESILIFAAN》DI101TIAOCHENGLIDEMEIGUOGONGZHONGGONGSIHUIJIJIANGUANWEIYUANHUIYOUQUANDENGJIBEIANZHUCEHUIJISHISHIWUSUO,BINGZHENDUIZAICEHUIJISHISHIWUSUOZHIDINGSHENJIZHUNZEHEDAODEZHUNZE。33ZAIMEIGUOGONGZHONGGONGSIHUIJIJIANGUANWEIYUANHUIZHIDINGDE《MEIGUOGONGZHONGGONGSIHUIJIJIANGUANWEIYUANHUISHENJIJIXIANGGUANZHUANYESHIWUZHUNZE》ZHONG,DUIHUIJISHISHIWUSUOHEZHUCEHUIJISHISUOCHUJUDESHENJIWENDANGDOUYOUYANGEDEYAOQIU,WENDANGYINGGAI“CHONGFENXIANGSHI”“TIGONGYUZHONGYAOFAXIANHUOSHIXIANGZHIJIANDEQINGXIDEGUANXI”,JIZAI“CAIWUBAOBIAORENDINGYOUGUANDESHISHICHENGXU、HUODEDEZHENGJUHEDECHUDEJIELUN”,YIBIANYU“YUGAIYEWUMEIYOULIANXIDESHENJISHI”LEJIE。34HUIJISHISHIWUSUOSHENJIDEGEXIANGCAIWUZHIBIAOGENGJUYOUKECHAYANXING,GAIERYANZHI,RUGUOHUIJISHISHIWUSUOJINXINGSHENJISHUJUZAOJIA,GENGRONGYICONGPILUDEYUANSHISHUJUZHONGFAXIANWENTI。YINCI,HUIJISHISHIWUSUOBULUNSHICONGSHENGYUYINGXIANGDEJIAODUHAISHICONGZERENCHENGDANDEJIAODU,DOUYINGDANGWEISHICHANGTIGONGGENGWEIZHENSHIDEXINXI。DANSHI,YULVSHISHIWUSUOXIANGTONG,YILIYIKAOYANRENXING,WANGWANGXUYAOCONGZHIDUCENGMIANJIYU“KUAIDAOZHANLUANMA”SHIDEQIEGE。YUJIEJUECIWENTI,SHOUXIANXUYAOSHIXIANHUIJISHISHIWUSUOXIANGZILVXINGJIANGUANDEZHUANBIAN,ZAINEIBUGOUZHU“FANGHUOQIANG”,XUEXIXIANJINDEZILVJIANGUANJINGYAN,BIANBEIDONGJIANGUANWEIZHUDONGJIANGUAN,BINGDUIGUANLIANLIYIJINXINGGELI。YAORANGHUIJISHISHIWUSUOJINGDEQILIYIYOUHUO,JIUBIXUYOUXIAOGELIKAIZIXUNYEWU,SHIHUIJISHISHIWUSUOBUHUIWEILEYANQIANLIYIERFANGQIZHIYECAOSHOUHEZHIYESHENGYU。

                      4.针对评级机构的监管

                    星云棋牌官网下载   PINGJIJIGOUZAIZHENGQUANSHICHANGZHONGJIEJIGOUZHONGJIAOWEIRUOSHI,TONGSHISHOUDAOFAXINGFANGYUTOUZIZHESHUANGFANGDEYALI,MUQIANGUONEIJIAOWEIZHIMINGDEXINYONGPINGJIJIGOUZHUYAOYOUDAGONGGUOJI、LIANHEZIXIN、ZHONGCHENGXIN、PENGYUAN、SHANGHAIXINSHIJI、DONGFANGJINCHENG、SHANGHAIYUANDONG、ZHONGZHAIZIXINDENG。QIZHONG,ZHONGZHAIZIXINWEITOUZIRENFUFEIMOSHI,DUOSHUCAIYONGFAXINGRENFUFEIMOSHI。YUZHUCEHUIJISHI、LVSHIXIANGBI,PINGJIJIGOUZHUNRUMENJIANXIANGDUIJIAOGAO,DANZHENDUIPINGJIJIGOUDEJIANGUANBINGFEIGURUOJINTANG。TEBIESHI2018NIANYILAI,ZAIQUGANGGANHEYANJIANGUANDEZHENGQUANSHICHANGHUANJINGXIA,SUIRANSHICHANGFENGXIANPIANHAOJIANGDI,DANPINGJIJIGOUPINGJIXUGAO、ZHIYEZHILIANGBUGAODENGWENTIYIRANCUNZAI。YOUYUPINGJISHICHANGBENSHENDETEDIAN,MUQIANDEXINYONGPINGJISHICHANGJIANGUANJIAOWEIFENSAN,CUNZAIYINXING、DIFANGZHENGFU、ZHONGGUOZHENGJIANHUIDENGDUOTOUJIANGUANDEXIANXIANG,JIANGUANZERENDEZHIXIANGXINGBINGBUMINGQUE,XINYONGPINGJIJIGOUZUOWEIZHONGJIEJIGOUDEZHIZEZUIZHONGRENGRANTIXIANZAIZISHENHEGUIYUXINXIPILUSHANG。ZAIXIANGDANGZHANGDEYIDUANSHIJIANNEI,BINGMEIYOUZHENDUIXINYONGPINGJIJIGOUZHIXITONGDE、KEZHIXINGDEJIANGUANGUIFAN,QIJIANGUANYUESHULIBINGBUQIANG。ZHENZHENGQIDAOGUIFANPINGJIJIGOUXINGWEIZUOYONGDE,HAISHIJIGOUZISHENWEIWEIHUSHENGYUYIZHUIQIUYIJIAXIAOYINGERJINXINGDEZILV。35DUIXINYONGPINGJIJIGOUDEJIANGUAN,YIFANGMIANYAOLIQINGJIANGUANZERENZHUTI,BIMIANSHICHANGJIAOCHAJIANGUANDAILAIDEZERENTUIWEIWENTI;LINGYIFANGMIAN,YAOTIGAOPINGJIJIGOUDEZILVJIANGUANNENGLI,CHONGFENFAHUIZISHENDEZHUDONGXING,JIEJUEMUQIANXINYONGPINGJISHICHANGCUNZAIDEDUOTOUJIANGUAN、TOUZIZHEJIANGUANYILAIXINGGAODENGWENTI,YINWEIZILVJIANGUANSHICONGXINYONGPINGJIJIGOUZISHENCHUFA,NENGGOUZHIJIWENTISHENCHU。

                      (二)全方位信息披露的强化

                      ZHENGQUANFUWUJIGOUDEZHUYAOZUOYONGSHIBAOZHENGSHANGSHIGONGSICHONGFENLVXINGXINXIPILUYIWU,BINGDUIQIPILUDEXINXIJINXINGHECHA、YANZHENG。ZAICIJIANGUANMOSHIZHIXIA,JIANGUANBUMENDEZUOYONGYOUHEZHUNZHUANBIANWEISHENCHA,GUPIAODEJIAZHIYOUSHICHANG、TOUZIZHEJINXINGPANDUAN。XINXIPILUDEZHENSHIXING、ZHUNQUEXINGYUWANZHENGXINGZUOWEIZHENGQUANSHICHANGDEZHONGYAOXINXI,JIAOYOUSHICHANGZHONGDEFUWUJIGOUJISHANGSHIGONGSIZIJIFUZE,ZHEISHIQIANGJIANGUANHUANJINGXIAZHENGFUZHINENGLVXINGXIAOLVTISHENGDEBIYAOBAOZHENG。ERYOUZHUANYEDEZHONGJIEJIGOUCHENGDANZHEIYIZHIZEBINGFEINANSHI。DANSHI,YOUGUANDIAOCHAJIEGUOXIANSHI,36MUQIANZHENGQUANFUWUJIGOUSHICHANGJINGZHENGJILIE,ZAIGONGSIZHILIMOSHIRIYIWANSHANDEBEIJINGXIA,SHANGSHIGONGSIXINXIPILUCHUXIANWENTIZUIDADEKENENG,BIANSHIZHENGQUANFUWUJIGOUWEIYEJIZHUDONGTICHU、XIEZHUJINXINGXUJIAXINXIPILU,YINCI,CONGZHENGQUANFUWUJIGOUZISHENRUSHOUSHIJIEJUEWENTIDEGUANJIAN。ZHENGFUJIANGUANYUZILVZHILIDELIANGXINGHUDONGSHIJIEJUEZHEIYIWENTIDEZHENGQUEXUANZE。

                      (三)投资者适当性的准确定位

                    星云棋牌官网下载   JIEZHI2018NIAN,ZHONGGUOZHENGQUANSHICHANGTOUZIZHESHULIANGYIJINGCHAOGUO1.35YI。372005NIAN,YUANZHONGGUOYINXINGYEJIANDUGUANLIWEIYUANHUIBANBU《SHANGYEYINXINGGERENLICAIYEWUGUANLIZANXINGBANFA》,DUI“LEJIEKEHU”GUIZEZUOCHUJUTIYAOQIU,SHOUCIYINRUTOUZIZHESHIDANGXINGGUANLIGUIZE。TOUZIZHESHIDANGXINGZHIDUZUIZAOYINGYONGYUZHENGQUANXINGYE,QIJICHUSHEHUIJIAZHIZAIYUBAOHUTOUZIZHE,38ZAISHIJIANZHONGZHUYAOYUTOUZIZHEFENLEIZHIDUXIANGJIEHE。WOGUOZAIYINJINTOUZIZHESHIDANGXINGZHIDUZHICHU,GUIDINGJIAOWEILONGTONGGAIKUO,SUIZHESHICHANGDEFAZHANCAIZHUJIANXIZHI、QUANMIAN,DANWOMENBIXURENQINGLIFAQUANMIANXIZHIERXIANSHIZHIXINGLIBUGOUDEGANGAJUMIAN,GUANGDATOUZIZHERENGXUMIANDUI“ZHICIJIAGAO”DECANKUSHICHANGXIANSHI。ZAIXIANXINGLIFAKUANGJIAXIA,TOUZIZHESHIDANGXINGGUANLIBAOKUOHEGETOUZIZHEZHIDU、LEJIEKEHUHEZILIAOBAOCUNYIWUYIJISHIDANGTUIJIANYIWU3GEFANGMIAN,39ZHEIZAI《ZHENGQUANGONGSIJIANDUGUANLITIAOLI》《JINRONGQIHUOTOUZIZHESHIDANGXINGZHIDUCAOZUOZHIYIN》DENGWENJIANZHONGJUNYOUSUOGUIDING。DANSHICUNZAIJIANGTOUZIZHESHIDANGXINGZHIDUDINGWEIBUDANGDEWENTI,JIEDUMUQIANDEGUIDING,TOUZIZHESHIDANGXINGSHIWEIMANZUJIANGUANYAOQIUERSHISHIDEYIXIANGZHENDUITOUZIZHEDEGUANLIZHIDU,ZHEIMINGXIANBENMODAOZHI。WULUNSHI“ZUODAZUOQIANG”SHICHANGDEYAOQIU,HAISHI“QUGANGGANYANJIANGUAN”DESHICHANGTAISHI,DOUBUNENGHULVETOUZIZHEBAOHUZHEIYIZHONGYAOSHICHANGJIAZHIZHUIQIU,TOUZIZHEBAOHUYINGDANGSHIZHIDUDECHUZHONGERFEIXINGSHI。ZHENGQUANFUWUJIGOUZAIZHIYEGUOCHENGZHONGXUYAODEZHENGSHIBAIZHENGTOUZIZHESHIDANGXINGDEZHIDUDINGWEI,TOUZIZHEBAOHUSHIQIZUIZHONGMUBIAOERFEIWEIMANZUJIANGUANYAOQIU。

                    星云棋牌官网下载   JIYUZHEIYIJIAZHIZHUIQIU,ZHENGQUANFUWUJIGOUXUYAOCONGLIANGGEFANGMIANZUOHAOTOUZIZHESHIDANGXINGANPAI:YISHIDUIZHENGQUANFUWUJIGOUDEZERENQUEDING。TOUZIZHESHIDANGXINGZHIDUQUANMIAN、XIANGXI,DANDUIZHENGQUANFUWUJIGOUSHIFOUYANGEZHIXINGRUHEJINXINGZHUNQUEFENBIAN?YIXINYIYIWUWEIJICHU,ZHENGQUANFUWUJIGOUDUITOUZIZHEDEYIWUFANWEIYUBIANJIERUHE?ZHENGQUANFUWUJIGOUDUITOUZIZHEDEGUIZEYUANZEYINGDANGCAIGUOCUOZERENYUANZEHAISHIWUGUOCUOZERENYUANZE?ZHEIXIEDOUSHITOUZIZHEQUANYISHOUQINHAISHIHOUJIUJIXUYAOKAOLVDENEIRONG,YESHIMUQIANLIFADEBORUOHUANJIE。ERSHIDUIZHENGQUANFUWUJIGOUQUANLIYIWUNEIRONGDESHEDING,XUYAOZUNCONGTOUZIZHEBAOHUZHEIYIJIBENYAOQIU,CONGTOUZIZHEBAOHUDEJIAODUJINXINGKAOLVSHEDING。YOUCIFANGNENGCHONGFENFAHUITOUZIZHESHIDANGXINGZHIDUZAIDANGQIANZIBENSHICHANGCHUANGXINHUANJINGXIADEJIANZHENZUOYONG。

                      (四)责任与激励机制的完善

                    星云棋牌官网下载   ZHENGQUANFUWUJIGOUWEIFAWEIGUIXINGWEIJIAODUODEZHUYAOYUANYINSHIXIANYOUZERENJIZHIWEISHEBUZU,WEIFACHENGBENJIAODI,YINCIYAOQIANGHUAZHENGQUANFUWUJIGOUDEZERENJIZHI,TONGSHIYAOZHUYIHELIZERENSHANGXIANDESHEDING,SHIXIANJILIYUCHENGFADEPINGHENG。DANGXIA,JIXUJIANQUANRU“SHICHANGJINRU”DENGCHENGFAXINGJIZHI,ZHENDUIQISUOCUNZAIFALVXINGZHIJIEDINGBUMING、QUEFASIFAYUESHU、TIXIQUEFAXITONGHUA、GUIFANMOHUBUQINGDENGWENTIJINXINGWANSHAN。40

                      ZHENGQUANGONGSIZAICHENGXIAOGUOCHENGZHONGYOUXUJIAHUOWUDAOXINGPILUDE,JIUYAODUITOUZIZHECHENGDANZUGOUDEZERENFENGXIAN,YINCIZHENGQUANGONGSIHUIDIZHISHANGSHIGONGSIDEMOUXIEYAOQIU,YIBIANHUODEGENGQUANMIANDEXINXI。DUITOUZIZHEDEZERENSHEZHIKEYITISHENGZHENGQUANGONGSIDUIQISHENGYUDEGUANZHU。ZERENFENGXIANTIGONGLEYIGELINGRENXINFUDELIYOU,JIZHENGQUANGONGSIKEYIXIANGXIWANGPILUGENGDUOXINXIDEKEHUTIGONGGENGQUANMIANDEXINXI。

                      DUIHUIJISHIERYAN,SUSONGSHOUDUANZHISHIQUANYIZHIJI,YIDANCHUFADIXIAN,QIZIRANMIANLINJUEPEIFUDEZHIYEFENGXIAN。DANSHI,QIDONGZHEIDAOSHIHOUJIANDUCHENGXUZHISHI“DACUO”JIEYIZHUCHENG。ZHIYAOZERENYISHIYUZILVZHILIZHEIDAOFANGHUOQIANGYITIANWEIJIANLIQILAI,NEIMEZAIZHONGLIYOUHUOZHIXIA,HUIJISHIGERENJIUHUIBUXIYIXISHENGSHIWUSUOSHENZHIXINGYESHENGYUWEIDAIJIALAIZHAOLANKEHUHEHUOQULIYI。

                      LVSHIZAIZIBENSHICHANGZHILIZHONGDEZERENJIUSHIQUEBAOGONGSITIGONGDEWENJIANFUHEPILUYAOQIU。LVSHIDEJIAOSEKENENGQUJUEYUSHANGSHIGONGSI、GONGSINEIBURENSHIHEZHENGQUANGONGSISHIFOUMIANLINYOUYIYIDEZERENFENGXIAN。RUGUOYOU,NEIMESHANGSHIGONGSIHEZHENGQUANGONGSIJIUHUIPINQINGLVSHILAIZHUANXIEHESHENCHAGUANJIANDEPILUWENJIANLAIBAOHUZIJI。LVSHIDEJINSHENJIANGYOUZHUYUQUEBAOXINXIPILUZHIDUDELIANGHAOYUNXING,JISHILVSHIBENSHENMEIYOUCHENGDANZERENFENGXIAN。XIANGFAN,RUGUOSHANGSHIGONGSIHEZHENGQUANGONGSIMIANLINDEFENGXIANHENXIAO,TAMENKENENGHUIFANGQIPINQINGANGGUIDELVSHILAIZHUANXIEPILUWENJIAN,HUOZHEJUJUELVSHIDEGAOJIEJIANYI,XINXIPILUZHILIANGKENENGYINCIERSHOUDAOYINGXIANG。41

                    星云棋牌官网下载   YINCI,LVSHIYEWUYESHIZHENGQUANFUWUJIGOUZILVZHILIDEZHONGYAONEIRONG。HEFAHEGUI、QINMIANJINZESHILVSHISHIWUSUOJILVSHIDEJIBENYAOQIU,JINZHIDIAOCHASHIFOUYANGE、FALVYIJIANSHUSHIFOUZHENSHIZHUNQUE、SHIWUSUOFENGXIANKONGZHIZHIDUSHIFOUWANBEIDENG,DOUSHILVSHISHIWUSUOZUOWEIZHENGQUANFUWUJIGOUXUYAOZILVZHILIDENEIRONGFANCHOU。

                      ZAIQIANGHUAZERENDETONGSHI,YEYAOWANSHANJILIJIZHI。YISHISHENFENJILI,XUYAOCONGLIFASHANGMINGQUEZHENGQUANFUWUJIGOUZILVXINGZHILIDEFANWEIYUBIAOZHUN;ERSHILIYIJILI,XUYAOJIANGZHENGQUANFUWUJIGOUNENGDONGXINGZHILIGONGNENGFAHUIDEXIAOGUOKESHIHUA,DUICHENGXINJILULIANGHAODEZHONGJIEJIGOU,KESHELIZHONGGUOZHENGJIANHUITUIJIANGUYONGJIZHI,TISHENGQISHENGYUZIBENPINGJIA,JILIQIJINYIBUQINMIANJINZE。

                      六、结语

                    星云棋牌官网下载   ZIBENSHICHANGDEZHILI,JIUSHIYICHANGGONGPINGYUXIAOLVDECHIXUXINGDOUZHENG。ZAIZHENGGEZHILITIXIZHONG,ZHENGQUANFUWUJIGOUFAHUIZILVZHILIGONGXIAOYESHITIZHONGYINGYOUZHIYI,TONGGUOJIANLIWANSHANDEZILVZHILIJIZHIRANGZHENGQUANFUWUJIGOUGENGHAODIFAHUI“KANMENREN”ZUOYONG,RANGZIBENSHICHANGZAIGENGWEILIANGXINGDEGUIDAOSHANGYUNXING,GAIGEDEGUOCHENGXUYAOYUNYONGFAZHIFANGSHIYINGDUIGAIGEFENGXIAN,QUEBAODUIGAIGEQUANGUOCHENGDEYOUXIAOKONGZHI。42CONGZHENGQUANFUWUJIGOUZISHENERYAN,SHOUXIANXUYAOMINGQUEQIZHILIZHUTIDEDIWEI,SHIQICANYUDAOZIBENSHICHANGDEZHILIZHONGLAI;QICISHICONGSHIZHIBAOHU、FUZHUJIANGUANYIJIYANGESHENHESANGEFANGMIANWANSHANZISHENZHILIJIZHI,ZAIXIANGZILVXINGZHUANBIANDEGUOCHENGZHONGWEIZIBENSHICHANGFAZHILUJINGDEWANSHANGONGXIANLILIANG。

                      SHELIXINGYEZILVZUZHI,YIFANGMIANTONGGUOXINGYEZILVBAOZHANGZILVZHILIDEXIAOGUO,LINGYIFANGMIANCHENGDANBAOHUZHENGQUANFUWUJIGOUMIANSHOUDAJIBAOFU,BAOZHENGZILVZHILIGONGNENGCHIXUFAHUI。TONGSHI,CONGLIFAXIANXINGSHOUQUAN、SHICHANGCHONGFENJINGZHENG、XINGYEFAZHANGUIFANYIJIJIGOUJIANGUANDAOWEISIGEFANGMIANBAOZHANGZHIDUXIAOGUO。

                      ZHENGQUANFUWUJIGOUXUMINGXIQIGUIFANZHIYEDEZHUANYEREN、KESHOUDULIDE“KANMENREN”、ZIDANFENGXIANDEZERENZHEDEJIBENDINGWEI。43YINGDANGGENJUSHICHANGJINGJITIZHIDEYUNXINGXUYAO、ZHENGFUYUSHICHANGDEYINGYOUNENGLI、SHANGFAZONGZHIJISHIXIANJIZHI,QUEDINGZHENGFUYUSHICHANGDEGONGNENGDINGWEI。SUIZHEZHONGGUOZHENGJIANHUIQUANLIDEJIEGOUXINGZHONGZHENG,ZHENGQUANFUWUJIGOUDEQUANLINEIRONGYEYAOJINXINGXIANGYINGDIAOZHENG,RANGQICHENGDANBUFENDESHIZHISHENHEQUAN,44FAXINGSHENHEJIANGUANXUYAOSHEZHIJINGXIDEJIANDUJIZHILAIYOUXIAOYUESHUJIAOYISUOZUOWEIFAXINGSHENHEYIXIANJIGUANKENENGCUNZAIDELIYICHONGTU。ZIBENSHICHANGYIJINGCHENGWEISHEHUIZHUYISHICHANGJINGJITIXIJIQIZHONGYAODEZUCHENGBUFEN,ERZHENGQUANFUWUJIGOUZILVZHILIYOUSHIZIBENSHICHANGZHILIZHONGDEGUANJIANYIHUAN。DUIZIBENSHICHANGZHILIYUGUOJIAZHILITIXIZHIJIANDELIANGXINGHUDONG,ZHENGQUANFUWUJIGOUDEZILVZHILIYUZIBENSHICHANGZHILIZHIJIANDEGUANXICHULI,BAOZHANGZHENGQUANFUWUJIGOUZILVZHILIDIYOUXIAOFAHUIDOUJIDAIZHANKAIJIAOWEIQUANMIANHESHENRUDEYANJIU。ZHENGQUANFUWUJIGOUZILVZHILIZUOYONGDEFAHUIBINGBUSHIZIFAXINGCHENGDE,SHOUQIZISHENJIWAIZAIYINSUYINGXIANG,QIZILVZHILIZUOYONGDEFAHUIXUYAOYIXILIEDEZHIDUBAOZHANG。

                      注释

                      1习近平:《关于〈中共中央关于制定国民经济和社会发展第十三个五年规划的建议〉的说明》,http://www.xinhuanet.com/politics/2015_11/03/c_1117029621.htm,2016-04-20。
                      2《习近平总书记在中央财经领导小组第十一次会议上的讲话》,http://www.xinhuanet.com/politics/2015_11/10c_1117099915.htm,2016-05-01。
                      3侯杰:《证监会党委召开会议学习贯彻习近平总书记重要讲话精神》,http://www.cnr.cn/Iist/finance/20170503/t20170503_523737428.shtml,2016-07-23。
                      4See Zohar Goshen,Gideon Parchomovsky,The Essential Role of Securities Regulation,55 Duke Law Journal,716 (2006).
                      5See Jonathan R Macey,The Regulator Effect in Financial Regulation,98 Cornell Law Review,59 (2013).
                      6参见耿利航:《中国证券市场中介机构的作用与约束机制》,法律出版社2011年版,第16页。
                      7See John C.Coffee,Jr,Understanding Enron:It’s about the Gatekeepers,Stupid,57 Business Lawyer (ABA),1404-1405 (2002).
                      8参见侯东德、薄萍萍:《证券服务机构IPO监督机制研究》,《现代法学》2016年第6期。
                      9参见吴志攀:《“互联网+”的兴起与法律的滞后性》,《国家行政学院学报》2015年第3期。
                      10参见刘俊海:《打造投资者友好型证券法推动资本市场治理现代化》,《法学论坛》2015年第4期。
                      11参见陈秧秧:《证券市场注册会计师管制模式比较研究》,载吴清总编:《证券法苑》2017年第23卷,法律出版社2017年版,第93页。
                      12参见2018年6月26日中国注册会计师协会第六次全国会员代表大会表决通过、民政部于2018年8月20日核准生效的《中国注册会计师协会章程》第7条。
                      13参见2018年6月26日中国注册会计师协会第六次全国会员代表大会表决通过、民政部于2018年8月20日核准生效的《中国注册会计师协会章程》第13条。
                      14参见[卢森堡]马克·格尔根:《公司治理》,王世权等译,机械工业出版社2014年版,第122页。
                      15参见侯东德、薄萍萍:《证券服务机构IPO监督机制研究》,《现代法学》2016年第6期。
                      16参见丁利:《制度激励、博弈均衡与社会正义》,《中国社会科学》2016年第4期。
                      17参见魏建:《理性选择理论与法经济学的发展》,《中国社会科学》2002年第1期。
                      18参见赵骏、范良聪:《补偿博弈与第三方评估》,《法学研究》2012年第3期。
                      19参见吴元元:《双重博弈结构中的激励效应与运动式执法——以法律经济学为解释视角》,《法商研究》2015年第1期。
                      20参见赵磊:《商事信用:商法的内在逻辑与体系化根本》,《中国法学》2018年第5期
                      21参见吴明晖:《美国证券服务机构监管机制探析》,载桂敏杰总编:《证券法苑》2014年第11卷,法律出版社2014年版,第320页。
                      22参见[荷]乔安妮·凯勒曼等:《21世纪金融监管》,张晓朴译,中信出版社2016年版,第2页。
                      23参见吴明晖:《美国证券服务机构监管机制探析》,载桂敏杰总编:《证券法苑》2014年第11卷,法律出版社2014年版,第319页。
                      24参见[荷]乔安妮·凯勒曼等:《21世纪金融监管》,张晓朴译,中信出版社2016年版,第85页。
                      25John Braithwaite,The Essence of Responsive Regulation,44 U.B.C.Law Review,486-490 (2011).
                      26See Alice Louise Klettner,Corporate Governance Regulation Assessing the Effectiveness of Soft Law in relation to the Contemporary Role of the Board of Directors,University of Technology Sydney Press,2014,p.112.
                      27习近平:《金融要回归本源服从服务于经济社会发展》,http://kuaixun.stcn.com/2017/0715/13494618.shtml,2016-07-23。
                      28《习近平主持召开中央财经领导小组第十六次会议》,http://www.gov.cn/xinwen/2017-07/17/content_5211349.htm,2017-7-23。
                      29[美]马丁·洛伊:《公司治理:公众公司董事指南》,刘燕译,法律出版社2005年版,第71~72页。
                      30参见徐金鹏、孙飞:《深交所三路并进强化一线监管》,http://news.xinhuanet.com/2017-07/09/c_1121289240.htm,2017-06-12。
                      31参见美国《2002年萨班斯-奥克斯利法案》第307条,ZETA-CIA研究中心译,法律出版社2004年版,第116~117页。
                      32参见郭雳:《我国证券律师业的发展出路与规范建议》,《法学》2012年第4期。
                      33参见美国《2002年萨班斯-奥克斯利法案》第101~103条,ZATA-CIA研究中心译,法律出版社2004年版,第13~14页。
                      34参见《美国公众公司会计监管委员会审计及相关专业实务准则》(第一辑)审计准则第3号第4~6条,ZETA-CIA研究中心译,法律出版社2007年版,第13~15页。
                      35参见吴明晖:《美国证券服务机构监管机制探析》,载桂敏杰总编:《证券法苑》2014年第11卷,法律出版社2014年版,第315页。
                      36根据深圳证券交易所的调查,投资者尤其是个人投资者入市资金持续上升,证券市场各中介机构的竞争激烈,参见《深交所〈2014年个人投资者状况调查报告〉发布》,http://www.szse.cn/aboutus/trends/nes/t20150313_518579.html,2016-07-23。
                      37参见刘慧:《中国证券市场投资者数量超过1.35亿 A股超过1.34亿》,http://finance.sina.com.cn/roll/2017-02-15/docifyrqwkc-6889715.shtml,2017-08-15。
                      38参见罗培新:《美国金融监管的法律与政策困局之反思——兼及对我国金融监管之启示》,《中国法学》2009年第3期。
                      39参见张付标、李玫:《论证券投资者适当性的法律性质》,《法学》2013年第10期。
                      40参见黄辉、李海龙:《强化监管背景下的中国证券市场禁入制度研究:基于实证与比较的视角》,《比较法研究》2018年第1期。
                      41See Bernard S.Black,The Legal and Institutional Preconditions for Strong Securities Markets,48.UCLA Law Review,795-797(2001).
                      42参见陈苏:《构建法治引领和规范改革的新常态》,《法学研究》2014年第6期。
                      43参见甘培忠、孔令君:《论IPO注册制改革背景下中介机构作用之强化》,《法律适用》2015年第8期。
                      44参见蒋大兴:《隐退中的“权力型”证监会——注册制改革与证券监管权之重整》,《法学评论》2014年第2期。

                      侯东德.证券服务机构自律治理机制研究[J].法商研究,2020,37(01):129-142.
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